"If I purchase a forclosured home listed at $484,000 for $132,000 what would be my taxes?" The property taxes currently $9,000.

Asked by Dionne.rahming, Pembroke Pines, FL Wed Jun 29, 2011

Help the community by answering this question:

+ web reference
Web reference:


Loriann M. Harrison’s answer
Loriann M. H…, Agent, Pembroke Pines, FL
Wed Jun 29, 2011
Hi Dionne,
Great question.
Property taxes are based on current values as determined by the property appraiser's office.
If the property is purchased as a foreclosure, the current taxes would generally stay with the property unless they are lower than what a traditional sale would trigger for that property,in which case they would be reflective of current market value. In any case all closing obligations such as the tax prorations for the remainder of the year would be based on that current figure.
The county in which the property is purchased has a tax appraiser website that can provide you with the details regarding challenging the taxes once the Trim notices arrive at the end of summer. You are labeled as a buyer in Pembroke Pines, so that would be Broward county and the website is http://www.bcpa.net ; here you can get information regarding the appeal process. Also, if you will be using the propery as your homestead, and it is not currently a homestead property, you will have a further reduction even without an appeal if you apply successfully for homestead prior to the deadline for 2010.
Please remember, all taxes are paid in arrears and based on the profile of the owner of record as of January 1st of ant given year. Then there's the question of portability if you are presently a property owner of a homestead property, you may qualify for portability; infomation also avail on the website.
Finally, the actual way in which taxes on foreclosure and short sale properties continues to be a moving target, meaning that the syetem keeps changing the way in which these properties are handled. I suggest for the most current infomation, you call the appraiser's office for specifics at 954.357.6830.

If you are working with an agent, they shoud be able to provide the direction you need to understand the tax system. If you are not presently working with an agent, please feel free to contact me; my buyer's agent will be happy to assist you in all aslpects of the home buying process.

Loriann M. Harrison
Florida Realty Now
Keller Williams Realty

0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Jun 29, 2011
Check with the local tax assessor's office...
1 vote
Sedat Celik, Agent, Fort Lauderdale, FL
Tue Aug 9, 2011
Regardless of what you pay for the property, you will still pay the county's assessed value of the property. Looks like it is $9,000 for this property.

Sedat Celik

Coral Shores Realty Inc.
1119 E Sunrise Blvd., Ft Lauderdale, FL 33304

954.661.2565 - Phone
954.302.8388 - Fax
http://www.easternbroward.com | http://www.lasolashome.com | http://www.fortlauderdalecoastalhome.com
0 votes
Tom Priester, Agent, Tequesta, FL
Thu Jun 30, 2011

It is highly unlikely that you will be able to purchase a home that is listed for $484,000 for $132,000. When a bank finalizes the foreclosure process one of he first things they will do is pay somebody to provide an estimated current market value either through an appraisal or a Brokers Price Opinion. Even though these estimates of value can be all over the board I have never seen one that could possibly be off that far.

The asset manager in charge of that file will hold that valuation in high regard until it is proved to them that it is flawed. Most times a bank will reject an offer below 90% of list price especially soon after that property is listed. While different banks, and different asset managers, operate under their own guidelines you will more often that not find that a bank will reduce the list price on any property that the market has not reacted to on a fairly regular schedule. Most are on a 30 day+/- schedule but that too can vary.

As you probably know, property taxes in Florida are not inexpensive. The main reason for this is we do not have a state income tax and the property tax is the biggest source of revenue to run state and local government. While each county assessor utilizes their own methodology the sales price of the home will typically not be the assessed valuation. The reasoning is fairly simple; if one of your family members or friends wanted to give you a "sweetheart" deal and sell you a property they owned at far less than market value I can tell you the tax man will not want to provide you the same courtesy. They will look at comparable sales in the area along with other information and will recalculate the value of each property on an annual basis subject to maximum increase rules for both homesteaded and non-homesteaded property.

I hope this information is helpful but if you need anything additional please do not hesitate to give me a call.

Always at Your Service,

Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
Web Reference:  http://www.tompriester.com
0 votes
Nathan Wolf, Agent, Charlotte, NC
Thu Jun 30, 2011
Ouch. $9000/yr. That's a yearly mortgage payment for many people.

