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Updated almost 9 years ago, 01/24/2016

User Stats

45
Posts
5
Votes
Adam Sporinsky
  • Investor
  • Chicago, IL
5
Votes |
45
Posts

Super easy question about Property Taxes on Realtor.com

Adam Sporinsky
  • Investor
  • Chicago, IL
Posted

This should be an incredibly easy question for people to answer, I'm just checking to make sure I am right about a few things.

The Realtor.com website section on listings for property taxes confuses me a little bit.  For instance on this listing (picked at random): http://www.realtor.com/realestateandhomes-detail/1...

The property tax section has three headings, Taxes, Land, and Additions, Then a Total Assessment.  The numbers here are 2403 for Taxes, 2625 for Land, and 10589 for Additions, giving a total of 13,214 (sum of Land and Additions).  When I run calculations on a property as a buy and hold, is 2403 the number I use for the property tax per year? or do I need to be using the taxes + land value or some other combination of the numbers.

I am pretty sure I know the answer, and I think that the 2403 is what would be paid yearly, but I want to verify that that is correct, and also find out what the other numbers mean and why they are there.  Is the Taxes number of 2403 calculated as some percentage of the sum of Land and Additions for instance?  What are additions anyway?

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