What is the assessed value of the property? Note that assessed value is generally less than market value. Ask to see a recent copy of the seller’s tax bill to help you determine this information.
How often are properties reassessed and when was the last reassessment done? Generally taxes jump most significantly when a property is reassessed.
Will the sale of the property trigger a tax increase? Often the assessed value of the property may increase based on the amount you pay for the property. And in some areas, such as California, taxes may be frozen until resale.
Is the amount of taxes paid comparable to other properties in the area? If not, it might be possible to appeal the tax assessment and lower the rate?
Does the current tax bill reflect any special exemptions that you might not qualify for? For example, many tax districts offer reductions to those 65 or over.
Used with permission from REALTOR Magazine
Welcome to My Blog!
I have been a resident of the Fox Cities for over 35 years. I was raised in the area and now my wife and I choose to raise our 4 girls here because of the great place it is to live. Being a real estate professional starts with a passion to want to assist other people get what they are looking for. My main focus is on listening to people so I can learn what is most important to them. When a customer closes on their new property it is the start of a life long relationship. It is my goal that people are so delighted with their experience that there is no doubt that not only will they return, but they will also refer their family and friends. As a member of the Werth team our focus on delighting customers has made us the #1 RE/MAX team north of Milwaukee!