Can you negotiate property taxes?

Asked by Sarah, Wichita, KS Tue Jan 11, 2011

I'm a first time homebuyer and am looking at a recently bank-owned property. It's been on the market about 3 months total and is county appraised at 154k. Asking price is currently 100k. Property taxes are 2k a year. I've looked and this house is one of the highest appraised in the neighborhood. I've heard that when buying a house you can compare the house to others to negotiate a lower yearly property tax, is this true? The fact is, adding an extra $200 a month to my mortgage and interest is frustrating, let alone if improvements are made to this house, they will go up.

Help the community by answering this question:

+ web reference
Web reference:

Answers

13
Ginette Huel…, Agent, Wichita, KS
Tue Jan 11, 2011
BEST ANSWER
You can appeal the Sedgwick County appraisal valuation, which if lowered, would affect the tax amounts. If the fee appraisal on the property (completed through the lender) is lower than the Sedgwick County tax valuation, you could present the fee appraisal during the appeal process.
0 votes
Karen Hall, Agent, Valley Center, KS
Wed Jan 12, 2011
My daughter was in the same situation. She bought a house in Wichita that had been on the market quite a while and the county appraisal was higher than the price she paid. When she received notice of her county appraisal the first of the year, she filed an appeal. The clerk at the first level of the appeal process was limited in how much she could reduce the appraisal, so my daughter appealed to the next level and appeared before the county commission. It was worth it. They adjusted the appraisal. Her taxes were reduced when they came due in December. So the savings were not immediate, but it did help eventually. I hope this helps.
1 vote
Tony McMahon, Agent, WHITE PLAINS, MD
Wed Jan 12, 2011
You can have your Realtor assist you with an appeal by providing evidence via a CMA that shows what the true market value of your new home is . Your County website site should provide information on the appeal process.
1 vote
Toni Wagner, Agent, Sonora, CA
Tue Jan 18, 2011
In California, when you buy a home, your taxes are reassessed to 1% of the sales price. Then they are reassessed each year 1% of the tax amount. On the above mentioned home...the taxes would be $1000 and can be raised 1% each year of that amount. Second year...1% of $1000+= $10...total tax=$1010. Second year...1% 0f $1010= $1010.10. It increases each year by 1%.
0 votes
Jane Colletti, Agent, New Hope, PA
Wed Jan 12, 2011
In the state of PA you can not negotiate your property taxes but, you can appeal them at the county tax assessment office. If you have recent sold properties to prove your case a reassessment can be requested. It is up to the tax office to change your taxes.
0 votes
Jill Stich, Agent, Wichita, KS
Wed Jan 12, 2011
There are several factors that attribute to the value placed on your property by the county. Many counties revalue properties every 5 years and at that time they also take a closer look at the properties to see if there have been any changes (good or bad) that should be considered when valuing the property.
If you recently purchased a home this usually triggers a 'new' visit from the county.
Contact your county appraiser's office and fill out the forms to make a formal dispute. You will get an informal hearing and a decision will be made, hopefully in your favor. An experienced Realtor can do a CMA =Comparable Market Analysis for you 'within' one month of your hearing or you can also hire an appraiser to do this. Take GOOD pictures and have documentation to take to your hearing.
0 votes
Dallas Texas, Agent, Dallas, TN
Wed Jan 12, 2011
You need to contact the county tax office who are the experts.

Direct Link about county taxes for full understanding:
http://www.lynn911.com/Web/AR287090/CustomContent/index/5044379

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
Ana donald, Agent, Seattle, WA
Wed Jan 12, 2011
As an owner, you can appeal to the town municipality to re-assess your home. In CT, the towns are supposed to reassess properties every 5 years, but physical reassessment is done every 10 years. You might have to hire a licensed assessor to do it.
0 votes
Cheryl Huebe…, Agent, Wichita, KS
Wed Jan 12, 2011
Hi Sarah!
A property has an independent assessed evaluation. All those big words mean that a "value" is placed on the home that is then taxed on that value. When/if you are able to get this home closed for the $100,000 then you absolutely will be able to have the taxes lowered on the new value. BUT... this can take a while to get done and may take a bit of extra work on your part ... going to the county treasurers office, etc.
Good Luck!!! You can do it!
0 votes
Phil Rotondo, Agent, Melbourne, FL
Wed Jan 12, 2011
Good Morning Sarah;
You can appeal and plead your case to the county.
Web Reference:  http://www.321property.com
0 votes
Sarah Klamm, Agent, Wellsville, KS
Wed Jan 12, 2011
You wouldn't be able to appeal the property tax valuation until after you have closed on the house. Make that one of your first calls, it can take a while for this process.
0 votes
Royal Real E…, , 90275
Tue Jan 11, 2011
Usually you pay taxes on the purchase property. If you purchase the property at $100K, than you would be obligated to pay taxes on 100k and not at 154k, at the appraised value. I don't think, property taxes are negotiable. Good luck with purchase of new home.
0 votes
Kenny Mathis, Agent, Wichita, KS
Tue Jan 11, 2011
The county charges you property taxes based on the appraised value of your home. If you believe that your home was appraised too high, then you can appeal to have them lowered. What should help you, is the fact that you are buying it for $100k and they have it appraised at $154k.

Therefore, it is possible to have your property tax liability changed, I would not go as far to say they are negotiable. Hope this helps.
Web Reference:  http://Www.ihomewichita.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more