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Local governments and school districts raise a large portion of the money that goes toward paying for education, emergency services, transportation and other public goods through property taxes. The amount that individual homeowners pay is determined by the assessed property value and the mill rate. Each of these is calculated through a complex process.

How Property Values Are Assessed
An assessor will determine the value of your home, which can change over time due to depreciation, improvements you make, the local economy and housing market. Assessors may use any of three methods to calculate the value of a home. In some cases, they use a combination of two or more methods.

One way to determine the value of your home is by looking at the sales of comparable properties in the area. Those figures are used as a baseline and can be adjusted to account for the location of your property, the amount of land it sits on and any upgrades you have made.

Another way to assess the value of your house is to figure out how much it would cost to replace it if it were destroyed, a calculation that will include local material and construction costs.

A third method of assessing your propertys value is to calculate how much income you could generate by renting it. The assessor will consider market value and will deduct costs to manage and maintain the property, as well as insurance premiums and taxes.

You should receive a statement showing the assessed value of your property. If you disagree, you can submit relevant information and ask the assessor to review the calculation taking the additional facts into account. If you accept the assessment, you will receive a separate property tax bill.

How Tax Bills Are Calculated
A mill levy is a tax rate used to determine how much property owners must pay. One mill is equal to one-tenth of one cent. County and local governments and school districts set their own mill levies based on the amount of money they need to raise and total property values in the area under their jurisdiction. Property owners then pay a mill rate that can include a total of county, state or town and school district mill levies.

The mill rate will be multiplied by the assessed value of your property to determine your property tax liability. You may receive a tax bill once a year or once every several years, depending on the governments policy. If you have any questions about how much you will owe and when, you can visit the assessors office or look up the information on its website.

The Benefits of Understanding How Property Taxes Work
Property taxes can vary widely based on where you live, the value of your home, and how much money the local government and school district need to raise. Knowing how your homes value is assessed and how property taxes are calculated can help you avoid being shocked by the size or timing of the bill.

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Contemporary homes can be a challenge to furnish. While their clean lines and sleek materials are often visually striking, its all too easy to lose the inviting feel of a cozy living space. If youre looking for contemporary furniture to fill out your new home without sacrificing comfort, these luxurious collections cannot be missed!

Roche Bobois Nativ Collection

The work of Paris-based designer Raphael Navot, Roche Bobois Nativ Collection is defined by gentle lines and whimsical geometric shapes. Plush sofas, armchairs, and daybeds are underlined by soft down material and come in earth tones that lend warmth to any room. As far as furniture goes, you wont find a better combination of contemporary form and artisanal craftsmanship.

Fendi Casa

Cozy yet sophisticated, Fendi Casa has become an iconic collection found in the most exclusive settings around the world, including the Monaco Yacht Club. Encompassing every area of the home, from living and dining rooms to kitchen and bedrooms, the furnishings exude clean lines with plush materials, like velvet and nubuck leather.

B&B Italia Outdoor Collection

For a touch of visual flair on your terrace, the Outdoor Collection from B&B Italia effortlessly blends style, comfort, and weather resistant materials. From loungers to canopy sofas that provide shade, its the perfect way to decorate a chic seating area around your pool or fire pit.

Vitra Home

Vitra Home exhibits contemporary cool without feeling cold. They like to get creative with surprising and funky shapes that are sure to stand out, while providing exceptional comfort. The lounge chairs in particular exemplify bold design that can elevate the aesthetic of any room in the house.

Bottega Veneta Home

Bottega Venetas Home Collection is like a masterclass in making modern design feel understated and inviting. Originally launched by the Italian design houses longtime creative director, Tomas Maier, the collection has grown into a full range of offerings, including beds, lighting, and cashmere blankets, all of which are stunning. The innovative textures and colors bridge the gap between design and high-fashion for a collection that is certain to enrich contemporary and traditional homes alike.

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One of the most important steps in buying a house is saving enough money for a down payment. Depending on the type of mortgage you obtain, you could have to put down as much as 20 percent, or significantly less. Even if your lender only requires you to put a small percentage of the purchase price down, that will still total thousands of dollars. There are many ways to come up with the money.

Seek Government Help
The federal government and many states offer down payment assistance programs. Rules and amounts available depend on location, the size of the loan and the buyers financial circumstances.

Beef up Your Savings Account
A small amount of money, if set aside consistently each time you get paid, can add up over time. The key is to transfer money to a savings account no matter what. If you dont have the discipline to do that yourself, set up automatic transfers.

If you expect to get a tax refund or year-end bonus, resolve to use it for a down payment. You can use part of it to reward yourself, but focus on your long-term goal of owning a home.

Pay off Debt
If you have credit card balances with high interest rates, you are probably paying thousands of dollars per year in interest. That is money that could be used to fund a down payment on a home. Create a plan to pay off your credit card bills as soon as possible. That could mean cutting expenses, working overtime, getting a second job, paying a little more toward your credit card bills each month, consolidating your balances, or taking out a loan with a lower interest rate.

Once you have eliminated your debt and interest payments, the money you had been putting toward those bills each month can be devoted to saving for a down payment. Paying off credit card debt can also improve your credit score and help you get a lower interest rate when you apply for a mortgage.

