Will A $300K Townhouse Be More Expensive In The City Or The County?
Scott P. Rogers
It sounds like a trick question, right?
Will A $300K Townhouse Be More Expensive In The City Or The County?
Certainly, my monthly payment for a $300K townhouse in the City will be the same as for a $300K townhouse in the County, right?
Nope.
The difference is the real estate tax rate...
City of Harrisonburg = $0.93 per $100 of assessed value
Rockingham County = $0.68 per $100 of assessed value
As such, here's how the monthly mortgage payments break down if you financed 90% of the purchase price over 30 years with an interest rate of 6.25%...
City of Harrisonburg = $1,958
Rockingham County = $1,895
So, they're close... but you'll pay approximately $63 per month more on your $300K City townhouse as compared to a townhouse at the same price point in the County.
Or, annually, you'll pay about $750 more to live in the City than in the County.
