This house I’m interested in buying has taxes that are $1100 higher than every single house in the area. While browsing my county’s property taxes website for information about this house, I saw that the actual taxes for this house (school and county) for 2008 are $2700. (compared to $3865 listed on every real estate website). Why is there a discrepancy in the real taxes and the taxes listed? Also, this house’s assessed/market value is $100,400 (listed for $99,800) even though every other house on the same street (all 50′s era cape cods in exact same condition and they have a higher land value) are assessed at $83k and below, which in turn makes the taxes for this house even higher than they should be. I am interested in buying this house but can I have the assesed/market value and property taxes fixed beforehand so that I can offer less ($85k or so) and pay less taxes on the first mortgage payments? And if so, who exactly do I speak to since I don’t own the house?
Thanks for your advice. ^.^
The assessed value is $100,400 and the market value is $112k, but the kitchen and bathrooms look like they haven’t been updated since the house was built!
Taxes are done differently in every county.
Some counties will re-assess your house after you buy it and raise your taxes. Others use a base year to calculate the taxes so you’d pay the same as the previous owners.
In my county, I pay local tax, school tax AND county tax… so maybe the local tax portion is missing from your public records website.
When is the last time this home was sold? I’m guessing that the current owners bought it just two years ago it was probably re-assesed based on the price they paid. The rest of the houses have probably had the same owners for 10+ years meaning they haven’t been re-assessed since nobody new has bought the house. Your taxes will probably be based on the price you pay for the house minus any discounts the county gives you (some assess at 90% of purchase price, etc).
Without knowing your county I can’t tell for sure… but that’s my best guess.
The property can easily be reassessed but not by you. Even if you have a contract to buy it. Buy it and apply to the Tax Assessor the next day. I bet the house was rented out at one time. Rentals pay much more property tax. It goes back down when an owner moves in.