Property taxes and home insurance basics
Two similar homes can have very different monthly costs. Accurate tax and insurance estimates keep your budget realistic before you make an offer.
What drives property taxes
- Local millage or rate set by your city and county.
- Assessed value that can change when a home is sold.
- Special assessments or CDD where applicable.
What drives insurance premiums
- Location risks like wind, flood, or fire zones.
- Age of roof, electrical, plumbing, and updates.
- Coverage level, deductibles, and options like flood or wind mitigation.
How to estimate correctly
- Use recent comparable listings in the same city for taxes, not a low prior homestead rate.
- Ask an insurance broker for a quick quote based on the property age and updates.
- Include HOA or condo fees in your monthly number.