1. Property Taxes Did you ever notice that when you put the words "The" and "IRS" together, it spells "THEIRS?" ~Author Unknown

2. Property Taxes…  When buying a home/condo you will need to account for your property taxes. As a RENTER you do not pay property taxes directly, but your landlord does, so this is already factored into your MONTHYLY RENT PAYMENT.  The STATE OF PENNSYLVANIA does not collect taxes on real estate or personal property. Instead, those taxes are reserved for the  Local governments  Counties  Municipalities  School Districts

3. Property Taxes Cont…  In most areas of Pennsylvania all three groups will collect real estate or property taxes. Rates differ depending upon the  county,  school district  municipality in which you live.

4. Property Taxes Cont…  What Property is Taxed? Property taxes in Pennsylvania apply only to real estate, That means land and buildings. It is not collected on cars, business inventory, or other personal property.  What property is not taxed? Certain types of property are exempt from property taxes in Pennsylvania  places of worship  places of burial  charitable and educational institutions  government property

5. How to calculate property taxes  Property taxes in Pennsylvania are based on Millage rates (measured in mills) which are set by individual municipalities and school districts.  In other words, property taxes in Pennsylvania vary from one county to another, and even from one town to the next.  The amount of property tax you will owe is based on: a combination of your assessed property value (as determined by the county assessment office) millage rates of the municipality and school district in which you live.

6. What is a Mill?  What's a Mill?  Property tax rates in Pennsylvania are referred to as millage rates, and they are figured in mills. One mill is equal to 1/1,000 of a dollar. Basically, for every $1,000 in taxable value, a property owner will pay $1.00 in taxation per mill.

7. Find out how much…  Property Tax Calculator Property Tax Calculator Thankfully, the Internet provides several websites with built in property tax estimation calculators. Use the chart to figure out your annual and monthly property tax.

8. Relief!  There a some property tax rebate/relief programs established to help homeowners manage their housing costs.

9. 1. Pennsylvania Property Tax and Rent Rebate Program:Pennsylvania Property Tax and Rent Rebate Program:  Taxpayers who QUALIFY can file for this and be reimbursed up to $500 a year for the amount they paid in property taxes or rent.  This program is available for persons 65 years and older or disabled taxpayers who meet other conditions.  Applicants need to file according to guidelines established.

10. Pennsylvania Homeowner Tax Relief - Act 72:  In an effort to provide property tax relief, this act allows school districts to use tax revenue from slot machines installed at racetracks and casinos to lower local property taxes.  This property tax relief program is in the beginning stages, and we are slowing learning about the ups and downs of this.

11. Pennsylvania Homestead/Farmstead Exclusion - Act 50:  This act allows participating Pennsylvania school districts, counties and municipalities to offer property tax reductions to permanent residents of their jurisdiction.  This homestead exclusion reduces the assessed values of single family homes, condominiums, farms and other places of permanent residence, reducing the property taxes on the property.  The Homestead exclusion is only available in jurisdictions which have approved it.  Careful attention to detail needs to be applied when filing for this.

12. Homeowners Insurance  This is essential in order to protect the huge investment that you are making when buying a home. The costs vary greatly on the age, condition and location of the home. Use the equation on your paper to get a ROUGH estimate of you monthly homeowners insurance payment.

13. Renters Insurance  The monthly cost for renters' insurance will vary depending on the state in which you live, the type of coverage you select, the amount of coverage you elect and the amount of your deductible. According to the Independent Insurance Agents & Brokers of America, the average cost of renters insurance is $12-$15 per month for $30,000 of property coverage and $100,000 of liability coverage.

14. Liability Coverage  Liability Coverage protects you from arising from bodily injury or property damage for which you are legally responsible.  Examples: Someone slips and falls on your property Broken pipe causes damages to someone else's property.

15. Homeowners Association Fee  This fee is applied to condo and townhouses only. It is used to pay for the overall maintenance of the property so that the tenant/homeowner does not have to worry about it.  The more amenities (fancy stuff) the higher the fee.  Use the average figure of $100 a month.  Add that to your monthly condo payment.

16. Utilities  Utilities are sometimes included in your monthly rent payment.  Utilities include: Electric: $70 Gas: $25 Water/Sewer: $33 Trash: $27 Cable/Internet: $100  Total: $255.00

17. Phone- Landline/Cell  Phone Bill: Cell Phone:$60 Landline: $22 Add these numbers to your chart on page 3 and total your housing costs for each dwelling.

18. Renting: Moving Costs  FMR+LMR+CD+SD=Total Move in cost. CD- Cleaning deposit equal to one months rent. SD- Security Deposit is usually 50% of one months rent. Do the math for the move in cost of your rental apt. and rental home.

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