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Property Tax Information

A property tax is a tax assessed on real estate, usually based on the value of the property you own and usually by your local or municipal government. Municipalities will normally use property taxes to pay for roads, schools, libraries, snow removal and other municipal services. Generally speaking, the amount of your property tax is determined by multiplying the property tax rate by the current market value of your property. Whether you qualify for any exemptions will also affect your property tax bill. Be sure to contact a tax professional for any questions regarding exemptions.

Source: Investopedia

By |Published On: April 25th, 2017|Categories: Mortgage 101|

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About the Author: Guild Mortgage

Founded in 1960 when the modern U.S. mortgage industry was just forming, Guild Mortgage Company is a nationally recognized independent mortgage lender providing residential mortgage products and local in-house origination and servicing. Guild’s collaborative culture and commitment to diversity and inclusion enable it to deliver a personalized experience for each customer. With more than 4,000 employees and over 250 retail branches, Guild has relationships with credit unions, community banks, and other financial institutions and services loans in 49 states and the District of Columbia. Guild’s highly trained loan professionals are experienced in government-sponsored programs such as FHA, VA, USDA, down payment assistance programs and other specialized loan programs. Guild Mortgage Company is a wholly owned subsidiary of Guild Holdings Company, whose shares of Class A common stock trade on the New York Stock Exchange under the symbol GHLD.