Could you help explain property taxes to me?

February 25th, 2010 | by admin |

I am planning to purchase a home in Lake Dallas and i am trying to guesstimate my property taxes. I am a first time home buyer and dont understand what I am reading.

http://www.dentoncad.com/DENTONPUB/forms/2006Rate-exempts.pdf

CODE –>C11
ENTITY —># City of Lake Dallas
TOTAL TAX RATE 2006—> .67000
TOTAL TAX RATE 2005—-> .64935
HS—>
OA—>20000
DP—->20000
FREEPORT EXEMPTION—>NO
OA & DP LIMITATION—>Nothing here

Could you help me figure out what the taxes would be on a property assessed $124856?

http://www.dentoncad.com/Appraisal/PublicAccess/default.aspx?PropertyID=389408&PropertyOwnerID=914235&NodeID=11

To see all the info including exemptions, Plug this number, R63143, into "Property ID Search"

The property tax would be $124,856 * .0067 and would be
$836.54.

  1. 2 Responses to “Could you help explain property taxes to me?”

  2. By beached42 on Feb 25, 2010 | Reply

    The property tax would be $124,856 * .0067 and would be
    $836.54.
    References :

  3. By Quicken Loans on Feb 25, 2010 | Reply

    Property taxes (also known as real estate taxes) are assessed on the property by the local government (e.g. city, county, village or township) for the various services provided to the property owner. When you pay property tax each year, you’re paying for necessities that are provided by the city, such as police and fire department services, garbage pick up and snow removal.

    Typically, you will pay property taxes into an escrow account and your lender will forward the payment to your local government when it becomes due. Property taxes and the interest you pay on your mortgage are usually tax-deductible.

    I hope this answers your question.
    References :

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