Property insurance and taxes

[Ryan Schuler]

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

[Ryan Schuler]

Thanks everyone!

I appreciate the feedback @Nazz Wang @Cameron Palmer @Darnell Kramer @Andrew Syrios.

I live in Memphis, TN and will be investing there. I am sure much of the information that you provided will apply there.