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Old 05-28-2007, 03:46 PM
 
Location: Deane Hill, Knoxville, Tennessee
21,673 posts, read 31,578,373 times
Reputation: 11785

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I get it now. So if I buy it for $134,000 my tax would be based on 25 percent of that.

Thanks!

 
Old 05-28-2007, 03:52 PM
 
Location: Tennessee
6,300 posts, read 15,672,101 times
Reputation: 1597
Yes, basically.
 
Old 05-28-2007, 04:05 PM
 
97 posts, read 258,752 times
Reputation: 54
Quote:
Originally Posted by hiknapster View Post
I get it now. So if I buy it for $134,000 my tax would be based on 25 percent of that.

Thanks!
If the property is in Knox county the tax now is 2.69 county and 2.81 city.
It may change for the 2007 tax year. If you bought for $134,000 and the assessor changed the assessed value to the purchase price you would pay total county and city taxes of $1,842.50 - However the assessor's appraisal probably won't change until the state reappraisal...therefore you would continue to pay tax on 25% of the $118,000 appraisal. Which would mean your combined annual county and city taxes would be $1475.00 - Now if the county commissioners and city officials raised the tax rate for year 2007 you can pay more. The rates now are $2.69 for Knox County and $2.81 for the city of Knoxville. Both could be increased when the 2007 budget is set.
~NOW OF COURSE YOU DO KNOW ~ THAT YOU ALWAYS OFFER 6 TO 10% LESS THAN THE ASKING PRICE ~ WHEN YOU MAKE AN OFFER. IF THEY DON'T ACCEPT, YOU HAVE THE CHOICE TO MAKE A COUNTER OFFER. I HAVE NEVER PAID ASKING PRICE. I PULL COMPARABLE SALES OF THE NEIGHBOORHOOD. THEY ARE AVAIABLE FREE IN THE PUBLIC RECORDS.
 
Old 05-28-2007, 04:09 PM
 
Location: Tennessee
6,300 posts, read 15,672,101 times
Reputation: 1597
I don't think you're right, Tom. I think when the property is transferred, the assessment will automatically be adjusted to reflect the sales price. I'm not sure however; maybe one of the real estate folks knows for sure.
 
Old 05-28-2007, 04:18 PM
 
Location: Deane Hill, Knoxville, Tennessee
21,673 posts, read 31,578,373 times
Reputation: 11785
Well, the good news is that it is not in the city, so her tax bill last year was 794.00!
 
Old 05-28-2007, 04:47 PM
 
97 posts, read 258,752 times
Reputation: 54
Quote:
Originally Posted by hiknapster View Post
Well, the good news is that it is not in the city, so her tax bill last year was 794.00!
~THAT IS RIGHT!~
 
Old 05-28-2007, 05:00 PM
 
Location: Marion County, TN
17 posts, read 52,814 times
Reputation: 14
Quote:
Originally Posted by hiknapster View Post
Is an appraisal for tax purposes always much less than the actual selling price?

House I am looking at in Knoxville is appraised at $118,000 but asking price is $134,900. She bought house three years ago for $118,000. Is that what they base the taxes on?

I'm trying to get a feel for this.
Yes, this is common. I work in the local county tax appraisal office. We are directed by the State of TN, who wants to start getting more and more close to the market value, but I think we (county tax appraisals) all lag behind because of the 5 or 6 year cycle we work in. This is not a cause for concern unless you are the owner trying to sell. If someone calls us and tells us we are behind and they are trying to sell, we make sure we take into account all the upgrades that have been done in the past few years. Since we are not allowed to go inside a house, we have to rely on the owners desire to reflect upgrades. As far as the buying price on the house you are interested in, it is not directly calculated into the appraisal value. Sales in an area are all combined to see what the increases should be and then we are back to the 5 or 6 year cycle.
 
Old 05-28-2007, 05:09 PM
 
97 posts, read 258,752 times
Reputation: 54
Quote:
Originally Posted by alleycat View Post
I don't think you're right, Tom. I think when the property is transferred, the assessment will automatically be adjusted to reflect the sales price. I'm not sure however; maybe one of the real estate folks knows for sure.
I am sure that each county may do it a little different, but I know for a fact, that if a property appraisedd at $118,000 and sold for $135,000 and the sales date remains in the assessor's same ratio the assessed value will remain the same. The assessor may go to the property and look for improvements such as remodeling since the last sale and also talk to the owner. Improvements may have made the property more valuable since the last sale and therefore the assessor will bring the appraisal of the property up to date.
Sometimes as I said if the sales price paid is way out of line and that happens, the assessor will call the property a disqualified sale. Remember in Tennessee all sales are verified by the assessor of property. The assessor trys to determine why such a price was paid. For instance: Transfer from a family member would usually be a low price sale. While a sale of land to an adjacent property owner would be a high price sale. In some counties you will go to the assessor's office before the deed is recorded in the register's office and the assessor will fill out information and even ask you questions concerning the property. Of course on the deed you affirm under a notary or the register what you paid for the property and are charged a recording tax on that amount.
 
Old 05-28-2007, 07:04 PM
 
Location: Chattanooga, TN
390 posts, read 1,182,146 times
Reputation: 112
How awesome that you are looking! I hope you find what you are looking for and are able to get in it without a hitch! I know you have been wanting this a long time and deserve the very best!
 
Old 05-28-2007, 07:10 PM
 
Location: Deane Hill, Knoxville, Tennessee
21,673 posts, read 31,578,373 times
Reputation: 11785
And it's in a subdivision! How funny is that? I just needed to get that $100,000 house out of my head. I think it's long gone. Even in Iowa!
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