There are a few important questions you should be asking when it comes to property taxes.
1. What is the assessed value of the property? The assessed value can be less than market value, so it's important to ask this question. Try to find a recent copy of the seller’s tax bill; this will help you find this information.
2. How often are properties reassessed, and when was the last reassessment done? Know that as a rule, taxes tend to spike whenever a property is reassessed.
3. Will the sale of the property trigger a tax increase? The assessed value of the property might jump depending on how much you pay for the property. Be sure to take this into account before you buy.
4. Is the amount of taxes paid comparable to other properties in the area? If not, you might try appealing the tax assessment to lower the rate.
5. Does the current tax bill reflect any special exemptions that I might not qualify for? For example, some tax districts offer reductions for people age 65 or over. Don't let anything catch you off guard!
If you have any questions regarding property taxes, or if you are ready to start looking for your new home please contact me and I would love to answer any questions you have. Have an awesome day!
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