Question: how do I know how much I'm going to pay in taxes I'm a new owner,my mortgage was 140,000. dollars? I bay this house in august 2005 new construction,the total cost was $195,000 dlls

Answer: The tax rate for your home depends on what city, county and state your home is located in.  The value of your home is what is important, not the mortgage amount.  At closing, your Realtor or closing attorney should have provided you with an amount of estimated taxes, and you probably paid a good portion of it at closing.\n\nCheck with your mortgage co to see if they have a tax escrow set up for you (in that your annual taxes are collected as part of your mortgage payment and are piad on your behalf)\n\nIf this house is your primary residence, you should get a homestaed exemption, which reduces your property tax amount, and must be applied for.  (Check your county's website)\n\nRemember, interest paid on your loan is tax deductable, so itemize your expenses next tax period.
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