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< About Buying Real Estate
- 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? In general, taxes jump most significantly when a property is reassessed.
- Will the sale of the property trigger a tax increase? 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 I might
not qualify for? For example, many tax districts offer reductions to those
65 or over.
< About Buying Real Estate
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