#599 - What Happens if You Don't Pay Your Property Taxes?

As a homeowner, you're no doubt aware that the cost of owning property extends well beyond your monthly mortgage payment. You'll have to cover your homeowners insurance, maintenance, repairs, and, of course, property taxes.

Your property taxes are calculated by taking your local tax rate and multiplying it by your home's assessed value. The average property tax bill in the U.S. was $3,498 in 2018, according to property database ATTOM Data Solutions, but in some parts of the country, you'll pay a lot more.

While property taxes may have once served as a lucrative tax break, these days there's less value in that regard. Thanks to the Tax Cuts and Jobs Act implemented in late 2017, the SALT (state and local tax) deduction, which includes property taxes, is limited to $10,000. If you live in, say, New Jersey, where it's not uncommon to have a $12,000 property tax bill for an average-sized home, you lose out on some tax benefit automatically.

But regardless of whether you get the maximum benefit out of your property taxes or not, you're still required to pay them. And if you fail to do so, you could face serious repercussions.

Join your host Sean Reynolds, owner of Summit Properties NW and Reynolds & Kline Appraisal as he takes a look at this developing topic.

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