Home Buying in Milford>Question Details

Stacey Fried…, Real Estate Pro in Baltimore, MD

How is new construction taxed after settlement?

Asked by Stacey Friedman, Baltimore, MD Sun Jul 29, 2012

My cousin just bought a town home and is freaking out because she got a notice that her taxes are going by $600/yr

Help the community by answering this question:


New jersey taxes are $6,ooo for the year and where in a town home.
Love to pay $600
Be greatful!
0 votes Thank Flag Link Sat Aug 11, 2012
When you purchase a new home the property is still taxed as an empty lot. After closing, the county is notified the home has settled and then sends a tax assesor to the property. If you feel the assessment is too hign you can appeal it. Have some documents in hand. You can look up property taxes of similiar homes in the same development to compare your new home to. Before I write an offer on new construction, I look for a very similar home in the same development to get a rough estimate of what the taxes should be.
0 votes Thank Flag Link Fri Aug 3, 2012
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