You are considering purchasing instead of renting. Currently, you pay $1,500 each month in rent. The home you are interested in purchasing is valued at $248,000. You have determined the monthly payment will only be $1,331 if you take out a 30 year loan at 5%. The only thing you haven't considered is your monthly property tax bill.

You know the assessed value is 29% for residential property and you determine that the mill rate in your county is 32.45%0.

Calculate your yearly and monthly property tax and determine if it will be a better deal to continue to rent or to purchase this home based on your monthly cash output.

Yearly property tax: $

Monthly property tax: $

Which is less per month cost? Continue renting or Buying the house.