Skip to main content

The tax man cometh!

I live in an area where they do periodic reassessments every ~3 years (we were not reassessed after our purchase in 2020). We purchased in late 2020 for a little over 700k, but the assessment from 2018-2022 didn’t change (previously 575k). Just got our new assessment for 2023-2025 back at 825k.

I plan to appeal, but I don’t expect them to budge as the most recent sale was our neighbors house directly across from us which is almost 400 SF smaller but sold for ~900k. Basically nothing for sale with in a few miles radius either, so no new comps expected to appear before the 45 day appeal window closes. The new tax will be phased in over 3 years, so we won’t pay the full amount until 2025…I believe this is due to our homestead exemption, which kicks in to soften the blow from large assessment increases.

The county site isn’t updated with the new assessments so I can’t see if everyone else also saw similar increases. No issues with affordability for us or anything like that…but this is why as a homeowner I hate when property values skyrocket. You just end up paying more taxes for not much back in return (unless you live in a place like Cali, which has it’s own problems). I don’t plan on ever tapping into our equity, so paper gains are all meaningless. Unless you are looking to sell, or need a Heloc…the ideal situation is really just flat home prices. Watching your Zestimate rise is all fun and games until tax time lol.

submitted by /u/Bionic_Hamster
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/zz18h8/the_tax_man_cometh/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

How to Avoid Property Scams in Delhi?

Here’s What You Should Know! Commercial Real Estate (Non-Residential) Buying a property in Delhi can be tricky, especially with all the stories about scams and shady deals. If you're in the market, here are some tips to keep yourself safe:Double-check the documents: Always verify ownership and approvals. Don’t just take someone’s word for it—look at the actual papers. Do your homework on prices: Compare similar properties to avoid overpaying. A little research can save you from a bad deal. Work with trustworthy people: Whether it's a seller or an agent, go for someone who's transparent about pricing and the process. If they’re dodging questions, that’s a red flag. Ask for reviews or references: If someone you’re dealing with has a good track record, they won’t hesitate to share testimonials or connect you with previous clients. I’ve noticed that some property services have started focusing on things like verified listings and clear communication, which makes the whole proc...
Post a Comment
Read more