Want to estimate property tax on a listing you're interested in buying?
1.2% of the purchase price is a good, conservative rule of thumb. This is the annual amount but property tax is paid twice a year.
For example, on a $900,000 home, the annual property tax will be about $10,800.
Your lender will estimate this as a monthly payment when computing your PITI.
P= Principal loan payment
I= Loan interest payment
T= Tax payment (figured monthly)
I= Insurance payment (figured monthly)
In an condo, instead of PITI, use PIT-HOA since your HOA condo fee will cover the building's insurance. You should get your own policy for the interior and your personal belongings...
Want info on SF Property Tax? Visit the City website.
