Bob Kutschbach, owner and broker of Carleton Realty, explains how real estate taxes work in today’s video.
Did you know that your real estate taxes are always paid in arrears? That means that you are paying last year’s taxes this year. It can be very confusing! Because taxes are paid in arrears, your taxes are the first lien on a property. This means that if something goes wrong and your home was to be foreclosed on or you had to sell, the real estate taxes are the first thing to be paid out of the proceeds of the home.
People often wonder how their taxes are assessed. Real estate taxes are based on the value of your home, known as “Ad Valorem”. Here in Ohio, taxes are assessed at 35% of the value of the home.
If you have questions about your real estate taxes, contact us!
