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Property Taxes As with a lot of the information on this website, I know you may already be familiar with a lot of it. But I still find that not all people are aware of all the different implications of trying to "trade-up" to a larger home when they having a growing family, or just want more space. While you may be able to transfer most, if not all, of the existing equity in your existing house into a larger, more expensive house, thus possibly bringing the mortgage within your budget, the new property taxes will be based on the price of the new home, possibly raising your property taxes dramatically. Sometimes for this reason alone, people choose to explore their options as far as adding onto and/or remodeling their home. |