Is it possible to have property taxes lowered when buying a foreclosed house?
I am in the process of buying a house for the first time and I have been looking at some foreclosed houses to keep my cost down. Some of the houses I do have interest in, but the taxes seem a little high for the price range. My guess is that the taxes were based on the market value at the time it was assessed. But now that the market is low and it is being sold for much less, I was told that I could have it reassessed based on what I pay for it and have the taxes lowered. Is this true and if so how would I go about having that done?
- loanmasteroneLv 71 decade agoFavourite answer
If you don't have a vested interest in the property the county assessor will not entertain a reduction in the taxes.
In order to lower the taxes on a property you need to own the property or act on behalf of the current owners.
Now once you own the house you may ask for a reassessment of the county taxes.
I hope this has been of some use to you,good luck.
- Steve DLv 71 decade ago
Call the tax assessor's office and request a re-assessment. you will have to justify the re-assessment (use declining home value). The assessor will come out and re-assess based on the expected market value of all the homes in the area (assessments are notoriously low to begin with, so you may not get a large decline). If he agrees that the assessment is too high, he will lower it and along with it, your tax bill.
You can't request the re-assessment until you actually buy however, and the assessors usually do not look at what you actually paid for the house.
- 1 decade ago
Yes it is possible, the taxes should end up being around or just below your purchase price. You would then go into your county assessment office and make an application to have it lowered. this is not to say that during the next tax year that the assessment will not then start it's way back up again.
- Anonymous1 decade ago
Yes you can have them lowered based on the purchase price. Usually there is an open book day at city hall where you can meet with the assessor. Otherwise, just contact the city and make an appt with them to have your home reassessed.
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- ?Lv 44 years ago
in case you do not pay the taxes, the county can foreclose, then the lender will foreclose. I propose you pay those taxes or artwork out a fee plan as quickly as possible. The federal businesses do not wait to take the residing house like lender does.
- Ryan MLv 71 decade ago
Yes this is true and you need to contact the county assessor to request this.