Foreclosure in 33009>Question Details

Emil, Home Buyer in 33009

what is the new property tax after a forclosure?

Asked by Emil, 33009 Sat Oct 2, 2010

if the forclosure purchase price is ten times lower than the assessed value, is the new tax, after forclosure, ten times lower? thank you. emil

Help the community by answering this question:


Hello Emil,

In Broward county, the assessors don't count foreclosed properties when they establish
the new assessment value.

What this means that the assessors will take a look at normal sales and short sales, but
not foreclosures, in the area of the property in question.

That's why the new value will not be 10 times lower.
I will be a fair value for the area, with adjustment for the condition (which you can dispute, if
need be).

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
0 votes Thank Flag Link Tue Feb 19, 2013
Emil, it's less about the actual purchase price than the current value. My guess is that you're planning on buying something very distressed, and turning it back into something livable. So basically, when you're done with the reno... what will someone be willing to pay for it?
0 votes Thank Flag Link Fri Jan 11, 2013
The assessed taxes will be figured out based on the neighborhood sales....

With enthusiasm,

Meir Aloni & Team

CRS (Certified Residential Specialist)

CDPE (Certified Distressed Property Expert)

RECS (Real Estate Cyberspace Society)

Successfully selling Broward County since 1986!

Direct phone# 954-338-5220
0 votes Thank Flag Link Fri Jan 11, 2013
Hi Emil,

The assessed value will consider short sales and normal sales, but not foreclosure sales (because they are sometimes too low, not representing the values in the area).

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
0 votes Thank Flag Link Fri Jan 4, 2013
That would be nice, wouldn't it Emil? How would the municipality fund their budget if taxes automatically decreased like that?
0 votes Thank Flag Link Sat Oct 2, 2010
Unfortunately..not, Emil. Tax Assesment will conduct their own CMA (Comparative Market Analisis) to
establish market value of the property, regardless the sold price. In average, you can see 15 to 25% reduction in your property taxes.
Please do not hesitate to contact me with real estate concerns...I am in New Jersey, the state with the
highest property taxes in the country!

Cenia Beltre
Century 21 Sylvia Geist
East Brunswick, New Jersey
0 votes Thank Flag Link Sat Oct 2, 2010
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