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!