Buying house in st. Marlo-have tax question (sales, foreclosure)

[Scocat]

We are buying a house in st. Marlo, and taxes are very cheap, 4800. But am concerned that when we purchase taxes will go up substantially. House bought in 2000, and we are paying a few hundred thousand more due to improvements in the house. Will they now assess on new sales price? Thinking on calling tax assessor office to see.
Thanks

[VJP]

Were the improvements done with permits and drawings? I'd think so if they were several hundred grand. In that case the records are there to assess your property [as they see fit]. Your taxes are calculated via an assessment of the value of your home, multiplied by the mill rate. A % of that is your tax due. If your house is more valuable, you'll pay more. No one can tell you you'll get away with it. You might for a year or two, but itll even out in the end. Taxes are not assessed on sales price, but sales prices are used as a means for the assessor to determine valuations in a given area.

[ATLTJL]

Houses are assessed every year.

I believe that if a home is sold within the tax year, the sales price is the de facto assessed price. You can always appeal and state your reasons if you think the assessment is incorrect.

[mich2fla]

In 2011, we bought a foreclosure and our taxes got adjusted to the purchase price we paid. I had to show the paperwork from closing to the county. I forgot what form it was of the top of my head. Just ask someone at closing and they will tell you which forms to show the county to get the taxes adjusted. We did make improvements but it was not that expensive, around $5K or so.

[Scocat]

@vjp- supposedly this guy is a builder and had his crews do it, so I believe nothing was ever done with permits. I did call tax assessor and they said it would get tax for basement, etc...the basement has full kitchen, bath, bedroom, and 4 season room under stone patio. It is like a shot from better home and gardens. So, it was easy a few hundred grand, so that is why sales price will be much higher. According to tax office they do not look at finishes as much, so maybe that might save us. But according to calc it could be as high as 8300. It is just a surprise to us since it was listed at 4800 in taxes. I don't now how an assessment since 2000 could increase value 70% in this economy.

[mrpanda]

Hi Scocat,
Fellow St. Marlo resident here. I bought new construction in 2011 for $488,068 and my taxes last year was right around $4300. I am closing on a refinance tomorrow and my home appraised for $575k so prices in St Marlo are definitely rising. I am also concerned to see how much property taxes will rise this year. I will let you know when i find out.