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Calculate Property Taxes |
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Below is a step by step method for calculating property taxes for a prospective real estate property. Obtaining this figure ensures that you can make informed decisions when deciding to purchase a home.
Also remember that if you are escrowing for taxes and insurance, the monthly property tax calculation will be added to the monthly mortgage payment and homeowners insurance in order to get your June 7, 2004
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STEP ONE : Obtain the figures
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You can find the assessed value at www.eriecountygov.org. Click on the link for “View Property and Tax Records” on the right side of the page. Now Click on "Search Property Records" in the middle of the page. Now simply type in the property address and click “Search”. |
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(*HINT if you are having problems finding an address, it is sometimes better to put less information in the search (such as only the road name) -- this way the search will return more results, but you may be able to better find what you are looking for in the returned list).
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Choose your property address from the results, scroll down to the "Values" section. This total value of land and building is the amount you want to use in the tax calculation. |
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Get the proper tax millage. Click here to view the current tax millages. Locate the municipality that the property is located in, and make a note of the corresponding tax millage rate. |
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STEP TWO: Calculation
Now you have all the information needed to calculate the property taxes. Lets walk through a sample calculation:
Let's assume that the assessed value of the home is $200,000 |
Let's also assume that the home is located in Millcreek township (which currently has a tax millage rate of .0197198). |
To calculate this example's property's taxes, first multiply the assessed value by the millage rate.
$200,000 x .0197198 = $3,944 (property taxes annually) |
$3,944 / 12 (months) = $329 per month ** |
** If escrowing for taxes and insurance, this monthly amount would be added to the monthly mortgage payment and the monthly homeowner's insurance amount to make up the total monthly payment.
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Signature Real Estate Services would be happy to assist you in any way we can throughout the home buying, financing and selling process. We are a local full service mortgage broker and Real Esate Agency.
Please feel free to give us a call (814) 838-0740 , toll-free (888) 582-0983,
or via email info@eriehome.com.
Let us put our expertise to work for you!
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