Dumb question regarding property taxes and assessment values? (new home, neighborhood)

[thefourlams]

Having never purchased a new construction home I was curious of how the house is assessed for property tax purposes. Where I live the county assesses your home and that is the amount you pay taxes on. In the triangle if you purchase a new home for $275k, is that what you will pay property taxes on or is does the county still assess it? If they do is it normally lower than the purchase price? Thanks for all your help!

[clockwork]

As far as I know, the property tax on a new home is based on the assessment, not the purchase price. My tax assessment was several thousand more than the purchase price.

[sunnie741]

We were told it is based on an assessment. The builder said they come through and basically assign it an estimate.

[sls76]

In Wake it doesn't have much to do with what you paid for it. In my neighborhood we have some good lots and some not so good lots. The people on the bad lots pay the same in taxes for a comparable house as the people on the good lots, but they got about a 10% discount for purchasing a home on a somewhat undesirable lot.

[Stu Barnes]

Originally Posted by thefourlams

Having never purchased a new construction home I was curious of how the house is assessed for property tax purposes. Where I live the county assesses your home and that is the amount you pay taxes on. In the triangle if you purchase a new home for $275k, is that what you will pay property taxes on or is does the county still assess it? If they do is it normally lower than the purchase price? Thanks for all your help!

The county does an octennial adjustment....assesses every 8 years. We just had ours in Wake County. If you buy new construction it is estimated until the next adjustment.