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February 19, 2008 at 12:14 PM #155978February 19, 2008 at 12:25 PM #155609
meadandale
Participant“The situation is if I purchased a house at a lower price than what the previous owner has to pay, then do I have to ask the county to reassess or they will automatically reassess the tax according to the lower selling price.”
I answered that in my first sentence above…property is ALWAYS reassessed when it is sold; the new assessed value is the purchase price.
That’s one of the reasons it is stupid to pay a high asking price and get money back under the table during escrow. Not only is it FRAUD but you are going to wind up paying property tax on the recorded sale value, not the net price you paid under the table.
February 19, 2008 at 12:25 PM #155891Participant“The situation is if I purchased a house at a lower price than what the previous owner has to pay, then do I have to ask the county to reassess or they will automatically reassess the tax according to the lower selling price.”
I answered that in my first sentence above…property is ALWAYS reassessed when it is sold; the new assessed value is the purchase price.
That’s one of the reasons it is stupid to pay a high asking price and get money back under the table during escrow. Not only is it FRAUD but you are going to wind up paying property tax on the recorded sale value, not the net price you paid under the table.
February 19, 2008 at 12:25 PM #155894Participant“The situation is if I purchased a house at a lower price than what the previous owner has to pay, then do I have to ask the county to reassess or they will automatically reassess the tax according to the lower selling price.”
I answered that in my first sentence above…property is ALWAYS reassessed when it is sold; the new assessed value is the purchase price.
That’s one of the reasons it is stupid to pay a high asking price and get money back under the table during escrow. Not only is it FRAUD but you are going to wind up paying property tax on the recorded sale value, not the net price you paid under the table.
February 19, 2008 at 12:25 PM #155912Participant“The situation is if I purchased a house at a lower price than what the previous owner has to pay, then do I have to ask the county to reassess or they will automatically reassess the tax according to the lower selling price.”
I answered that in my first sentence above…property is ALWAYS reassessed when it is sold; the new assessed value is the purchase price.
That’s one of the reasons it is stupid to pay a high asking price and get money back under the table during escrow. Not only is it FRAUD but you are going to wind up paying property tax on the recorded sale value, not the net price you paid under the table.
February 19, 2008 at 12:25 PM #155988Participant“The situation is if I purchased a house at a lower price than what the previous owner has to pay, then do I have to ask the county to reassess or they will automatically reassess the tax according to the lower selling price.”
I answered that in my first sentence above…property is ALWAYS reassessed when it is sold; the new assessed value is the purchase price.
That’s one of the reasons it is stupid to pay a high asking price and get money back under the table during escrow. Not only is it FRAUD but you are going to wind up paying property tax on the recorded sale value, not the net price you paid under the table.
February 19, 2008 at 3:55 PM #155739sdrealtor
ParticipantCorrection: The new assessed value is the new assessed value NOT the purchase price. In most cases it is but if a house is sold substantially below market value it can and will be assesed at the FMV not the purchase price.
February 19, 2008 at 3:55 PM #156021ParticipantCorrection: The new assessed value is the new assessed value NOT the purchase price. In most cases it is but if a house is sold substantially below market value it can and will be assesed at the FMV not the purchase price.
February 19, 2008 at 3:55 PM #156029ParticipantCorrection: The new assessed value is the new assessed value NOT the purchase price. In most cases it is but if a house is sold substantially below market value it can and will be assesed at the FMV not the purchase price.
February 19, 2008 at 3:55 PM #156042ParticipantCorrection: The new assessed value is the new assessed value NOT the purchase price. In most cases it is but if a house is sold substantially below market value it can and will be assesed at the FMV not the purchase price.
February 19, 2008 at 3:55 PM #156118ParticipantCorrection: The new assessed value is the new assessed value NOT the purchase price. In most cases it is but if a house is sold substantially below market value it can and will be assesed at the FMV not the purchase price.
February 19, 2008 at 4:14 PM #155784donaldduckmoore
Participantsdr, what is the FMV? If the house was assessed at $691000 and the new purchase price is $500,000, then what will be the new assessed value? Thanks.
February 19, 2008 at 4:14 PM #156066Participantsdr, what is the FMV? If the house was assessed at $691000 and the new purchase price is $500,000, then what will be the new assessed value? Thanks.
February 19, 2008 at 4:14 PM #156074Participantsdr, what is the FMV? If the house was assessed at $691000 and the new purchase price is $500,000, then what will be the new assessed value? Thanks.
February 19, 2008 at 4:14 PM #156086Participantsdr, what is the FMV? If the house was assessed at $691000 and the new purchase price is $500,000, then what will be the new assessed value? Thanks.
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