we were very close to a brand new home....decided the rural 2 lane road the house was on was way to busy. couldn't believe all of the tractor and trailers going on this road all night. anyway, i have been going back and forth on whether or not an existing home gets reassesed at the closing based on the sale price. seems as though many of the older homes are in the 240 plus and need work also. the taxes look pretty good on most, but i have heard they will spot reassess on the sale? i live in pa and am having a hard time grasping this. anyone confirm or deny? about 7 or 8 months of highs and lows and it is getting old! thanks......

jim

 

I don't know the answer, but I can tell that you are tired of searching for a home. Good luck and just think that eventually you will find exactly what you are looking for.

 

In Virginia it's a locality decision.
Some reassess every year.
Some like my county every other year.
I don't know of any that do spot reassessmant on turnover.
You should check with authorities where the buy is.

I bought right after a bi-annual assessment here and got a two year ride at the old rate.
Then they got me...but good.

 

Not sure if this helps...

The last day to contest your property taxes here in Houston, Tx just passed about 3 weeks ago. Many people filed papers citing that their property taxes were too high and had a hearing before a panel. Local news channels were reporting on these proceedings and encouraging people to take up the fight if they feel they were improperly taxed. Apparently one valid reason to challenge the assessed value of a home was, for recent home purchases, that the purchase price was less than that of the assessed value. So, with the real estate market heading south and foreclosures increasing, several homes sold well below their assessed value. If this was the case then the assessed value was tossed out and the home purchase price was used to form the taxed value.

 

Here in Florida, a property is re-assessed at every sale. We have what is called "save our homes," which does not allow the tax assessor to raise the property taxes on a homesteaded property more than 3% per year, given continuous occupancy. Plus, there is the $25,000 homestead exemption that is deducted from the assessed value of your home before any taxes are levied. I would suggest giving a call to your tax assessor and property appraiser for your area. They will answer your questions.