An unbiased guide to buying your first home

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A: This varies from state to state and even from county to county. Your property tax bill will include the taxes to pay for special district and assessments (which actually constitute a lien on your property and are paid through the property tax). Especially in newer developments the developer may have used bond financing to build the schools and infrastructure such as roads and sewer. This is done through different devices in different states. In California it is often Mello-Roos bonds. What the existing owner is paying is NOT what you will pay since the home will be reassessed based on your purchase price. If you can get a copy of the sellers most recent tax bill you can estimate your tax by using the tax rate per dollar of assessed valuation and using your purchase price as the assessed valuation. Your real estate agent should be able to give you a very close estimate of what your property tax bill will be.


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