How does owning a home impact my property taxes?

Owning a home typically means that you are responsible for paying property taxes, which are calculated based on the assessed value of the property. Homeowners may also be eligible for certain exemptions or deductions depending on the state or municipality in which they live. These exemptions may include deductions for certain types of property, such as homestead exemptions for primary residences, as well as exemptions for senior citizens, disabled individuals, veterans, and other qualifying groups. It's important to check with your local tax authority to determine whether you qualify for any exemptions or deductions that could help reduce your property tax burden.