Five Property Tax Questions You Need to Ask
What is the assessed value of the property? Note that assessed value is generally less than market value. Ask to see a recent copy of the seller’s tax bill to help you determine this information.
How often are properties reassessed and when was the last reassessment done? Generally taxes jump most significantly when a property is reassessed.
Will the sale of the property trigger a tax increase? Often the assessed value of the property may increase based on the amount you pay for the property. And in some areas, such as California, taxes may be frozen until resale.
Is the amount of taxes paid comparable to other properties in the area? If not, it might be possible to appeal the tax assessment and lower the rate?
Does the current tax bill reflect any special exemptions that you might not qualify for? For example, many tax districts offer reductions to those 65 or over.
Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright / All rights reserved.
The best way to contact us is by email: Our general delivery email is firstname.lastname@example.org
Lisa Moore, Broker In Charge, can be reached at 803-427-5516 or email@example.com
Tripp Montgomery can be reached at 803-243-9147 or firstname.lastname@example.org
Jo Montgomery can be reached at 803-243-1813 or email@example.com
Elli Hill can be reached at firstname.lastname@example.org