If this house is sold for this price, could the property taxes be reduced to reflect the new value? ( I like the house but can't afford the taxes.)

Asked by Deborah Clay, Albuquerque, NM Wed Oct 28, 2009

This question is about this property: http://www.trulia.com/property/1055294866-10521-Crestridge-C…

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David Staffo…, Agent, Albuquerque, NM
Wed Oct 28, 2009
Hi Deborah,
Property taxes have been based on assessments that are close to purchase price, interestingly enough since the county started collecting sale price data back in 2005 under the Patriot Act. Regardless, you will have to pay the current tax amount until the next assessment. You will be mailed that assessment on April 1 and have until April 30th to object. If you object, they will set a hearing for you to present data that their assessment is wrong. I can help you with valuation. However, Deborah, I would not recommend buying a house if you are cutting it that close financially. Taxes may go up - they always do. The tax calculator at http://www.bernco.gov/property is a great tool for you to use for any property, but as a quick thumb rule just use about 1.3% of purchase price per year. This particular house you inquired about sold earlier this month, but there are others like it, here are just a few interesting ones I found for you to consider: http://budurl.com/DebTrulia
Please email, text, or call me anytime for any help with buying or selling, happy to assist! Best of luck Deb!
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kjflk;asdjfh…, , Los Lunas, NM
Wed Oct 28, 2009
Deborah, you realize this house is already under contract? The property taxes will be changed to reflect the new value. But, when the title company places the values on the HUD 1 form, they have to use actual taxes and cannot use estimated taxes. There may be a lag time between when the house closes and when the county actually changes the tax and sends you and the mortgage company the notice that it has dropped.
Web Reference:  http://www.SearchHomesNM.com
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Sue Holmes, Agent, Albuquerque, NM
Wed Oct 28, 2009
If you go onto bernco.gov you can use the property tax calculator to determine what the estimated taxes would be for this property or any other that you may be interested in. According to that tax calculator the estimated taxes on this property would be $2396 per year. You need to remember that this is just an estimate. And when you pull up the tax calculator there is a disclaimer that speaks to this...
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