I remember when I was talking to a realtor about a new home, she mentioned something about only having to pay property taxes on the land for the first year since it's new construction. Is this true?
2007-12-12 02:27:05 · 11 answers · asked by BW 1 in Business & Finance ➔ Renting & Real Estate
The home I am thinking of purchasing is in Houston, TX if that makes a difference.
2007-12-12 02:29:20 · update #1
I don't think you do....
2007-12-12 02:28:53 · answer #1 · answered by stanton7771 2 · 0⤊ 0⤋
Probably correct, since tax assessments are based upon the value of the property as of January 1 in most areas. Since you have nothing but land on January 1, the taxes will most probably cover the land only. Once the house is completed and valued as of January 1, 2009, you will get a full tax bill.
You might check your state statutes to see if this holds true in Texas.
2007-12-12 11:00:02 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Not entirely true, you have to pay a partial completion status tax on top of the land, which is still usually less than the value of the entire house. This is usually covered in your closing costs though.
2007-12-12 10:30:49 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You do have to pay them, but it won't be until 2009 because taxes are always a year behind. So in 2009 you'll be paying the taxes for 2008.
2007-12-12 10:29:35 · answer #4 · answered by ab 2 · 1⤊ 0⤋
Your best option is to talk to the County Tax Assessor Office in Houston ,Texas; they are the experts in that area.
2007-12-12 10:58:26 · answer #5 · answered by LADY AT THE LAKE 3 · 0⤊ 0⤋
It would be advisable to talk to the tax board in your town. That should be easy.
How would anyone here know what goes on in your town?
try a logical approach. the net is not the repository for all knowledge.
2007-12-12 10:30:28 · answer #6 · answered by organbuilder272 5 · 0⤊ 0⤋
Here is an excellent site that explains Texas state law regarding property taxes......
http://www.hcad.org/
2007-12-12 10:53:16 · answer #7 · answered by Anonymous · 0⤊ 0⤋
It depends on where the house is, what City, County etc.
Check with the taxing authority.
www.isnrblog.com
2007-12-12 10:29:46 · answer #8 · answered by isnrblogdotcalm 5 · 0⤊ 0⤋
Should be from the date of purchase to the end of the year...that is the way it is in Ontario.
2007-12-12 10:29:23 · answer #9 · answered by pissy_old_lady 7 · 0⤊ 0⤋
No you wouldn't have to pay property taxes because it is usually abated for the first couple of years.
2007-12-12 10:29:59 · answer #10 · answered by Jen 3 · 0⤊ 2⤋
check with the local taxing authority
2007-12-12 10:30:25 · answer #11 · answered by Anonymous · 0⤊ 0⤋