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Understanding Property Taxes and Insurance for Your New Normandy Homes Home



Purchasing a new home is an exciting milestone, but it also comes with responsibilities that are crucial to understand, especially when it comes to property taxes and insurance. For buyers of Normandy Homes, grasping these elements will ensure a smooth homeownership experience. Here’s a comprehensive guide to help you navigate the intricacies of property taxes and insurance for your new Normandy Homes home.

What Are Property Taxes?

Property taxes are levied by local governments to fund public services such as schools, roads, and emergency services. These taxes are based on the assessed value of your property and can vary significantly depending on the location of your home.

How Property Taxes Are Calculated

  1. Assessment of Property Value: The local tax assessor evaluates your home to determine its market value. This assessment can be based on factors like the size of your home, its location, and recent sales of comparable properties in the area.

  2. Tax Rate Application: Once the property value is assessed, the local government applies a tax rate, often expressed as a percentage. This rate can vary by jurisdiction and is usually set annually.

  3. Tax Bill: Your property tax bill is the product of the assessed property value and the tax rate. For example, if your home is valued at $300,000 and the tax rate is 2%, your annual property tax bill would be $6,000.

Understanding Home Insurance

Home insurance is essential for protecting your investment. It covers damage to your property and possessions due to various risks, including fire, theft, and natural disasters. Insurance is not only a safeguard but also often a requirement by mortgage lenders.

Types of Coverage

  1. Dwelling Coverage: This protects the structure of your home, including the roof, walls, and built-in appliances. It’s crucial to ensure that your dwelling coverage amount is sufficient to rebuild your home in case of a total loss.

  2. Personal Property Coverage: This covers your personal belongings, such as furniture, electronics, and clothing. Make an inventory of your possessions to ensure you have adequate coverage.

  3. Liability Coverage: Liability coverage protects you in case someone is injured on your property. It can cover medical expenses and legal fees if you are sued.

  4. Additional Living Expenses (ALE): If your home is uninhabitable due to a covered event, ALE can help pay for temporary living expenses, such as hotel bills and restaurant meals.

Property Taxes and Insurance Specifics for Normandy Homes

Property Taxes

Normandy Homes builds in various communities, each with its own property tax rates. When purchasing a Normandy home, inquire about the specific tax rate in your desired community. This information can help you budget for your annual property tax expenses.

  1. Community Impact: Some Normandy communities may have higher property taxes due to superior amenities or highly-rated school districts. While higher taxes can be a consideration, the benefits provided often enhance the overall living experience and property value.

  2. Tax Exemptions: Investigate if you qualify for any tax exemptions, such as homestead, senior citizen, or veteran exemptions, which can significantly reduce your property tax bill.

Home Insurance

  1. Builder’s Insurance Recommendations: Normandy Homes often collaborates with insurance providers and can recommend companies that offer competitive rates and comprehensive coverage tailored to new homes.

  2. New Home Discounts: Many insurance companies offer discounts for new homes due to their modern construction standards and safety features. Be sure to ask about any potential discounts when obtaining quotes.

  3. Coverage for Amenities: If your Normandy home includes special features like a swimming pool or a home office, ensure these are adequately covered under your insurance policy. Discuss these details with your insurance agent to avoid any gaps in coverage.

Tips for Managing Property Taxes and Insurance

  1. Regular Reviews: Regularly review your property tax assessments and insurance policies. Property values can change, and so can your insurance needs. Staying updated ensures you are neither overpaying nor underinsured.

  2. Appealing Assessments: If you believe your property tax assessment is too high, you have the right to appeal. Gather evidence, such as recent sales of comparable homes, to support your case.

  3. Bundle Insurance Policies: Consider bundling your home insurance with other policies, such as auto insurance, to receive multi-policy discounts.

  4. Disaster Preparedness: Living in areas prone to natural disasters? Ensure your insurance policy covers these events. Flood and earthquake insurance are typically separate policies.

Understanding property taxes and insurance is essential for any homeowner, and this is especially true when purchasing a new home from Normandy Homes. By familiarizing yourself with these aspects, you can make informed decisions and ensure your investment is well-protected. Happy home buying!

Feel free to adjust or expand any sections based on your specific needs or local regulations.

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Please call us at 469-269-6541 for more details about HistoryMaker Homes and available homes!






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