Property Tax
TaxesAn annual tax levied by local governments based on the assessed value of real property.
Example
Example: Your home is assessed at $380,000 in a county with a 1.2% property tax rate. Annual property tax: $4,560 ($380/month). In a higher-tax county at 2.0%, the same home costs $7,600/year ($633/month). That $253/month difference equals $91,080 over 30 years. Property tax rates vary dramatically by location — always factor this into affordability calculations.