Living in America generally corresponds to paying ample amounts of money, especially when you own your personal property. But the relief comes in when you choose Virginia as your living space. Homeowners settled in Virginia benefit from the relief of low property taxes that are below the national average tax ratio of the state that […]
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Homeowners pay plenty of taxes on their property. Governed by the state and country tax levies, tax liability on every property depends on its location and value. It can be as low as your mortgage payment in some areas, while in others, it can be thrice times higher than the mortgage payment. Instead of just
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In the real estate market, selling a house isn’t just about posting pictures online and expecting a buyer. Sellers have a lot to worry about. It involves considerable time and effort on realtors, fees, repairs, appraisals, and showings. Sometimes, you got anxious over the selling process taking so long and the cost expenditure. Still, you
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If you are planning to buy a new home, you must be wondering if any tax break is available or not. In 2008, President Obama created a tax credit worth $7500 for a first-time homebuyer. In 2009, the credit increased to $8000 to encourage more people to buy houses. But the bad news is that
How does the First-time Homebuyer Tax Credit Works? Read More »
The debt-to-income ratio (DTI) is the percentage of your monthly income that goes to paying different monthly debts. Mortgage lenders use this ratio to determine the borrowing risk. If your DTI goes above a specific number, your Mortgage loan application will be rejected by mortgage lenders. You must be thinking of a maximum debt-to-income ratio to
What is the Debt-to-Income Ratio to Qualify for a Mortgage? Read More »
All the counties and cities in Virginia charge personal property tax from citizens. The property division of the Commissioner’s office assesses all your individual tangible properties like cars, buses, motorcycles, boats, aircraft, machinery, tools, or any type of vehicle and collects tax on the total amount. The department assesses the personal property value in Virginia
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Homeownership is the dream of every citizen. However, it can be challenging for many people to save up for a house due to high property rates in the US as compared to their low wages. But don’t worry! The US Government has several homeowner assistance programs for people with less income and new home buyers
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Every individual and corporation pays federal income tax to the government on selling homes and other properties. This capital gain tax is calculated based on the difference between purchasing and selling prices. These taxes have two categories depending on the year you held the property: long-term gain and short-term gain. In the former, the value
How much is Capital Gain Tax on the Sale of a Home? Read More »
In most rental agreements, tenants take responsibility for damages and agree to pay the charges in case of any damage to the property. The tenant also provides some security fees in advance to cover the damage costs. You have to return this security to the tenant in 14-60 days after the renter leaves the property.
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If you receive tax bills from the government despite escrow, you should not be worried. Instead, you should contact your mortgage service to resolve the issue. Having an escrow account is one way you could solve problems with property tax bills. They might not have paid tax on time that leads you to this tax
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