Thousands of homeowners are suing DR Horton, alleging their payments were made to look affordable by using ultra-low property tax estimates. One homeowner says his payment jumped by $1,000 a month after he moved in.
In this video, I break down the new construction property tax trap and the one question to ask before you sign a contract on a brand-new home.
What you'll learn:
• Why new construction tax bills start out based on an empty lot
• How the reassessment can raise your payment and trigger a catch-up bill
• Why a 30-year fixed rate doesn't guarantee a fixed payment
• How to estimate property taxes (in Arizona, about 1% of purchase price, so roughly $333/mo on a $400,000 home)
The question to ask: "Does this payment include taxes on the finished home, or just the land?"
Thinking about buying new construction? Let's run your real numbers before you sign.
📧 kevin@kevinbrierton.com
🌐 kevinbrierton.com
Kevin Brierton, SVP, Branch Manager, Certified Mortgage Planning Specialist | NMLS #599873
Luminate Bank NMLS #1281698
This video is for educational purposes only and is not a commitment to lend. Property tax rates and assessment practices vary by county and state. Verify with your local county assessor.
#newconstruction #homebuyertips #mortgagetips #propertytax #firsttimehomebuyer
