Home Buying in Chicora>Question Details

Emily F, Home Buyer in Butler, PA

How are taxes handled when a house has been bought for a low amount of money and then flipped?

Asked by Emily F, Butler, PA Tue Jul 29, 2008

Does the house automatically get reassessed when it is bought? I am specifically talking about Butler County, pa. I am looking a a property that has 2 acres and a nice 3 bedroom house and the taxes are only $300 and this number seems very wrong. I am guessing the property was probably bought for around $40000 and is now being listed at $115000

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You'll find the answer on my web site. Click on the link below. The property taxes will carry over. Butler bases the real estate taxes on the property's value as of 1969. The Butler county assessors office is very helpful and friendly.
0 votes Thank Flag Link Fri Aug 21, 2009
Call the tax assessor's office in Butler Co PA to learn how the taxes were assessed on this property. They will be glad to explain. What is the tax rate in this area? Sometimes there are caps for tax increases for people who have owned for a long time. Find out if the taxes will be re-set on this property when it is sold. That is typical.

When tax assessors consider the value of a property they have customarily set the value below current market value, but during this market downturn, some properties are now assessed above the market value. If this happens to you, you can appeal the tax rate. If the current sale price is considered a distress sale, the tax rate may be set not on the sale price but on the value for a sale between typical arms length buyer and seller. Hope this was helpful.
0 votes Thank Flag Link Tue Jul 29, 2008
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