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Updated almost 9 years ago,
Property Taxes and Property Insurance
I am currently working on trying to become better at analyzing deals (essentially get more accurate inputs so my output coming out of the calculator is more accurate). I had a couple quick question for you investors.
1.) Are property tax rates different (higher) on an investment property than on your primary residence?
2.) Should I budget for property taxes to be higher than what the previous owner is showing on their pro forma assuming I am buying the property at a higher price than the current assed value listed by the county?
3.) Is it generally more expensive to insure an investment property than a primary residence?
4.) Would the homeowners insurance cover any damage caused by tenants? (For example if I have to evict them and they knock down walls etc.)
Thanks for any help you can provide!