That property tax estimate on Zillow nearly cost us a house

I was looking at this cute 3 bed ranch outside Denver last week and Zillow said the yearly tax was like $2,400. Sounded good right? Then my realtor buddy actually pulled the county records and it was really $4,800 because the last sale was 15 years ago and the assessment was way off. We almost made an offer based on the lower number and then would have been hosed when the actual taxes hit. The county reassesses when you buy so the old owner's tax rate means nothing to you as a first timer. I see so many people online shopping by max mortgage payment but totally ignoring this stuff. Has anyone else had a lender or Zillow totally steer them wrong on monthly costs like insurance or HOA fees?

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gonzalez.grant5mo ago

Zillow is just a starting point, not a reliable source for anything that actually costs money. Get your county assessor's website bookmarked and check the actual assessed value plus the mill levy. Also remember property taxes usually go up every year, not just when you buy. Insurance quotes from online aggregators are almost always too low for what you'll actually pay. Always run numbers with a 20% buffer on taxes and insurance to be safe.

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torres.leo5mo ago

Sounds like you're saying budget for pain and hope for less.

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