Property insurance and taxes
Hello everyone, this is my first post!
I have done a fair amount of research in many different topics but I am still building my knowledge base (no deals yet). A question that I have is what the taxes and insurance rates for homes are primarily based on?
Are they primarily based on the value of the home? I assume there will be county/state/federal taxes, but I am wondering what the tax numbers are based off of, and the same goes for insurance.
For instance, within the same area would you typically find a $100,000 home and a $500,000 home with the same percentage of the value taken out for taxes and insurance, or is it more of a fluctuating percentage based on a number of different variables? Is there a generic formula you can use to determine these sorts of things or is it a very specific calculation for each home based on multiple factors that can't be generalized?
I am trying to get a better idea of how I can estimate these costs to put into my evaluations for properties, just looking for some direction.
Thanks!
Ryan