Estimating future taxable value based on current rates

[Stephen Brown]

Hello All,

I was listening to a podcast this morning and they brought on a property manager who said that many newbies do not take into account that the assessed value of a house resets once it is purchased and therefore the property tax will be different. Is there a good way to find this out before purchasing a property? Or will it be relatively close to what the current tax is? Or does it depend on the property and city? Is there a place I can go to see if the city plans to raise their rates?

Thanks!

Stephen

[Wayne Brooks]

Figure the “rate” (%) and just apply that to your purchase price.....this only applies to areas where they reassess upon a sale. Here, the sale has nothing to do with it, all properties are reassessed every year. 

Also, current owners may have homestead/other exemptions.