Mortgage Calculator
This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Figuring your Cobb County Taxes
There are two ways to figure out your Cobb County Taxes which, by the way, change yearly. The counties' way (which is exact) and the Realtor's® way (which is very quick and only approximate). To save you time and keep you from falling asleep we will share the Realtor's® way first. Read my approximation of the county way at your own risk.
To estimate your property taxes quickly multiply your Purchase Price times (X) 1 to 1.25%. For example, if you purchase a $100,000.00 home your taxes will be somewhere between $1000.00 & $1250.00 per year.
The other way is done by the county. Here is their link address - www.cobbtax.org. What follows is a very simplfied example of how they figure our taxes. They take 40% of the appraised value of our home after they do the appraisal. In the past, before the market upheaval began in 2007, the appraisals usually appeared to be somewhat less than the purchase prices (market value). They take that dollar amount and subtract any exemption(s) such as an age 62 exemption from school taxes or the homestead exemption (and other exemptions listed on their website) and then multiply that number by the millage rate which can vary from city to city within the county, and, there you have it: Your Property Tax!
Here is a real life example taken from a home in Kennesaw, GA in 2011. The total assessment for the property was $125,200 and the annual tax came to $1138.00. I believe the home is owner occupied which means they claimed the homestead exemption. So, their tax came to a little less than 1% of the county appraised value of the home.
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