RE Value Blog

February 23rd, 2018 1:31 PM

Assessed Values & Property Taxes

When you purchase a home, it is very important to find out what your property taxes will be. This is especially important if the property has been recently improved, meaning that it has been recently expanded, renovated, or if it is new construction. If the property is being purchased from a "flipper", there is a very good possibility that the taxes on the property will go up significantly after the closing. It is likely that the assessed value and taxes for the current tax year, as per municipal records, are based on the property prior to recent improvements. When next years tax bill arrives, it may be significantly more than what they had been during the year the home was purchased. For example, if the property was assessed at $250,000 prior to improvements, and the purchase price is $500,000, the taxes could double. If you are buying a home that has been recently updated, renovated or built, be sure to check with the Tax Assessors office for the town to find out what the taxes will be as a result of the improvements. If you are planning to renovate or expand you currently owned home, check with the assessor prior to proceeding.


Posted in:General and tagged: Real Estate Property Taxes
Posted by Joseph J Randazzo, SCRREA on February 23rd, 2018 1:31 PMLeave a Comment

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