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5 Property Tax Questions You Need to Ask
- 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.
- How often are properties reassessed and when was the last reassessment done? Generally taxes jump most significantly when a property is reassessed.
- Will the sale of the property trigger a tax increase? Often 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.
- 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?
- Does the current tax bill reflect any special exemptions that you might not qualify for? For example, many tax districts offer reductions to those 65 or over.
Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®
Copyright 2004. All rights reserved. www.REALTOR.org/realtormag
Southfield
Price: $22400
2 BEDROOM RANCH HOME, 1 FULL/1 HALF BATH. HOME HAS MANY UPDATES, WINDOWS, NEW ROOF OCTOBER 2008, VINYL SIDING, GLASS BLOCK WINDOWS IN THE PART FIN BASEMENT, HARDWOOD FLOORS IN LIVING ROOM AND FOYER, TILED KITCHEN AND LAUNDRY ROOMS. ENJOY THE SPACIOUS PRIVATE REAR DECK, LARGE FENCED LOT. GREAT FOR ENTERTAINING. REAR YARD HAS 2 DOG KENNELS WITH ACCESS INTO THE GARAGE. LANDSCAPING INCLUDES MANY TREES & PERENNIALS.
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River Rouge
Price: $43500
CUTE AS A BUTTON. FIRE IN HOME 7 YEARS AGO; INSURANCE REHAB - COMPLETELY REMODELED FROM TOP TO BOTTOM IN 2006. GORGEOUS HARDWOOD FLOORS, BEAUTIFUL KITCHEN, UPDATED BATH. 24 HOUR NOTICE FOR SHOWINGS PREFERRED, SELLER MUST BE PRESENT.
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