I've got a real specific property tax question...

S

smileynev

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...and I'm wondering if any of you can link me to somewhere that can answer this. I have a feeling that I will need to talk to someone in person.

We're currently set to close on our new house on the 30th of this month, a full month ahead of the original date. Now, since this is new construction, the first years property taxes would be based off of just the lot value and not the house. Those have already been calculate. Since the home is going to be finished just before the end of the year, how does this affect those taxes for 2005, if at all? Can you change the property taxes for a year once they are set?
 

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if the house has been completed and the title is in your hands by year end, then it should be taxed in the first year of ownership. had the closing been next year, just the lot would have been used to calcluate this year's taxes.

can/do you want to get the house closing pushed back again in order to decrease your tax liability for this year?
 
S

smileynev

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FatcakeWagon said:
Usually the people at the title company you will deal with can tell you all that crap.
Thats what I thought.
 
S

smileynev

Guest
F33nX said:
if the house has been completed and the title is in your hands by year end, then it should be taxed in the first year of ownership. had the closing been next year, just the lot would have been used to calcluate this year's taxes.

can/do you want to get the house closing pushed back again in order to decrease your tax liability for this year?
well, we're probably talking a difference of about $2500, so it would be preferable to wait a year and pay the following year

If the property has already been assessed and the tax calculated, though, can they change it?
 
S

smileynev

Guest
ChikkenNoodul said:
On my in-laws house, it happened early in the year and now we owe back escrow for the tax increase.
Well, thats pretty gay
 

Mustard Dispenser

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ChikkenNoodul said:
I asked my wife, since she plays with taxes a lot, she said they can certainly change it on you midstream.

Yeah, the tax assesors can pretty much do what they want.
You do have the option to protest it tho , and , surprisingly, it does work sometimes. My inlaws got their taxes reduced by protesting them.