The value of my property has gone up since I bought it, but my property tax has remained relatively the same. Just wondering If I don't sell it, will I get assessed for the higher tax sooner or later?
2006-07-22 16:03:10 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
More information is necessary - like what state the property is in? Many states have laws that cap the amount the taxes can rise in a year. In CA the property is reassessed upon sale or substantial improvement. Oregon assessors have 4 different tax values on each property, based on real market value, last sale or tax value as of 1995 (I think that's the right year) plus 3% per year.
So the answer is it may stay pretty much the same for a long while you own it, or it may rise quickly depending on location.
2006-07-22 16:34:03 · answer #1 · answered by GaryODS 3 · 0⤊ 1⤋
The state I live in has a homeowner's exemption that only allows them to raise the tax by 3% annually based on the assessment. You must apply for this exemption. This sounds like your situation. It is usually a one page form you fill out at the tax assessor's office.
If I sell, the new owners will be assessed at a higher rate. They must apply for an exemption.
2006-07-23 00:18:24 · answer #2 · answered by Sharingan 6 · 0⤊ 0⤋
Tax assessers often miss their opportunities with older home owners. So, it depends when they decide to do the property valuing. This is usually by fly by to note any obvious improvements done to the house. If there's nothing too noticeable, you probably won't get hit with anything.
2006-07-22 23:24:28 · answer #3 · answered by Nikki W 3 · 0⤊ 0⤋
Eventually all real estate taxes rise as the tax assessor likey is required by state law, statute or mandate to update all appraisals every so many yrs. Your selling will trigger a rise but after you close. You may be liable for paying the difference from the proration if it is wrong and prorated incorrectly at closing.
2006-07-23 01:30:28 · answer #4 · answered by hithere2ya 5 · 0⤊ 0⤋
Your tax base will depend on the sales price in which you bought it. It only changes a small amount every year, usually.
They only get reassessed when it is sold, when a deed is done (under certain circumstances) or if you do work on the property such as add a room, deck, etc.
The buyer's tax base is based on their purchase price. :)
2006-07-23 00:02:29 · answer #5 · answered by Christine 3 · 0⤊ 0⤋
Sooner.
2006-07-22 23:07:36 · answer #6 · answered by szydkids 5 · 0⤊ 0⤋