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Old 09-14-2016, 07:54 PM
 
305 posts, read 743,429 times
Reputation: 72

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I see a home that I am interested in and looking at the property taxes, it shows that the 'tax levy' for the current year is $7000. Is this the amount that the owners need to pay for the year? If I buy this house, will this be the amount I will pay, or will it be based on the price I pay for the home? I have read that some owners don't report additions or renovations in order to keep their taxes low; so if I buy this home, does the house get 're-appraised'?

Basically, I'm just going in circles asking "How is the best way to determine the property tax owed on a house I want to purchase?"

thanks
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Old 09-14-2016, 08:16 PM
 
1,237 posts, read 1,100,316 times
Reputation: 2254
Quote:
Originally Posted by semidevil View Post
I see a home that I am interested in and looking at the property taxes, it shows that the 'tax levy' for the current year is $7000. Is this the amount that the owners need to pay for the year? If I buy this house, will this be the amount I will pay, or will it be based on the price I pay for the home? I have read that some owners don't report additions or renovations in order to keep their taxes low; so if I buy this home, does the house get 're-appraised'?

Basically, I'm just going in circles asking "How is the best way to determine the property tax owed on a house I want to purchase?"

thanks
You are likely to pay more than what's listed. Assume you will pay the price you pay multiplied by the tax rate for the appropriate entities. Town, county, ISD (schools), and then maybe community college and hospitals of its like Dallas County.
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Old 09-15-2016, 09:09 AM
 
Location: garland
1,592 posts, read 1,958,706 times
Reputation: 1999
You can lookup the home on the DCAD website (assuming dallas county). If you purchase the home for less than what it's currently appraised for, then you can take your closing form into the district and have the taxes lowered. Unless you tell the district how much you paid for the home, they won't know. The appraisal district reviews property values every year based on magic that may or may not involve recently sold properties in your area. There is a formal protest period when you can dispute the valuation based on your own documentation so it pays to be thorough.


There are also possible exemptions on the property that you may or may not qualify for that can affect what you pay as well. If the current home owner of the property is a disabled veteran over the age of 65, you can expect the taxes you pay to increase significantly.
Regardless, count on it increasing 10% every year so project your out of pocket expenses accordingly and don't cut so close to your budget bone that it will cause a problem 2 years from now.
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