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Like everything you buy, real estate is taxed. The tax is not an up front tax like sales tax, but is a annual tax. The tax rate will vary from county to county but is typically about 1% of the property value or $1,000 of annual taxes for a $100,000 property. In addition to the property tax, the tax bill may also include items for street improvements, water or sewer improvements, school taxes, etc. Often times the tax is included in the monthly house payment to spread out the taxes on a monthly basis. |
