Benjamin Franklin had it right when he said, “[I]n this world, nothing can be said to be certain, except death and taxes.”
And if you’re a homeowner, that means property taxes. You automatically pay a portion of the bill each month, and your lender puts that money into escrow and pays the bill for you each year. Your property taxes pay for important public services that you probably use every day, including schools, libraries, transportation, emergency services, and parks.
The amount you pay in property taxes is a percentage based on the assessed value of your home. You may qualify for tax exclusions if you live in your home as your primary residence, are a senior citizen, or are poor. These exclusions will lower the amount of your property tax bill.