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I was recently quoted two tax rates on two different homes in the same state. One was 1.1% and the other was $14.69 per $1,000 of assessed value. If I buy a house for say $400,000, can someone tell me how to figure out how much I would have to pay in property taxes annually.
Last edited by Blanco111; 08-20-2016 at 10:52 AM..
Reason: Didn't complete
I was recently quoted two tax rates on two different homes in the same state. One was 1.1% and the other was $14.69 per $1,000 of assessed value. If I buy a house for say $400,000, can someone tell me how to figure out how much I would have to pay in property taxes annually.
You really need to be in the real estate section but I will tell you what I know Moderator comment: Thread has been moved.
Property taxes can have a county and a city assessment attached. The taxes are based on the "assessment value" not the price that is paid. Some states have been homesteaded and even though two houses might be very similar and right next door to each other they can have very different assessed values.(not something I agree with but that is another topic)
As per your example if you purchased a $400,000. house and the assessed value, which you will find in the county records, is let's say $350,000. Then 350,000 divided by 1000 = 350. 350 times $14.69 = $5141.50 per year.
If it is a percentage it would be the AV of $350,000 times 1.1% = $3850.00.
I have only had property taxes using the per $1000 assessed value.
Hope that helps. You really need to check with the county records.
Thanks. I am only interested in new construction. I'm assuming the assessor or auditor sites wouldn't have this information. Don't I need a specific address at those sites.
Thanks. I am only interested in new construction. I'm assuming the assessor or auditor sites wouldn't have this information. Don't I need a specific address at those sites.
If it's new construction, then it's doubtful that the city/county tax assessor's website will have it. On the other hand, you can CALL the tax assessor's office, give them the neighborhood and price, and ask them how they would calculate the taxes.
It's tough around here for a layman to calculate taxes. There can be homestead exemptions (people for whom the home is a primary residence as opposed to an investment/rental), there are senior/elderly exemptions, there are veterans with/without disabilities exemptions, etc., etc. The home may be in a special tax overlay area. The county may collect taxes for both the county and the city. There may be temporary assessments (sidewalks, etc.). Best to just call the tax assessor.
Your math is off...but I'm sure that they get the idea.
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