When you buy a home, you will be responsible for paying property taxes on the property. Property taxes are levied by local governments, such as cities, counties and school districts, on real estate properties, including homes, land and buildings. The amount of property tax you will pay is based on the assessed value of your property.
Property taxes are typically paid twice a year in Arizona and your monthly mortgage payment will include a portion for property taxes to be withheld until they are paid to the state. It is important to know what your property taxes are, so you now how much you are paying monthly.
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