Be sure to fully understand your property tax special assessments

Spread the love

Make sure you fully understand any special assessments that are part of your property tax. For example, if property taxes in your area are 1% and there are another 0.80% of special assessments, make sure you check and see how long the bonds are for on the assessments! Sometimes they can be 30-40 years OR MORE. This can really do some damage to your wallet long term, because you will be giving money to others and not putting it in your pocket as well as investing. These taxes may be necessary, but be aware of what you are getting into when you buy the property or you may be struggling with them for some time to come.