Sorry.. another property tax question (comparable sales, sales, real estate)

[teacherdad]

I promise, this will be the final question about prop. taxes.

CLE HTS:

Some homes are within 10K of each other, but property taxes are 20-30% more or less.

All in CLE HTS.

Is it also dependent on lot size?

These homes are all in nice condition from photos, so it's not a fix up vs. mint condition deal. Some are 5K per year and some over 9k. Price for homes around 180-225k.

As a buyer, this would be my biggest concern.

Thanks- Your friend stuck in CA.

[Cleveland_Collector]

It's all based on assessed value. What you'll find a lot of the time is that the assessed value is much lower than the asking price. There can also be special assessments on different properties, but it's not usually more than a few hundred dollars either way.

[WRnative]

Properties with asking prices far greater than assessed value may be over-priced in the market, or the neighborhood has undergone an upward revaluation since the last general assessment.

Assessed values are based on comparable sales in the same neighborhood. Reassessments take place every three years, and property owners can challenge the assessment every year.

Tax Increase Explanation

When a property is purchased outside of foreclosure, the sales price is used to determine the new assessed rate. Make certain that personal property, such as detachable appliances, storage shelves, blinds, etc., are paid for separately and are not included in the contract price of the real estate.

If an owner doesn't live in the property, taxes also are higher as certain credits no longer are available.