Eddie Brissett, The Brissett Group LLC and First Place Realty Group LLC, Pena Realty Corp.Phone: (617) 816-1426
Email: [email protected]
Email: [email protected]
Millions of homeowners dedicate their income to mortgage payments and property taxes every year. If you intend to purchase a home in the future, knowing how mortgage payments and property taxes work and intertwine can give you a better understanding of where your money goes.
Property tax is collected by your local government and allocated to provide resources for citizens such as state parks, schools, road improvement and more.
The property tax amount is calculated based on the local property tax rate and the value of your home.
Your mortgage insurance includes more than the raw amount of your home. In addition to the cost of the home borrowed, the amount also covers interest rates, mortgage insurance, homeowners insurance and the property tax for your district.
Your mortgage lender estimates the amount of property tax you’ll owe at the end of the year based on the property tax rate of your area and divides it by 12.
This amount is then added into your monthly mortgage payments. If you underpay, you’ll owe money to the government, but if you overpay, you’ll receive a tax refund.
Paying off your mortgage is a gradual process worthy of celebration. However, once the house is paid off, it’s essential to remember yearly property taxes are still due.
To stay on top of payments, you can contact your local government, and they can invoice the amount you owe each year. They may also offer you multiple payment options, as some require one lump sum per year, while others may offer quarterly payments.
Understanding your property tax options puts you ahead of the game and helps you better understand how your money helps to improve your community’s overall well-being.
Eddie Brissett is a native of Newburyport, Massachusetts where he attended Newburyport High School. He graduated from Fitchburg State College (FSC) with both a B.S. in Business Administration and an MBA in the late 1990s. He also played basketball at FSC.
In 2004, his real estate dream began when he purchased his first property- a condo. Working primarily in financial services for nearly 15 years, he transitioned into real estate full-time in 2013. He was the Condo Board Chairman (2005-2018) of the Rich Street Condo Association. He credits his parents and mainly his mom as among the biggest influences in his life. As a licensed real estate agent in several states, he serves buyers, sellers, renters, and landlords throughout the commonwealth of Massachusetts, Rhode Island and Florida.
"From an early age, I learned the value of hard work and standing by your word from my parents. These traits along with teamwork were reinforced from some tough sports coaches that I played for."
He enjoys spending his free time with family, friends, hiking, watching Boston sports teams, and is an accomplished billiards player.
