Home Buying in 38117>Question Details

Bebdure, Home Buyer in 38117

I am about to complete a deal on a home that is appraised for 350,000. I am getting it for 250,000.

Asked by Bebdure, 38117 Tue Sep 8, 2009

How can I get my taxes reduced accordingly, now that the so called deadline is over?

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Answers

2
Purchases are different than reassessments, so you have that going for you- not a time line. HOWEVER, it doesn't matter what you paid for the property - your taxes are based on what it is worth. If your independent appraisal came in @ $ 350k - guess what, that's the value of the property and what you should be paying in taxes.

Hard pill to swollow, but if a person had a paid for house, they still have to pay property taxes. The worth of your house is what the taxes are based on.

Sounds like you got a fabulous deal and the $105 per month in taxes (depending where it is) is a small price to pay in saving $100k! Congrats!

Jo
0 votes Thank Flag Link Tue Sep 8, 2009
well you may or may not be able to get them lowered, you'll need to get your realtor to pull the comps that can prove to the gov't that you shouldn't be paying taxes on anymore than you paid, of course if you bought a foreclosure or bought from a distressed seller you may not be able to prove that the home is only worth 250,
have the realtor that you used to buy the house pull the comps for you, and then you'll have to get in touch with the assessor's office and file for a formal review of your property. What I have seen personally is that in most cases you can get them lowered a bit but almost never down to the purchase price, best case scenario is to split the difference, another way would be to call an appraiser and have them come out and give their formal opinion of the place in writing, then of course you may have had an appraisal done for your mortgage and you can use that.
best of Luck
Jaime Osborn
Benchmark Realtors
0 votes Thank Flag Link Tue Sep 8, 2009
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