property tax?

Question

When a new buyer purchase a property for more price than what it was appraised, will his property tax still go up?

Answer 1

the sealer is evidently keen to take Mr Skilling's place in federal prison. The purchase price is not going to stop the county assessor valuing it at its market value. Each jurisdiction has its own rules. Some take the sales price and uprate the taxes the next year. Others revalue all properties evrey few years. here in NC, some revaluations take place every eight years, even in fast-growing areas. A lot of people are in for a shock in a few years time when the counties around here revalue.

Answer 2

Yes it will. Property taxes are based on what the county property appraiser says the house is worth. When the house sells, presumably for more money than what the seller paid for it, the property taxes go up based on the new sale price. If someone has been living in a house for a long time and the taxes are low, the new owner might be shocked at the new, sometimes much higher tax bill.

Answer 3

I dont' think so. I believe property tax is based on the appraised value by the state. But property tax is different than a mortgage tax, and that will go up. Real nice, huh?

Answer 4

Itdepends on the policy of the local government. If they change the assessment to faqir market value which would be the price you paid the taxes would go up in the year following your purchase.

Answer 5

BOTH THE BUYER AND SELLER CAN CIRCUMVENT THE TAX PROBLEM BY AGREEING TO A FAR LESSER SALES PRICE ( ON PAPER ONLY ). YOU CAN STATE TO HAVE BOUGHT IT FOR $100.00, OR IT COULD READ THAT IT WAS A GIFT. THE FINANCIAL AMOUNT WOULD BE SETTLED ON THE SIDE. THE SELLER WOULD NOT HAVE TO PAY A GAINS TAX, THE BUYER KEEPS THE PROPERTY VALUE AS IS. OF COURSE YOU CANNOT INVOLVE A FINANCIAL INSTITUTION.

Answer 6

It's usually 1% of the purchase price....in CA....other states are different....and varies county to county.