About property taxes
The annual property tax you pay goes to fund a number of public services, such as the schools.It’s based on what the county assessor believes is the “fair market value” of your home and the tax rate used by your municipality.
The tax rate for the cities and towns throughout Dane County, Wisconsin ranges from 12% to almost 24% of the assessed value of your home or roughly 2.5% of your purchase price.(more info)
Your lender will likely build property tax into your monthly mortgage payments.Then, when it’s time to pay your taxes, your mortgage company will send you (or your municipality) a check to pay what you owe.
Use this formula to calculate how much your lender will add to your mortgage payment every month for property taxes.
| (assessed value) x (tax rate) | = | monthly tax payment |
| 12 |
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