Ok I am in the process of looking for my 1st home.
I found my DREAM house!! But there is one BIG problem. the houses taxes are just under $3,000. I found out that they are so high because the house used to be worth A LOT more, and its selling for a great price. I heard it's possible to get an appraisal on the current price of the house and the taxes could go down.
Anyone ever have to do this? If you have, how much did the taxes go down?
I just hope I can do something, because this house is so amazing, but I know we will not be able to afford the taxes being that high. Any advice would be awesome!
Thanks a whole bunch for your responses.
You all made me really really think about it, and brought up things I didn't think about.
I'm supposed to go see the house again Tomorrow. I guess I'll have to keep looking and hope to find my "dream" house later :)
That's not high for real estate taxes. Mine are 2700 in Worthington, OH, and I only l ive in one side of a double valued at 130000.
If you can't afford the taxes then think twice, maybe thrice, before buying the house. You would not want to end up in foreclosure because you bit off more house than you could chew.
While reassessment might be a temporary fix what will happen when it comes reassessment time or the local government is strapped and needs to raise taxes. I would find a new dream house in your price range.
I'm with Clair.... I'd LOVE to have $3000 taxes. Our taxes are in the neighborhood of $15,000.
Go to your conty appraisel office and see what you can do.
What I would give for $3000/year taxes!?! Here in Texas, we have extremely high property taxes (usually 2.7 - 3.3% of assessed value), which offsets the no state income taxes here. Regardless of where you live, you can protest the county's assessed value.
There is usually a protest deadline (here, it's May 1st). And you can send in your appraisal used to get your mortgage loan, or have your Realtor pull the last 6 months of comparable sold and closed homes in your area. It is pretty common for the county to reassess the value after a transfer of ownership, so it may not be necessary, but I'd cover my bases.
Go to your county's website (you can google "XYZ county appraisal district") and there is usually information there.
Hope this helps!
Where we live, the county automatically adjusts the taxes based upon the sale price of the home. It's something they work out during escrow. Or at least, that has been the case in every home I have bought. But yes, it is always possible to have the property re-assessed. Your home will be appraised during escrow, and you can use that appraisal as the basis for your request to lower the taxes on it, if this doesn't happen automatically.
My Realtor told me the same thing. I haven't yet requested the city reappraise, but the taxes should be based on the market value. You've changed the market value, and everyone's house is worth less now than a few years ago. Unless your city plays games for revenue, it shouldn't be difficult. I've spoken to several people who successfully adjusted the tax bill. Perhaps you should call your city auditor's office prior to making an offer, explain the situation and test their receptiveness to reappraisal.
I just noticed we are both in Akron! I read an article in the Beacon Journal a few weeks ago, about how local cities are going to deal with budget shortfalls due to reduced revenue related to lowered housing values, so it seemed to me that means they are lowing values and taxes. From everything I've heard, in Akron it isn't too challenging to do. Go for it, the house prices here now are phenomenal. It's great to walk into a house knowing its beyond your expectations, and if you are ever going to get your dream house now is the time. The biggest drawback to buying in Akron is the increased sewer bill due to EPA mandates. Supposedly the average bill will get to $150 monthly in a few years due to the upgrades and fines required by the EPA. That I didn't factor in before I bought. Cut the cable, and go down to the most basic cell phone plan. Its worth investing in a great home.
My boss disputed his taxes just by printing the zillow report showing the values in the neighborhood around him were lower than his. Didn't cost him a thing - well maybe his dignity. I'm quite sure he put on a show!
You can contest them...but depending on where you are at...it falls on deaf ears a lot. I would think long and hard about buying the house (if the taxes are high and you will not be able to afford them at their current rate) because I guarantee once the economy picks up your house's value may skyrocket. It takes a lot to get them lowered...but nothing to have them go up annually.
If you can't afford them now...I would keep looking. It is only a matter of time before they go back to today's values...then higher...and taxes NEVER go away.
You heard right. My mom is a realtor and we are in the process of doing this. We live in a different county but basically you are appealing your property tax valuation with your county. Check with the Board of Revision or the County Auditor to find out what is needed in order to get your value changed - which ultimately changes the tax.
For Hamilton County (Cincinnati) all or some of these items can be submitted to change the value - a recent appraisal, a realtor's CMA, a self produced list of 3 to 6 recent sales of properties similar to yours in your neighborhood, or a signed purchase contract and closing statement if you bought your property within the last two years and lastly an itemized, professional estimates and photographs establishing costs for solving a condition or problem on the property.
The one thing I remembered too is to make sure that when you make this appeal you have good evidence because you don't want the assessment to end up with a value larger than what it already is.
