Home Buying in Washington>Question Details

Trulia Washi…, Other/Just Looking in Charlotte, NC

How does a prospective home buyer find out what the local property taxes will be?

Asked by Trulia Washington DC, Charlotte, NC Wed Apr 17, 2013

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The property taxes should always be listed on the mls listing.
0 votes Thank Flag Link Thu May 30, 2013
For the average buyer in DC your annual property tax bill will be $00.85 for every $100.00 of assessed value. If the property in question is your primary residence you can take advantage of DC's Homestead Deduction. The benefit reduces the assessed value of your property by $69,100.00.

Here is a link to a great video which covers most FAQs people have on property taxes, the way values are assessed, and how bills are sent and paid.

http://www.youtube.com/embed/60dIvHSLIZI?feature=player_detailpage

Jesse C. Sutton, REALTOR
STAGES Premier, REALTORS
0 votes Thank Flag Link Thu Apr 18, 2013
As others have said, you can go to the DC.gov Taxpayer Service Center to find the current tax for any given property. That sum will change as the value of the property changes, perhaps the home was sold and renovated before your purchase, for example. And also, perhaps the home was owned by a senior citizen who may have been receiving a tax break even greater than the Homestead Deduction of $69,100.

Residential property in DC is taxed at .85c for every $100 in value, so I recommend taking the sales price of your potential home and doing that math, then apply the Homestead Deduction for an owner occupied home .. and you'll have a pretty good estimate of what your taxes will be.

Leslie White, Redfin Agent, DC Team
0 votes Thank Flag Link Wed Apr 17, 2013
If you're looking in DC:
https://www.taxpayerservicecenter.com/RP_Search.jsp?search_t…

If you're looking somewhere else, Google " City state, real estate tax "

btw: the more info you share, the better we can help.
0 votes Thank Flag Link Wed Apr 17, 2013
Property taxes and valuations (assessments) are on the public records of each jurisdiction, so just look up the subject property or call the jurisdiction. Caveat: The property tax for each property requires two pieces of information: multiply the property's assessed valuation by the tax rate. There is a period of time where you will know the assessed value but not the tax rate, so estimate the current taxes by adding a little to the latest known tax. For example, in Arlington in January we learned our assessed property values for 2013. The county has advertised a maximum of $1.021 per $100 for the 2013 tax rate but has not yet set that rate; by law, the actual rate can't exceed the advertised rate but can be set lower (after we taxpayers fuss enough). So for the time being, we can base a 2013 guess on the 2012 tax. Or to get the worst case, multiply the upper limit of the advertised range times the assessed value for a maximum possible tax for 2013, until the 2013 rate is finalized.
0 votes Thank Flag Link Wed Apr 17, 2013
You can go directly to the DC government's property tax site to learn the assessed value of the property: https://www.taxpayerservicecenter.com/RP_Search.jsp?search_t…
If you will be occupying the property you're buying, you will deduct $69,100 from the total assessment. That is the credit you receive for being an owner-occupant (as opposed to an investor), then multiply the balance by .85 (cents) per hundred of assessed value to calculate the annual tax bill.

This same site will give you the current real estate taxes. If the current owner has owned and occupied the property for a time, he/she would be receiving another tax break. The taxes collected by the city can not be increased more than 10% per year, so in the records you will see a second valuation, which will be lower. An investor does not receive this 10% maximum increase benefit. When a property changes hands however, the new owner's tax bill will go up to the full assessed value and thereafter be capped by the 10%.

I find it SOP for the government not to assess the property for the full purchase price in the first year. But if you purchase for less than the tax valuation, you have the right to appeal the assessed value based on price paid.

Hope this helps.

Linda Hughes, CRS
Associate Broker
RE/MAX Allegiance
0 votes Thank Flag Link Wed Apr 17, 2013
Hi Trulia, your Realtor may provide local taxes if given the area of interest.
0 votes Thank Flag Link Wed Apr 17, 2013
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