Buying A Home
belmont1785
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Question about property taxes
My husband and I are looking to purchase a small home (our first time purchasing.) I am using a calculator online to try to best estimate our monthly payments (and so I can figure out how much we can afford).
These are the items that I need to plug in to the calculator:
price
% down
Interest Rate
Property Tax (percentage)
Home Owners Insurance
Mortgage Insurance
Loan Term
I know all of these numbers EXCEPT how to figure out the property tax percentage. How do I figure out the property tax percentage OR what is an average percentage that I could use (maybe even a bit on the high side so it works in my favor)? We are looking in Minneapolis/St Paul and in surrounding suburbs just for your information.
Re: Question about property taxes
Most of the time you can look up a home's property taxes on the county assessor's website... you just need to google x county assessor's office and search by address. Also, often it is listed on the MLS listing in the "taxes" line.
I would look up some homes in your desired areas on the MLS listings and see where the property taxes range. Then if the calculator is making you put a % in, figure that out or leave it blank and just add (property taxes/12 ) to your estimate.
Sites like realtor.com, zillow and trulia can all tell you what the property taxes are for a specific property. I think those calculators usually default to 1.5%, but where we are that never gives you the correct amount. I usually look up the taxes and play with the percentage until it's close. Alternatively, you could tell it 0% and add 1/12 of the annual taxes to the number it gives you.
Our home is 196K appraised value and our taxes will be over 5K, so you're not in terrible shape!
I used Mortgage Lenders of America mortgage calculators. They have specifics, so you can put in your exact listing information.
It greatly helped in my process, since certain areas near me are A LOT higher than the base % every other site wanted.