Home Buying Tip - Tax Obligations

Check on the property tax liability. The listing information will usually include the total amount of the previous year's property taxes. Alternatively, you could ask the seller for a tax receipt or contact the local assessor's office. Tax rates can change from year to year, so these figures may be approximate and may vary from State to State or Country to Country. Always seek professional financial and legal advice when buying a property.

Mortgage interest and real estate taxes are usually deductible. A qualified real estate professional can give you more details on other tax benefits and liabilities that may alter depending on the Country (or State) where you reside.