My new home was assessed at $185,000 but I am purchasing it for $150,000. It is a forclosure. What price will I be paying my taxes on?
2007-08-22 17:23:09 · 4 answers · asked by B G 3 in Business & Finance ➔ Taxes ➔ United States
Assessed value, but that may change since you have bought the house for less than it was assessed at. Hopefully the next time your home is re-assessed it will be assessed lower.
2007-08-22 17:35:08 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You will pay taxes on the assessed value. That may be based on the sales price as in California or on periodic updating of assessors values.
2007-08-22 18:03:05 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Property taxes are based on the assessed price, not the purchase price. You could try appealing the assessment to try to get it lowered.
2007-08-23 04:11:48 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
I think it depends on where the home is... for instance, if your home is in Orange County, CA., you could go to the following link to see how it is calculated. If I were you, I would go to your County Assessor's website and check it out... you can also call them on the phone.
2007-08-22 17:43:53 · answer #4 · answered by jansey 2 · 0⤊ 0⤋