Figuring out exact: taxes, insurance, value

[Amber Linthakhan]

I would like to figure out how to get more exact numbers. And before consulting google I thought I’d ask the real experts.

1. How would I go about figuring out the exact taxes I’ll be paying on a property.

2. How do I find out how much insurance will be (any other way than to call and get a quote?)

3. I seem to be confused while looking on a county assessors site. (I can’t post a photo from my phone so I’ll try to explain).

Asking price is $130k

But in the assessors website it states

2020 market value

Land $22,300

Improvements $50,900

Total $73,200

2020 taxable value

Same numbers

[Eric H.]

Greetings @Amber Linthakhan,

You'll be paying the tax rate based on that total # (73,200). Here in Baltimore its approximately 2.3%. Depending on when the tax bill is due and paid versus when you actually close will also determine how much you pay in taxes at closing. If the tax bill is due in January and you close in February, the previous owner will be responsible for 1/12 of that year's tax bill while you will be responsible for the other 11/12. They may even break it down by days. Example: Total tax bill is $1000 that's approximately $2.73/day. January has 31 days, so previous owner has to pay $84.63 and new owner is responsible for the balance.

Yes calling around may be your best for insurance quotes.

I wish you the best!