Operating expenses
Property Tax
Annual property tax as a percent of value. Defaults to your state's effective rate (1.49% PA, 1.68% TX, etc.) — adjust for your county.
Why Property Tax matters
Property tax is the second-largest expense after mortgage on most deals. State rates vary wildly: 0.3% in Hawaii vs 2.5%+ in some Texas MUD zones. Always pull the ACTUAL current tax bill from the county appraisal district — don't trust Zillow's estimate.