Tap Into Retirement Funds
In some cases, you might be able to withdraw money from an IRA to fund a down payment on a house. Depending on the type of account you have, you might have to pay taxes and penalties. If you have a 401(k), you can borrow money to buy a house, but you will have to pay it back with interest. Any money that you withdraw from your retirement savings wont be able to accrue interest, so think carefully before choosing one of these options, especially if youre getting close to retirement age.

Figure out a Strategy
Saving money for a down payment can feel overwhelming. It may take several years, depending on your price range and financial circumstances. Explore your options and come up with a plan, preferably one that combines a variety of approaches.

This article is intended for informational purposes only and should not be construed as professional or legal advice.

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Most homeowners understand that regular maintenance can help them avoid expensive repair bills, but with work and family responsibilities, its easy to postpone or forget important chores. Sometimes homeowners want to take care of their properties but are unaware of potential dangers and how to prevent them. Here are some of the most common tasks homeowners overlook that can lead to costly problems:

Roof
The roof can become damaged by storms, fallen branches or animals, and you may be unaware of a problem unless the roof begins to leak. Make a habit of inspecting your roof or having it checked by a professional every year. Any problems that are found should be fixed as soon as possible to prevent much worse damage.

Gutters
Gutters should be cleaned twice a year to remove leaves and other debris and to prevent clogs. This is a messy chore that no one likes, but it can prevent roof and siding damage, flooding, mold, and ice dams. If you dont want to clean the gutters yourself, hire professionals, and consider installing gutter guards to cut down on cleaning.

Chimney
If your family enjoys relaxing in front of a fire in the winter, your chimney has probably accumulated a layer of soot and creosote, a highly flammable substance thats produced when wood burns. The chimney should be professionally cleaned to prevent a fire. Even if you dont use your fireplace, birds and other animals may have built nests in the chimney, and they might wind up inside your house.

HVAC System
Heating and cooling units and ducts can become clogged with dust and condensation. Replacing the filters is an easy way to address this issue, but many homeowners forget. You should also have your HVAC system inspected once a year by a professional who can spot problems you might miss.

Water Heater
Sediment that builds up in the bottom of a water heater can lead to discolored tap water. Flushing your water heater is a simple way to remove sediment and protect your family from health problems caused by contaminated water.

Dryer Vent
A plugged dryer vent is a frequent source of high utility bills, and it can also cause a fire. A vent can become clogged with lint, and pests can also build nests there. Removing the vent and cleaning it out with a wet/dry vac can help you save money and prevent a fire.

Refrigerator
Refrigerator condenser coils cool and condense refrigerant. If they get clogged with dirt, dust or pet hair, the refrigerator wont work efficiently, which will lead to higher utility bills and cause the appliance to wear out faster than it should. Condenser coils should be cleaned at least annually.

Make Maintenance a Priority
With everything going on in your life, its easy to put home maintenance on the back burner, but that can lead to unsafe conditions and expensive bills. If you havent completed these important tasks recently, set aside some time to tackle them or hire professionals.

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The mortgage process can be complicated if you jump in without any prior knowledge on home-buying and lending. The best tool you can arm yourself with is an understanding of how your mortgage interest rate is calculated.

Credit Can Make or Break You

Your credit score will determine how reliable you are in the lending world. The higher your score, the lower your interest rate will likely be. Check your credit on one of the three major credit reporting agency sites”TransUnion, Experian and Equifax”or your credit card company may have a free credit report service (although these aren’t as reliable). Take steps to improve your FICO score for a better chance at a lower interest rate.

Size and Location Matter

• State or County: Even your place of residence can affect your interest rate.
• Mortgage Lenders: Shop around with multiple lenders, including local ones. Interest rates can vary from company to company, even if they’re located in the same town.
• Loan Size: The size of your home can also impact your interest rate. The bigger the loan, the higher your interest rate will be if you’re not putting more money down.
• Down Payment Size: Your mortgage interest rate may also depend on how much you’re putting down and if your loan includes closing costs and private mortgage insurance (PMI). Putting down less than 20 percent can increase your risk factor and may require PMI, but your interest rate may be lower depending on the loan.

Not All Loans Are Created Equal

Loan Length: Your loan term plays a bigger role in interest rate calculations than you think. Have you decided whether you want to pay off your loan in 15 or 30 years? You may pay more per month with a shorter term, but you’ll be paying less interest over the life of your loan. Short-term loans may also have a smaller interest rate.

Fixed or Adjustable: You’ll also have to consider whether a fixed- or adjustable-rate loan is right for you. Your interest rate can change over time if you choose an adjustable-rate loan. It typically starts off lower than with a fixed-rate loan, but will likely increase depending on market conditions.

Loan Type: Interest rates can also vary according to your loan type. Choosing a loan can be overwhelming, but talking to multiple lenders can help you understand your best options. Some of the more popular loans are conventional, Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) loans. While FHA loans have less down payment restrictions and a smaller interest rate, your monthly payment can be more expensive due to the required PMI added on. VA loans can have smaller interest rates and don’t require PMI like FHA ones do. Although conventional loans may have higher interest rates, they are widely accepted in the real estate industry as dependable.

This article is intended for informational purposes only and should not be construed as professional or legal advice.

Source: Consumer Financial Protection Bureau

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