Are taxes on second homes deductible?
Mortgage interest and
property taxes are deductible on a second home if you itemize. Check with your
accountant or tax adviser for specifics.
Do all loans require escrow accounts?
If you are taking out a FHA or VA loan, the lender can require
an ESCROW account to pay real estate taxes and hazard insurance premiums, as
with a standard loan. Most conventional loans do not require an impound
account.
Are property taxes deductible?
Property taxes on all
real estate, including those levied by state and local governments and school
districts, are fully deductible against current income taxes.
Where
can I learn more about appealing my property taxes?
Contact the York County tax assessor's office to see what procedures to follow to appeal your property
tax assessment. You may be able to appeal your assessment informally. Mostly
likely, however, you will have to go through a formal tax-appeal processes,
which begin with an appeal filed with the appropriate assessment appeals
board.
How do property taxes work?
Property taxes are what most
homeowners pay for the privilege of owning a piece of real
estate. Your certified Buyer Agent with Homes in the Piedmont will share the probable taxes with you.
How is a home's
value determined?
York County uses a Point of Sale valuation. This means that the initial tax value will be based on the price you pay for your home. Moving forward, the county will re-value properties on a regular basis.
