Buying a new home, have a tax question, Please help :) (attorney, foreclosure)

[integra4]

I am purchasing a home in the Midtown Area. The current owner is an investor who purchased the home at a foreclosure auction.

Now, the tax records are currently low for the home. If the attorney puts in the sales price as higher than the amount it is now, will this raise the taxes?

Do they go by sales price or do they go by their records on the house and evaluate it that way?

Any information would greatly be appreciated.

Thanks, Justin

[Georgia]

Originally Posted by integra4

I am purchasing a home in the Midtown Area. The current owner is an investor who purchased the home at a foreclosure auction.

Now, the tax records are currently low for the home. If the attorney puts in the sales price as higher than the amount it is now, will this raise the taxes?

Do they go by sales price or do they go by their records on the house and evaluate it that way?

Any information would greatly be appreciated.

Thanks, Justin

You will pay the millage rate upon the purchase price of the home in the next tax year.

[integra4]

So they do go by the purchase price of the home correct? Some attorney said they do not go by this.

Thanks again for the help!

[gung]

Every so often the tax office will re-appraise your home and the amount you pay will be based off what they say it's worth. You can fight it if you think it has been distorted. For example, we bought our home and then the very next year the tax office tried to say it was worth $50,000 more than it was the year before. Sucks to be the tax office because I'm a Realtor and my husband was an appraiser at the time!

[dncngrl1964]

Originally Posted by Georgia

You will pay the millage rate upon the purchase price of the home in the next tax year.

you will pay millage on 40% of purchase
Ga assessment is 40% of market value