Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I'm looking at a property, and one of the things I like about the property is that it has pretty decent taxes. (around 6K)
Well, I just found out the assessment is due in 2009. Not only that, a newer property (by 5-6 years) less than three miles away from the one I'm looking at (but in the same price point) has taxes that are nearly 3-4K what I'm looking to pay now.
My question is, how concerned should I be. Is it possible that the assessment can jack my taxes up to the levels of those newer properties down the road?
I'm brand new at home ownership, so I have no idea. I read these horror stories about these people yelling at town council meetings that they can't pay their taxes now and it freaks me out.
We were reassessed a few years back..I think my taxes actually dropped by $50
no biggie..but the new development next to me, the mcMansions their taxes jumped as they assessed for much more then what was paid for....those people are now paying between 9-11K..bottom line my taxes are no where near what the newer, bigger homes are paying
We were reassessed a few years back..I think my taxes actually dropped by $50
no biggie..but the new development next to me, the mcMansions their taxes jumped as they assessed for much more then what was paid for....those people are now paying between 9-11K..bottom line my taxes are no where near what the newer, bigger homes are paying
Both homes are condominium type complexes. One was built in 2004, the other (that I'm looking at) was built in 98.
I'm justifying it to myself that property values are nose-diving, but I'm still concerned about getting whaled on an assessment and having to pay out the nose on taxes since they've been pretty stable.
Both homes are condominium type complexes. One was built in 2004, the other (that I'm looking at) was built in 98.
I'm justifying it to myself that property values are nose-diving, but I'm still concerned about getting whaled on an assessment and having to pay out the nose on taxes since they've been pretty stable.
Well what area? What is the current assessment? What's the selling price?
doing an assessment does not raise the amount of $$$ collected by the towns - it more or less redistributes it. after an assessment, typically 1/3 will see an increase, 1/3 will see a decrease, 1/3 will be status quo. You can't say "everyone" will rise, or "everyone" will decrease, since the pot does NOT get larger.
unfortunately, i know of no way to determine what a particular home is going to do. the only way i figured out i personally was up sh*** creek was searching homes AFTER the new assessments were posted. i saw my *assessed* value more than double while most others only increased 50% or so. even then, you don't know the final numbers until the tax rate is posted, which doesn't happen until a few weeks before your taxes are due.
bottom line to OP - there's no way to tell. you can wait until the reassessment to buy to be sure.
that's not true. see my post above. you just hear from those whose taxes rise, those who drop keep their mouths shut.
He Tahiti...I just know my luck, trust me, I know my luck... LOL mine would go up - and up. LOL
Depends on the type of assessment too... some towns were doing them to bring the "assessment of each home up to current market value" those people got screwed BIG time.
I live in fear of that. My house's "assessment" is currently on $180,000 and my taxes are $6500.... the house value was $425 a year ago, now it is $365...even so... if they did a "current value" assessment... I could double...and I'd have to sell, but of course with $13000 taxes, my home value would depreciate.... so I'd sell for a lot less.
He Tahiti...I just know my luck, trust me, I know my luck... LOL mine would go up - and up. LOL
Depends on the type of assessment too... some towns were doing them to bring the "assessment of each home up to current market value" those people got screwed BIG time.
I live in fear of that. My house's "assessment" is currently on $180,000 and my taxes are $6500.... the house value was $425 a year ago, now it is $365...even so... if they did a "current value" assessment... I could double...and I'd have to sell, but of course with $13000 taxes, my home value would depreciate.... so I'd sell for a lot less.
Where in the heck do you live that you're paying $6500 on a home assessed at $180000???
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
