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jpinpb.
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April 10, 2008 at 8:14 PM #184651April 10, 2008 at 8:29 PM #184619
PadreBrian
ParticipantYep, the right answer is you can have it re-assessed. You can only ask for one every 5-10 years or some mess. BUT, have him ask for the reassessment NEXT YEAR. It should be in the toilet by then.
April 10, 2008 at 8:29 PM #184635ParticipantYep, the right answer is you can have it re-assessed. You can only ask for one every 5-10 years or some mess. BUT, have him ask for the reassessment NEXT YEAR. It should be in the toilet by then.
April 10, 2008 at 8:29 PM #184663ParticipantYep, the right answer is you can have it re-assessed. You can only ask for one every 5-10 years or some mess. BUT, have him ask for the reassessment NEXT YEAR. It should be in the toilet by then.
April 10, 2008 at 8:29 PM #184672ParticipantYep, the right answer is you can have it re-assessed. You can only ask for one every 5-10 years or some mess. BUT, have him ask for the reassessment NEXT YEAR. It should be in the toilet by then.
April 10, 2008 at 8:29 PM #184676ParticipantYep, the right answer is you can have it re-assessed. You can only ask for one every 5-10 years or some mess. BUT, have him ask for the reassessment NEXT YEAR. It should be in the toilet by then.
April 10, 2008 at 11:06 PM #184744hipmatt
Participantsandiego … maybe you didn’t get the grasp the concept of the post…
The point is that a new buyer may have to pay taxes based on the last buyers purchase price, which may be dramatically higher than what they may be expecting.
An example would be a home in Winchester ….
http://www.redfin.com/stingray/do/printable-listing?listing-id=1589897
that last sold for $520k, this person paid $8350 per year in taxes. This home is bank owned, so lest say someone snags it up for $250k which is doable. They are expecting to pay around $4000k per year. Assuming they put 20% down (50k) and finance 200k, the P&I is around $1200. They are expecting to pay $333 per month in taxes for a total payment of about $1533. Instead, at the close of escrow, they are told that they will be paying $695 per month in taxes, or a total payment of $1895.This is a difference of over $4300 per year and over $360 per month, and yes, that would likely affect any prudent persons choice to buy, or at least the sales price.
BTW the base rate of 1% is hardly an accurate way of figuring property tax up here. Most newer homes in this area have special assessments galore added to the 1%. Depending on the purchase price, the annual taxes and assessments may easily exceed 2% of the homes value. The assessments aren’t affected by purchase price anyways.
April 10, 2008 at 11:06 PM #184759Participantsandiego … maybe you didn’t get the grasp the concept of the post…
The point is that a new buyer may have to pay taxes based on the last buyers purchase price, which may be dramatically higher than what they may be expecting.
An example would be a home in Winchester ….
http://www.redfin.com/stingray/do/printable-listing?listing-id=1589897
that last sold for $520k, this person paid $8350 per year in taxes. This home is bank owned, so lest say someone snags it up for $250k which is doable. They are expecting to pay around $4000k per year. Assuming they put 20% down (50k) and finance 200k, the P&I is around $1200. They are expecting to pay $333 per month in taxes for a total payment of about $1533. Instead, at the close of escrow, they are told that they will be paying $695 per month in taxes, or a total payment of $1895.This is a difference of over $4300 per year and over $360 per month, and yes, that would likely affect any prudent persons choice to buy, or at least the sales price.
BTW the base rate of 1% is hardly an accurate way of figuring property tax up here. Most newer homes in this area have special assessments galore added to the 1%. Depending on the purchase price, the annual taxes and assessments may easily exceed 2% of the homes value. The assessments aren’t affected by purchase price anyways.
April 10, 2008 at 11:06 PM #184790Participantsandiego … maybe you didn’t get the grasp the concept of the post…
The point is that a new buyer may have to pay taxes based on the last buyers purchase price, which may be dramatically higher than what they may be expecting.
