of your life I want to continue paying the current assesed value on my current home after I sell and buy a pre existing home I know you can do this my father-in-law did it a couple years ago he has since passed I know it is a one time thing my home is assesed at 100,000 the home I am looking at is 250,000 I would like to have it written up in my contract that I only pay property taxes on 100,000 no matter what my new house is assesed at
2006-12-27 08:46:48 · 8 answers · asked by MOMOF4 2 in Business & Finance ➔ Taxes ➔ United States
This sounds something like one of the New England states has. Can't remember which one, but I don't think you need anything written in the contract. You just have to fill out a form along with your tax return each year.
2006-12-27 11:15:00 · answer #1 · answered by skip 6 · 0⤊ 0⤋
That just doesn't sound reasonable that it exists. It's possible that there's some sort of homestead law in your state that keeps taxes level, but that would apply to your existing home, not a new and more costly one - and would probably only be in effect for people older than a certain age.
Your purchase contract is between you and the seller. Property taxes are assessed by government bodies, and would have nothing to do with your purchase contract.
If you're sure this exists, talk to your father-in-law about how, if he's still alive. Otherwise talk to your real estate agent - if such a thing exists, they'll know about it. But don't hold your breath.
2006-12-27 16:57:42 · answer #2 · answered by Judy 7 · 1⤊ 1⤋
Property taxes are assessed by the state, county or city government. It will depend on the local laws, as to whether the assessed value of your house can be adjusted annually. It's not going to matter what's in your contract.
2006-12-27 16:54:16 · answer #3 · answered by Anonymous · 2⤊ 1⤋
Property taxes are assessed by state law. You need to check what your state says about that and your local government. Sometimes there are exclusions for such things as military service, or how long you have lived in a location or amounts you can be assisted with because of your income. Check with your local and state government.
2006-12-27 16:50:30 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Yeah, good luck with that.... I really don't think it would be allowed, because very rarely would someone buy down. Usually if a person sells one house and buys another, they're buying up. So if everyone paid based on the value of an old house, tax revenue would be pretty darn low, right? But it couldn't hurt to ask a good, qualified accountant, could it?
2006-12-27 16:51:37 · answer #5 · answered by Heather Lyn 1 · 0⤊ 1⤋
What is a pre-existing home?
Do you refer to the condition of the property before there was a house built there?
2006-12-27 16:55:59 · answer #6 · answered by Double O 6 · 0⤊ 1⤋
Property taxes are assessed by the state governments. Some states may have a loophole like this. I have never heard of it, where you from?
2006-12-27 16:55:51 · answer #7 · answered by Jerry 3 · 1⤊ 1⤋
What state do you live in?
2006-12-27 16:50:00 · answer #8 · answered by wasn't going 2 3 · 0⤊ 1⤋