Property taxes are generally wrapped into mortgage payments to ensure that a home does not incur a lien or, in the worst case, foreclosure, as explained in a new report from SmartAsset.
Even after the mortgage ends, property taxes remain a lifelong homeowner expense. They pay for local services, including schools, infrastructure, and police and fire support.
How much a homeowner owes will vary from place to place and may change over time. And although discounts and exemptions may be available, SmartAsset said it is important for homeowners to plan for property taxes in their short- and long-term budget.
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Michael S. Fischer
Michael S. Fischer is a longtime contributing writer for ThinkAdvisor. He previously reported on trade and intellectual property topics for the Economist Intelligence Unit and covered the hedge fund industry for MARHedge and Reuters News Service.
