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Old 08-20-2016, 10:46 AM
 
113 posts, read 307,719 times
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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
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Old 08-20-2016, 11:07 AM
 
Location: Where the sun likes to shine!!
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Quote:
Originally Posted by Blanco111 View Post
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.

Last edited by PJSaturn; 08-20-2016 at 11:32 AM..
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Old 08-20-2016, 01:22 PM
 
Location: Arizona
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Look at the assessor or auditor sites. You will see the dollar amount.
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Old 08-20-2016, 01:29 PM
 
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Math doesn't get much simpler than that. Just move the decimal point. 14.69 per thousand is the same as 1.469%

But yes it will be against the assessed vale which you should look up. Which could be higher or lower than the sales price.
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Old 08-21-2016, 04:55 PM
 
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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.
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Old 08-21-2016, 05:48 PM
 
Location: Georgia
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Originally Posted by Blanco111 View Post
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.
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Old 08-21-2016, 06:11 PM
 
Location: The Triad
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Originally Posted by Blanco111 View Post
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
400(mils) X $14.69 = $4584
400K x .011 = $4400
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Old 08-21-2016, 07:26 PM
 
8,540 posts, read 12,279,061 times
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Originally Posted by MrRational View Post
400(mils) X $14.69 = $4584
400K x .011 = $4400
Your math is off...but I'm sure that they get the idea.
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