Nelladj1, Home Buyer in New Glarus, WI

A property being offered at $69,900 and the taxes are greater than $3,000 annually!? Something wrong with picture!

Asked by Nelladj1, New Glarus, WI Fri Oct 15, 2010

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Answers

7
The taxes are probably from the original value of the property. As property values have dropped, the property taxes have not. If you choose to purchase the property, you'll have to go down to your county tax office and dispute the taxes after closing. Unfortunately, though the lender will use the current property taxes when they calculate your mortgage.

Best of luck to you!
Web Reference: http://www.DesariJabbar.com
1 vote Thank Flag Link Fri Oct 15, 2010
We are seeing this all over the state. With short sales and foreclosed homes. The value for taxes that is put on the home is higher then the sales price. Even when the tax value is going down we are not seeing the taxes reduced.
Debby
Homestead Realty Inc
http://www.debbyrealtor.com
1 vote Thank Flag Link Fri Oct 15, 2010
Check with the county, there could be special assessments or other things that make it add up to such a high amount. Things included for assessments could be sewer/water and/or improvements to streets or sidewalks.
1 vote Thank Flag Link Fri Oct 15, 2010
Check with the assessors office to see if the property taxes need to be updated or maybe there is some sort of special assessment within the community.

Good Luck!
1 vote Thank Flag Link Fri Oct 15, 2010
When you read the responses of people, where they are from. Each state has different rules. So I would call the city you are looking to purchase this home in. Do not take anyones word but theirs on what they will do about the assessment. This is very important not to count on something that is said here with out doing your own checking. People can only tell you what their town or state does. Find out for yourself. Call the city or town assessor. People mean well here but may not be true on your state or town.
Debby Homestead Realty Inc
http://www.debbyrealestate.com
0 votes Thank Flag Link Sun Oct 17, 2010
You never know Nelladj1.

But the great news is if you buy at a lower price then in virtually all towns they will lower the property value for tax purposes to whatever you bought it for. So if your purchase drop the assessed value of the house, it is likely to result in lower taxes.

If you can send me an address and your contact information I will have one of my colleagues go over this with you in depth. We can figure it out for you!
0 votes Thank Flag Link Sun Oct 17, 2010
Nell,

Send me the address and I will be able to tell you the history. It will probably turn out that the home is a foreclosure and that you are seeing that the assessed value (for tax purposes) are still high.
0 votes Thank Flag Link Sun Oct 17, 2010
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