You can request a reevaluation from the Tax Assessor based on current market value. But in the meantime you will pay based on the previous tax rate. Be aware that the Tax Assessor may find that your home is worth MORE than the previous tax rate. So, you may want to do your own analysis of the current market value of your home. Because the bank that owned the home and sold it to you, may have underestimated the market value when they listed it.


If this post answered your questions, GIVE ME A THUMBS UP!
Nate Wolf was recently named a FIVE STAR REALTOR by Charlotte Magazine. He is a top producing real estate sales broker, representing both buyers and sellers. He is a member of the National Association of Realtors, The Charlotte Regional Realtors Association and the Carolina Multiple Listing Services. He is licensed in multiple states and serves all areas of Metro Charlotte from Lake Norman to Lake Wylie and Uptown / Center City to SouthPark and Ballantyne.

charlotte mls realtor home listings
0 votes
Claudio & Ro…, Agent, Coral Springs, FL
Thu Jun 30, 2011
You will continue to pay the county's assessed value of the property. Every year the county appraisers office will assess the property values and based on that number you will pay accordingly. Go to http://www.bcpa.net/taxcalc.asp and you can speak to a representative at BCPA for further information.

If you're thinking you will pay property taxes based on the $132,000 that is not the case.

If you need assistance in buying a home give me a call. Visit my website for foreclosures and short sales.

Thank you,

Claudio Petasne
The Keyes Co. Realty
0 votes
Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Wed Jun 29, 2011
Broward County "New Homebuyer's Tax Estimator": http://www.bcpa.net/taxcalc.asp
0 votes
Ray And Karen…, Agent, Mount Dora, FL
Wed Jun 29, 2011
Hi Dionne!

This is a very popular question from buyers of foreclosed homes.

We don't know exactly what the taxes would be, but an appraissal would be a good starting point.

Most taxing authorities will place a value on the home based on what the home would sell for in a normal market.

If the home was sold by a regular owner and purchased in an arms-length transaction.

Again, the appraisal will give you an idea of what they would be looking at as a Fair Market Value.
0 votes
Jaime Charouf, Agent, Miramar, FL
Wed Jun 29, 2011
Here's some information from http://bcpa.net/FAQ.asp#10082 Most Frequent Asked Questions: Hope this answers your question!

"** FIRST YEAR TAXES - How can a new homebuyer estimate first year taxes? **
When you purchased your home this year, you inherited the seller's exemption status for the current tax year. Please review your closing statement, as the seller likely gave you a deduction for the seller's pro rata share of the current year taxes. Because of that, you will be responsible for payment of the entire tax when it arrives in November. Next year, your home will be reassessed based upon your purchase price this (and the sale prices this year of other qualified market sales in your neighborhood). Finally, remember that you will need to file for a homestead exemption on the property for next year as the seller's exemptions will automatically be removed at the end of this year.

Note: The Home-Buyer's Tax Estimator on our website will give you a rough estimate of the property taxes on your home for the tax year immediately AFTER you purchased it."

If you have any further questions, please don't hesitate to give me a call...

Jaime Charouf
EZ Realty & Investment Group, Inc.
0 votes
Juan Robles, , Pembroke Pines, FL
Wed Jun 29, 2011
You may check on bcpa.net. But as many already have mentioned you will be paying property taxes based on the value assessed by the city/county, not based on your purchase price.
0 votes
Edyta Gryc, Agent, Naperville, IL
Wed Jun 29, 2011
You will be paying taxes based on the value assessed by the city/county, not based on your purchase price.
You may check on bcpa.net the assessed value of the property you are about to purchase.
0 votes
Washington R…, Agent, Pembroke Pines, FL
Wed Jun 29, 2011
For acurate information visit the follow webpage

Washington Rodriguez
Keller Willias Realty SW
0 votes
Michael Emery, , Minneapolis, MN
Wed Jun 29, 2011
Taxes are not determined by what you paid for the property. They are determined by what the city/county assessor determines is the value of the property. They may well continue to tax @ $484,000.
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more