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Welcome to my weekly Q&A!
Today’s question: Can property taxes rates and special assessments affect my monthly mortgage payment?
The answer is yes. Property taxes are paid every year and there are a variety of ways that you can pay for these, but a lot of people like to bundle these within their monthly mortgage payment and spread it throughout the year. That’s why knowing what these tax rates and special assessments are before you offer on a home are really good to know because they can vary widely and make a significant difference to your monthly payment.
The amount of property taxes that you’ll pay is based on the purchase prices of the home that you buy. All cities have their base tax rate, but even certain neighborhoods within each city can have special assessments on top of that base rate.
What you need to know about Mello-Roos Fees
Older neighborhoods tend to have fewer and lower of these, but then you have neighborhoods that have what’s called Mello-Roos. Mello-Roos fees are just another name for special assessments or taxes levied by counties on behalf of the community facilities assessment districts that were voted on and approved by businesses and residents of that district. These funds can go towards schools, parks, hospitals, any number of amenities, but they can be quite costly and potentially add hundreds of dollars to your monthly payment.
Now every neighborhood is different, but you got to know this info before you start looking at homes.
If there’s a property that you’re interested in, DM me, I can look this info up for you really fast.
…Now for some bonus content!
Don’t be afraid of Property Taxes
Property taxes might seem really scary, but don’t be discouraged. Although Mello-Roos fees are additional costs, you’re likely living in a neighborhood with a lot of perks–think safe and well-cared for parks, well-funded hospitals, and local businesses that are involved in their community. There are always pros and cons to everything, but the most important part of my job is finding my clients the best home for them! It’s what I love most about being a realtor: finding beautiful homes for wonderful people.
Don’t let property taxes ruin the fun of looking for a home. They’re something to keep in mind and be aware of, and together we’ll make sure to factor them into your home buying budget. Not every community has Mello-Roos fees and if you want to avoid them altogether I’ll make sure to take them out of our search.
Still nervous? Send me a DM on Instagram or shoot me a text at 909-557-7096. Together we’ll find the right home for you at a budget that makes sense for your family.
If you liked this post, be sure to check out my Instagram for more helpful reels! You might also like learning about the Home Buying Process.