How do you estimate them? Are real estate taxes based on a percentage of the purchase price? Do they increase every year or every so often?
In MA real estate taxes are X x $1000 in value. In one of the towns I own property the rate is $27 per $1000 assessed value. I pay around $13,000 a year. Insurance depends, call several places for quotes.
Taxes are based upon the purchase price of the property. You can get the formula from the local assessors office. For example where I live you take:
MARKET VALUE X 60% (.60) = (ASSESSED VALUE)
Divide (Assessed Value) by 100
VALUE X LEVY RATE = TAXES / 12 (to get monthly payment)…I closed on a triplex this morning I’ll show you how it broke down.
123,000 (purchase price) x 60% = 73,800
73800 / 100 = 738
738 x 2.5908 (levy rate) = 1912.01 annual payment
1912.01 / 12 = 159.33 per month payment
Insurance will be based on how much coverage you want. This building I bought for 123,000 will cost me about 100/mth in insurance.