Profile picture for user9520773

Your estimate on monthly taxes

How is it that when you do your estimate on a monthly payment, the component you calculate for taxes is so low?   Shouldn't it just be 1/12th of the property taxes?   Yes, consistently, across all you listings it is maybe half of that.   I think your monthly estimator is very helpful, but you seem to have something wrong in the way you calculate that part of the estimated monthly payment.
  • August 08 2013 - Round Lake Beach
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Answers (3)

Profile picture for user0912347
I agree, why is it so low???  Even when zillow shows the past several years of taxes being say $5000.  It will show a monthly payment estimate of about $200 which only equates to about half of the yearly home taxes.  What gives, seems like a simple software fix.  I agree that it's usually 2-2.5%, but the monthly payment calculator on zillow is showing more like 1%
  • January 14 2014
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Profile picture for user9520773
Each zillow listing posts the previous years property taxes.  Let's say they post that in the previous year the property taxes on a house were $12K.   One might make a reasonable assumption that if you bought that house, the taxes new owner would pay might be in the same ballpark.   Therefore, it would be reasonable to guess that a component of your overall monthly payment might be about $1K from the taxes alone.   However, in zillow's estimater of the monthly payment the owner might incur, it does not estimate $1K for the taxes on a house like that, instead it will show something like $500.
  • August 08 2013
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Profile picture for Andrew Malak
You should never assume that the taxes will be a specific amount. It all is based on location and how you are going to take the property. In the worst case, look at 2 to 2.5%
  • August 08 2013
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