What taxes must be paid on a residence?

Homeowners typically pay property taxes, which are assessed based on the property's value and vary by location. Additionally, if the residence is sold, capital gains tax may apply on any profit made from the sale, depending on exemptions and the homeowner's tax situation. Mortgage interest may be deductible on federal income taxes, providing some tax relief. Homeowners should also consider any local taxes or fees related to home ownership.