We closed on the house last year in mid-May, and now they want to do an assessment for 2007. I know that whoever owns the house on 1-1-06 pays the taxes for the entire year. Are they refiguring for MY taxes now? I just don't get it.
2007-06-14 11:43:04 · 2 answers · asked by c_a_m_2u 4 in Business & Finance ➔ Taxes ➔ United States
Please be simple in your answers. Thanks!
2007-06-14 11:43:51 · update #1
yes. essentially, the want to get a new/current value of your home so that they can adjust your tax bill
2007-06-14 11:48:28 · answer #1 · answered by jacksonphisig 4 · 0⤊ 0⤋
Yes, they are revaluing your home for property tax assessment. This is a common practice unless you live in a state where property taxes on a property are fixed for a predetermined time. Many times a sale of a property triggers a revaluation for assessment purposes.
Yes, your property taxes may increase.
2007-06-14 16:00:15 · answer #2 · answered by acermill 7 · 0⤊ 0⤋