How to Figure Financing and Tax Information

Maricopa County property tax for homeowners is based on the assessed
value of the home. This is determined by the Maricopa County Assessor's
office 602-506-3406.

The formula used to figure property taxes is the assessed value x 10 percent
divided by I 00 x the tax rate for the district in which the house is located.
The average tax rate for Maricopa County is $9.68. For further information,
contact Maricopa County Treasurer, 301 W. Jefferson Street, Suite 100
Phoenix, AZ 85003-2199 602-506-851 1.

You ask yourself what kind of payment can I afford? Well a general rule of
thumb is your mortgage payment (principal plus interest) should be about 25
percent of your gross monthly income.

An example of a person getting a conventional loan would be as follows:

Family earnings of $60,000 yearly, with monthly debts of $425. including car
payments and credit cards.

STEP 1

$5,000 Monthly Income x 28% = $1,400 Maximum House Payment
plus
$5,000 X 36% = $1,800 Maximum Debt Amount

STEP 2

$1,800 Maximum Debt Amount
minus $425 Total Monthly Debt Amount
equals = $1,375 Adjusted Total House Payment   

STEP 3

$1,375 Adjusted total House Payment Equals the following:
$205 Estimated Monthly Taxes + Insurance
plus $1,170 Principal + Interest

STEP 4

$1,170 Principal + Interest Amount
Qualifies for a Mortgage Amount of 7% over 30 Years of:

$175,710

Note: The mortgage amount figure for this sample couple is derived from a
principal and interest table. These figures will vary by the interest rate and
length of mortgages.

If you would like more information please E-mail or call me Toll Free at:

(888) 556-5726
or
robin@azshowcase.com

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