I am in the process of closing on a home. I was lucky enough to buy it for 20,000 dollars less than its appraised value. My problem is that I am being told that I have to pay the taxes based on the appraised value (rather than the amount I actually paid for it) for the remainder of this year (2007), and that I am not able to refute them to have them lowered, till next year. Is this correct? Another source also told me that I have to file the paperwork to refute the taxes by May 30th of this year or I will be unable to have them lowered at all next year, (2008). Can anyone give some clarification on this process?
Thanks ahead of time
2007-05-13 13:33:20 · 5 answers · asked by jade_jayd 1 in Business & Finance ➔ Taxes ➔ United States
The appeals process varies by location. Check your county appraiser's website.
2007-05-13 13:39:58 · answer #1 · answered by Wayne Z 7 · 0⤊ 0⤋
You definitely need to find out what the laws are where the house is located. Where I live, neither the sales price or the appraisal done for the mortgage company are used to assess property taxes. The county does its own appraisal every 3 years, and uses that value for tax purposes. There is a widow to appeal their appraisal, but there is no guarantee the sales price will be used.
2007-05-13 15:23:04 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
You'll have to check with the local tax district on that. Every state has its own procedures and many vary from one tax district to the next.
It's not unusual to have ot pay the taxes for the first year at the current value according to the tax district's records regardless of what you paid for it. And the deadlines for appeals are usually very rigid so if you don't close by the deadline you won't be able to appeal until tax year 2009.
2007-05-13 14:36:57 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Yes, that's all correct. And the taxes don't necessarity get lowered even next year, unless the assessor agrees that the assessment is too high.
If May 30 is the deadline for appealing tax assessments for the following year, then that date would hold.
2007-05-13 13:45:15 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
The local assessor's data are based upon past data. They don't update it daily. Since property values have been dropping the past 18 months or so, it would not be unusual to find that your assessment is greater than the price you are paying. It will work itself out.
2007-05-13 14:05:55 · answer #5 · answered by r_kav 4 · 0⤊ 0⤋