An example would be a home in Winchester ….
http://www.redfin.com/stingray/do/printable-listing?listing-id=1589897
that last sold for $520k, this person paid $8350 per year in taxes. This home is bank owned, so lest say someone snags it up for $250k which is doable. They are expecting to pay around $4000k per year. Assuming they put 20% down (50k) and finance 200k, the P&I is around $1200. They are expecting to pay $333 per month in taxes for a total payment of about $1533. Instead, at the close of escrow, they are told that they will be paying $695 per month in taxes, or a total payment of $1895.This is a difference of over $4300 per year and over $360 per month, and yes, that would likely affect any prudent persons choice to buy, or at least the sales price.
BTW the base rate of 1% is hardly an accurate way of figuring property tax up here. Most newer homes in this area have special assessments galore added to the 1%. Depending on the purchase price, the annual taxes and assessments may easily exceed 2% of the homes value. The assessments aren’t affected by purchase price anyways.
April 10, 2008 at 11:06 PM #184797Participantsandiego … maybe you didn’t get the grasp the concept of the post…
The point is that a new buyer may have to pay taxes based on the last buyers purchase price, which may be dramatically higher than what they may be expecting.
An example would be a home in Winchester ….
http://www.redfin.com/stingray/do/printable-listing?listing-id=1589897
that last sold for $520k, this person paid $8350 per year in taxes. This home is bank owned, so lest say someone snags it up for $250k which is doable. They are expecting to pay around $4000k per year. Assuming they put 20% down (50k) and finance 200k, the P&I is around $1200. They are expecting to pay $333 per month in taxes for a total payment of about $1533. Instead, at the close of escrow, they are told that they will be paying $695 per month in taxes, or a total payment of $1895.This is a difference of over $4300 per year and over $360 per month, and yes, that would likely affect any prudent persons choice to buy, or at least the sales price.
BTW the base rate of 1% is hardly an accurate way of figuring property tax up here. Most newer homes in this area have special assessments galore added to the 1%. Depending on the purchase price, the annual taxes and assessments may easily exceed 2% of the homes value. The assessments aren’t affected by purchase price anyways.
April 10, 2008 at 11:06 PM #184801Participantsandiego … maybe you didn’t get the grasp the concept of the post…
The point is that a new buyer may have to pay taxes based on the last buyers purchase price, which may be dramatically higher than what they may be expecting.
An example would be a home in Winchester ….
http://www.redfin.com/stingray/do/printable-listing?listing-id=1589897
that last sold for $520k, this person paid $8350 per year in taxes. This home is bank owned, so lest say someone snags it up for $250k which is doable. They are expecting to pay around $4000k per year. Assuming they put 20% down (50k) and finance 200k, the P&I is around $1200. They are expecting to pay $333 per month in taxes for a total payment of about $1533. Instead, at the close of escrow, they are told that they will be paying $695 per month in taxes, or a total payment of $1895.This is a difference of over $4300 per year and over $360 per month, and yes, that would likely affect any prudent persons choice to buy, or at least the sales price.
BTW the base rate of 1% is hardly an accurate way of figuring property tax up here. Most newer homes in this area have special assessments galore added to the 1%. Depending on the purchase price, the annual taxes and assessments may easily exceed 2% of the homes value. The assessments aren’t affected by purchase price anyways.
April 11, 2008 at 12:13 AM #184808CA renter
ParticipantWow. I’ve been around real estate all my life (broker/investor parents) and never knew this. That is very important information for everyone to know.
When I’ve bought before though (near the bottom), the tax was based on my purchase price, so wondering if it’s not REO-specific????
April 11, 2008 at 12:13 AM #184825ParticipantWow. I’ve been around real estate all my life (broker/investor parents) and never knew this. That is very important information for everyone to know.
When I’ve bought before though (near the bottom), the tax was based on my purchase price, so wondering if it’s not REO-specific????
April 11, 2008 at 12:13 AM #184855ParticipantWow. I’ve been around real estate all my life (broker/investor parents) and never knew this. That is very important information for everyone to know.
When I’ve bought before though (near the bottom), the tax was based on my purchase price, so wondering if it’s not REO-specific????
April 11, 2008 at 12:13 AM #184862ParticipantWow. I’ve been around real estate all my life (broker/investor parents) and never knew this. That is very important information for everyone to know.
When I’ve bought before though (near the bottom), the tax was based on my purchase price, so wondering if it’s not REO-specific????
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