After the Mortgage is paid off on a foreclosure household, What bills do I still have to pay yearly?
I tried looking up clear answers but I getting mixed ones. People on here are saying a person who owns a house after paying off the mortgage only has to pay for -
Insurance fee
Maintenance Tax
Property Tax
Some other people are saying that a owner would just have to worry about the yearly property fee.
Now, I understand the yearly Insurance fee is important but is it a good idea to build a fense around your property to prevent someone from injuring on your property so you wouldn’t have to deal with a person from sewing you?
Also, what is the maintenace tax all about? is this not madatory like the yearly insurance fee?
I’m located in Milwaukee Wisconsin
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Maintenance sounds like HOA fees, some neighborhoods have them.
It varies from state to state:
Property Tax & School Tax= normally combined
Maintenance tax- which is trash removal
(Unless you live in a townhouse or condo and have to pay maintanance fees for the roof, snow removal, lawn care.. ect)
And Insurance if you chose to have it- Insurance is not manitory but a good idea if your house burns down.
Different states tax on different thing- were are you located?