Property Q&A in Edgartown>Question Details

Audrey, Both Buyer and Seller in Los Angeles, CA

what are property taxes on this property..?

Asked by Audrey, Los Angeles, CA Sat Apr 4, 2009

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This question is about this property: http://www.trulia.com/property/1064654259-61-N-Summer-St-Edg…

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Hi Audrey,
I received your inquiry yesterday, but I was traveling back from a real estate symposium off-Island in another state.

First of all, this property was sold December 5, 2008 for $1,075,000, which is 23% below its original asking price of $1.4mm. The current 2009 assessment is $1,818,300. In order to calculate the 2009 taxes on this property, or any property, you have to know what the ‘MIL” rate is. I have a page on my website dedicated to explaining the ‘MIL” rate, so please follow this link for a complete explanation > http://www.splitrockre.com/mil-rate.shtml .

According to the selling price, $1,075,000, the 2009 tax bill would be $3,128.25. However, since you will be taxed according to the 2009 assessed valuation, your tax would be $5,291.25. Therefore, it would be prudent to submit an abatement request to the town. In Edgartown, when you purchase a property, you pay the current assessed tax value until the new assessment is posted. Revaluations are performed every 18-24 months which means they are always behind. In Edgartown, the tax bill is sent to the previous owner! I know that seems strange, but that is the way it is. You can get a copy of the tax bill from the Assessor’s office.
Web Reference: http://www.SplitRockRE.com
1 vote Thank Flag Link Sun Apr 5, 2009
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