How much more will our rental property taxes be if our primary residence was paid off?

Property taxes are based on the value of the individual property.

The only time there is a difference in property tax between primary residence and income property is when you live in Pennsylvania and have filed for the Homestead/Farmstead Act which covers the primary residence only.

There will not be any change it taxes on either your primary or rental property. Paying off a mortgage or borrowing money does not effect the property tax rate. Property tax rates are based solely on the value of the property, not on what is owed on a mortgage.

There is no tax on a primary residence in the first place. You are very confused.

Unless you mean property taxes, and for those, having the house paid off doesn't affect them at all, there would be no change.

None. The tax real estate doesn't matter if it is primary residential or investment property. Instead it is based upon the value of the individual properties. I don't know what you tax rate is where you live, but I am sure you can understand that there is a difference between 2% of $300,000 and 2% of $200,000.

If you are in a state that has Homestead Exemption, you can only use that to reduced the taxable amount on your primary residence. It is not applicable to investment property or properties that are not your primary residence.

Your property taxes have nothing to do with your mortgage.

Your taxes on both properties stay the same. They don't care if it's rental or primary residence.

The county assessors office DOES NOT calculate property taxes differently for primary residences versus rental properties. Why would it be any different?

You failed to hold the rental property as a condominium for enough days in 2008 to be able to deduct any charges beyond the rents received. As you had no condo receipts, nothing is deductible. In case you incurred any capital expenditures in getting it capable to employ you depreciate these. The fixing up bills would usually be deductible but are not able to be carried ahead to 2009 if they were paid in 2008. To qualify for the FTHB, you each have got to be eligible. Seeing that you owned a important dwelling inside the three years previous to the acquisition of the brand new property you (the plural you) are not eligible for it. The name or names on the mortgage are irrelevant as the credit score is just not founded upon the quantity of any mortgage but on the purchase rate. Money income are eligible for the credit score as good.

your property taxes are assessed by the county on the value of the property, your taxes will not change now that your residence is paid off, nor will the taxes on that property change simply because you have another rental property