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Buyer FAQ |
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Property Taxes |
 Are property taxes deductible?
Are taxes on second homes deductible?
Do all loans require impound accounts?
How do property taxes work?
How is a home's value determined?
What is an impound account?
Where can I learn more about appealing my property
taxes?
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Question: Are
property taxes deductible?
Answer: Property
taxes on all real estate, including
those levied by state and local governments and
school districts, are fully deductible against
current income taxes. |
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Question: Are
taxes on second homes deductible?
Answer: Mortgage
interest and property taxes are deductible
on a second home if you itemize.
Check with your accountant or tax
adviser for specifics. |
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Question: Do
all loans require impound accounts?
Answer: If
you are taking out a FHA or VA loan, the lender can
require an impound account to pay real estate taxes
and hazard insurance premiums, as with a standard
loan.
Most conventional loans do not require an impound
account. |
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Question: How
do property taxes work?
Answer: Property
taxes are what most homeowners in
the United States pay for the privilege
of owning a piece of real estate,
on average 1.5 percent of the property's
current market value. These annual
local assessments by county or local
authorities help pay for public services
and are calculated using a variety
of formulas. |
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Question: How
is a home's value determined?
Answer: You
have several ways to determine the
value of a home.
An appraisal is a
professional estimate of a property's market value,
based on recent sales of comparable properties, location,
square footage and construction quality. This service
varies in cost depending on the price of the home.
On average, an appraisal costs about $300 for a
$250,000 house.
A comparative market analysis
is an informal estimate of market
value performed by a real estate
agent based on similar sales and
property attributes. Most agents
offer free analyses in the hopes
of winning your business.
You also
can get a comparable sales report
for a fee from private companies
that specialize in real estate data
or find comparable sales information
available on various real estate
Internet sites. |
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Question: What
is an impound account?
Answer: An
impound account is a trust account established
by the lender to hold money to pay for real estate
taxes, and mortgage and homeowners insurance
premiums as they are received each
month. |
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Question: Where
can I learn more about appealing my property
taxes?
Answer: Contact your local tax assessor's office
to see what procedures to follow to appeal your
property tax assessment. You may be able to appeal
your assessment informally. Mostly likely, however,
you will have to go through a formal tax-appeal
processes, which begin with an appeal filed with
the appropriate assessment appeals board. |
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HOME VALUATION |
| Monitor the value of your property, get an
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FEATURED PROPERTIES |
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San Mateo |
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2/1 |
| Sq ft |
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N/A |
| Asking Price |
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$777,000 |
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S. San Francisco |
| Bed/Bath |
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4/2.5 |
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2410 |
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$868,000 |
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| City |
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San Carlos |
| Bed/Bath |
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3/2 |
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2050 |
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$1,385,000 |
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San Mate |
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1/1 |
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692 |
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San Mate |
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2/1 |
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918 |
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Foster City |
| Bed/Bath |
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3/2 |
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San Mateo |
| Bed/Bath |
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San Mateo |
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1213 |
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| City |
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San Mateo |
| Bed/Bath |
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3/2.5 |
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1312 |
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$775,000 |
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Redwood City |
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N/A |
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| City |
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San Mateo |
| Bed/Bath |
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2/2.5 |
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1,254 |
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San Mateo |
| Bed/Bath |
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2/1 |
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1,130 |
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$935,000 |
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Redwood City |
| Bed/Bath |
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4/3.5 |
| Sq ft |
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2,951 |
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$1,626,000 |
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