Homeowners' property taxes vary across the US
Posted on Friday, April 11, 2014 at 9:11:02 AM
Across the country, potential homebuyers spend time calculating the many expenses of ownership that accompany a new property. These include those associated with residential financing, as well as property taxes and other costs.
According to a recent survey by Zillow, property taxes differ greatly in certain parts of the country. For example, the most expensive county to live in was Westchester County in New York, where property taxes averaged $14,829 a year. For comparison, the national average was only $2,823. When adjusted to account for the average cost of a single-family home, the new leader was Allegany County, N.Y., with taxes accounting for 3.76 percent of home value.
These expenses can be costly for any homeowner, no matter their location. According to Realtor.com, one of the best ways to prepare for residential financing costs is to start early. Before ever applying for a loan, potential buyers should take the time to improve their credit scores. Poor credit can stop the borrowing process in its tracks, even if the person has enough income and assets to afford the property.