Real estate question: If I buy a house for less than the assessed value, does the assessed value go down?

I am hoping does so that the taxes will be less. Asked by AMG48 49 months ago Similar questions: Real estate question buy house assessed Business > Real Estate.

Similar questions: Real estate question buy house assessed.

That depends on the state you are in. In California, the answer is yes. In fact, The state assessed a house my wife and I were given at $300,000.

We sold it a month later for $112,000 and they re-assessed it to $112,000 and refunded the overpaid taxes. (that was a long story, but it was my wife's grand parents house. Her uncle was living there and he could not take care of it.

The roof had collapsed, the floors had rotted away, and so on. The walls were about to collapse. It was bought by a developer and rebuilt and sold)..

Maybe It's possible the assessed value will drop as the market drops, however the assessed value often bears little relationship to the real value of property. In many cases, local governments value property much lower than actual selling prices. This has the effect of giving a break to tax payers.

Almost without exception, there is some procedure to challenge assessed values, so if you truly want to press the issue, investigate this option in your local area.

It should, but it is not automatic It is different in every state and appraisal district. I once bought a house directly from the owner, without a broker. That saved the owner 7%, so the price was lower than market, and definitely lower than the taxable price the previous year.

When I got my appraisal, the value of my house was higher than it was appraised the previous year. The appraisal district claimed they were unaware of the sale, and I had to take a day off of work at show them the sale paperwork. They then accused me of concocting an under the table deal with the previous owner to exchange cash that was not on the written agreement.

They were real jerks. I had to insist on going to a review board before they would finally change the appraised value of my house to my purchase price. The answer to your question is, Yes, it should.

But you may have to fight for it. I hope this helps.

Probably not Tax Assessors usually hire professional appraisal companies to determine tax assessment value. The appraisals are usually based on a number of sales which are averaged for comparable properties. Your low sale might have an effect if other comparable properties also sold for less.

If yours was the exception it probably won’t have any effect. If there was a specific reason why yours sold for less (it has two bedrooms but it's assessed as a three bedroom) talk to the Assessor about getting the valuation revised.

Taxes and assessed value The taxes should be based on the purchase price. This may not lower the taxes right away, because some areas of the country pay their taxes in a rears. It would be a good idea to have a professional appraisal done to verify you are purchasing under "market" value.

Remember, in the housing market a home is worth what someone is willing to pay to purchase it. Once you have purchased the home, the "tax appraised value will lower to your purchase price. The new assessed value will reflect the price you pay.

For more information regarding your taxes and assessed value you should calling the closing/title company that is doing your title search. This is part of what you are paying for in your closing costs. I hope this helps..

" "how do you get involved in real estate" "Real estate commission question..." "Real Estate Courses.

Rocketeer Question-AnNyone in Real Estate here--I was looking at this great house-it has a wonderful kitchen, family roo.

I cant really gove you an answer,but what I can give you is a way to a solution, that is you have to find the anglde that you relate to or peaks your interest. A good paper is one that people get drawn into because it reaches them ln some way.As for me WW11 to me, I think of the holocaust and the effect it had on the survivors, their families and those who stood by and did nothing until it was too late.