It's that time of year again and we as agents are constantly getting asked these questions so I thought I would share them with you.
Here are five property tax questions you need to ask.
1. 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. Please note that tax appraisal value is NOT the same as a bank appraisal value which is generally higher or market value. Please consult with your agent to best determine your home's current market value. 2. How often are properties reassessed,
and when was the last reassessment done?In general, taxes jump most significantly when a property is
reassessed. This not necessarily done every year.
3. Will the sale of the property trigger
a tax increase?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.
4. 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.
5. Does the current tax bill reflect any
special exemptions that I might not qualify for?
For example, many tax districts offer reductions to those 65 or
I hope this information has been helpful and that you will
give me the chance to represent you and save you money in your next real estate
transaction. If you have any questions, my contact information is below. Thanks
for your time and I look forward to assisting you with your real estate needs.
Sherry M. Cabrera, Realtor®
JP & Associates Realtors 5700 Tennyson Parkway, Suite 170 Plano, TX 75024
As the cold north winds blow and snow accumulates on the lan
"Anne helped our family buy a house in University Park. We were very fortunate to have a Realtor® who not only knew the market well and found us a great house in our price range with required bedrooms, but she was very efficient and smart during the negotiating phase of making an offer. She is very prompt to return phone calls and emails which is an absolute must when buying or selling. I have bought three houses in my life and I found Anne to be the best realtor we have used. Anne is very bright and she knows the ins and outs of making an offer, going through inspections, financing and closing."