My husband are first time home buyers so we are still learning a lot. We are calculating a home which we can afford. We are also calculating the monthly payment that is going to be most comfortable for us. I am nervous though, about continue increase of taxes or house insurance which will obviously raise my monthly payment every every year. so basically I am asking, for your home owners what have you experienced in cases of your monthly payment going up because of increased property taxes or insurance?
How Much Does Property Taxes And House Insurance Go Up Every Year?
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From 2008 – 2009, my monthly payment went up $30/month due to an increase in insurance and taxes (I have a 30-year fixed mortgage). Then, from 2009-2010, my monthly payment went down $100/month because the homestead exemption for my taxes finally kicked in (and lowered the taxes by $1200/year!). Property taxes have dropped quite a bit in my city over this past year, and insurance has risen minimally – around $50 this past year.
It depends on where you live. As to the assessed value of the home that you are considering purchasing, go to your county’s website and trace the increases in value that have already been assigned to this property. Then go to your county’s tax collector’s website to see how much the previous owner has been paying over the years.
As to home insurance, that is something you will need to address with the company from whom you intend to purchase home owner’s insurance. This will vary somewhat from company to company.
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