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What is property tax and how much does it cost?

Updated: 8/21/2019
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8y ago

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It's a city tax you pay twice a year on your property-based on purchase price, generally it is taken care of for you by mortgage servicer out of escrow acct monthly. They set aside based on what is projected and pay it when billed for you. The percentage is different for ea. state. if it's 1 percent and house was 100k for example it's 1k per year/2 500.00 payments. Your escrow acct is periodically reviewed and will be adjusted up/down to cover if necessary along w/HO insurance etc.

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Q: What is property tax and how much does it cost?
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