Buying a foreclosure home, low price low property taxes, will Property Taxes go up dramatically?
Currently taxes in the area are going for 8k should i be concerned once i do repairs and value goes up so can my Property taxes? Dramatically? Currently 4k for the current value.. Whom can I consult about this before buying a foreclosure home and its taxes?
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January 31st, 2010 at 3:55 am
The county you live in would have knowledge of this. They are the ones who will receive your payments. Call the county’s tax assessor’s office. Good Luck!
January 31st, 2010 at 6:38 am
Depends on what you mean dramatically? In Texas, appraisers don’t care if the home is a foreclosures or not…they only care what the market value of the home is. If you improve the home, the taxing authorities will do their best to increase the value of the property on the tax rolls since the property will surely have greater market value due to the improvements. You can probably call the county tax appraiser (or whomever is responsible for taxing of real property) and ask for feedback, but the short answer is that as the value goes up, so do the taxes.
February 1st, 2010 at 2:16 am
What livin said!
that is correct.
February 2nd, 2010 at 12:08 pm
Understand that, in nearly all but a few states, your property taxes are based upon current value, regardless of what you pay for the property. Municipal assessors will revisit this property after you have finished your updates. You will need building permits, and that is their clue to re-assess the property. So, in a nutshell, it’s a good hint that property valuation, as well as taxation, will increase when you are finished with the needed repairs and upgrades.