Another property tax question (Austin: credit, lender, buying a house)

[Skeptical]

We are buying a house in Austin and closing at the end of June. What I thought was a straight forward process is suddenly confusing as I start getting into the details.

The appraisal of the house for 2009 taxes was more than 15% above what we're paying for the house. Does anyone know if I'll be stuck paying taxes for the balance of the year at the former appraised value?

I'll be filing for a homestead exemption and an over-65 exemption as well. Will I have to wait until the end of the year to file those exemptions?

If I have to wait until the end of the year to file for the exemptions, will they still use the purchase price of the house as the appraised value?

I know, it starts to get kind of complicated.

Skeptical

[Jennibc]

On the homestead exemption, you must be living in the home January 1 of the year you are claiming the exemption - we just found this out as we get ready to close at the end of this month.

[Skeptical]

Thanks, Jennibc, did you find out anything about using the purchase price of the house (for tax appraisal) versus the prior tax appraisal?

Thx...
Skeptical

[atxcio]

If you take your closing statement with you when you protest the property value (May of next year), they will adjust to your purchase price. I think you are stuck with the 2009 value for the rest of this year, because the window to protest will be over by the time you close.

As far as the homestead exemption, you can get the form online and file it anytime after Jan 1 (but before Apr, when they will start sending out appraisal notices).

On the plus side, you'll technically only be responsible for 6 months of the taxes -- in your closing, the seller or previous lender should include the escrowed or estimated 6 months worth of taxes for this year prior to June. You may want to double check that on the HUD statement prior to your close.

[Skeptical]

Originally Posted by atxcio

....

On the plus side, you'll technically only be responsible for 6 months of the taxes -- in your closing, the seller or previous lender should include the escrowed or estimated 6 months worth of taxes for this year prior to June. You may want to double check that on the HUD statement prior to your close.

Yes, I did see that we are being credited for property taxes up to our closing date. I was just hoping we wouldn't be stuck with the higher taxes for the balance of the year.

I clearly do want to get our purchase price locked in for the appraised-value-doesn't-go-up-after-65 deal.

Skeptical