Property taxes are a large factor in calculating annual expenses. It's important to budget for the funds to pay real estate taxes each year. Even if real estate taxes are factored into your monthly mortgage payment it's important to know how those figures affect your monthly payment, especially if tax rates increase over time. Property taxes are assessed by local city, county and state governments and are calculated based on the value of your property.
Begin by visiting the county clerk's website for your county. If you cannot find your county clerk's information online, then the next step would be to visit the county clerk's office and ask for property tax records for your property in person. If the property in question is inside city limits, you may need to visit the municipal clerk's office.
If your city or county has a property search for appraisal values on their website, you can use this method to find the most up to date tax information. If seeking records in person, simply ask your local tax assessor's office for a print out.
Take the current tax amount and divide that number by your square footage. Doing so will provide you with the property tax percentage rate. Review the tax records for your property for the prior three years and use the same formula. This will show you the annual rate of increase on your tax rate.
Use the annual rate of increase to estimate your future property taxes.