Property tax question for new builds
Lynn Heins
4 years ago
last modified: 4 years ago
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roccouple
4 years agoOne Devoted Dame
4 years agoRelated Discussions
How to minimize property taxes?
Comments (24)chapnc ... I debated replying but thought you may have misunderstood ... we do pay property taxes now on the land. As I said, it's standard for our area that the house is not taxed till you have a certificate of occupancy. You are taxed only on the land until the house receives it CO. It may be different in your area but I've never heard anyone say they were taxed on the value of a home while it is still under construction. Our home does have value but not the same value as it will when it's complete. We are being assessed at what they appraise the completed house will be and we have just started on the interior (and I'm still patiently waiting for a toilet LOL). I think we cover our fair share of city/county services now as we do pay property taxes now along with state and local taxes. Our area does not have a city/county police department ... we rely on the state police about 45 minutes away. Our local fire company is all volunteer, self-supporting, and we donate yearly. I sure that everyone pays property taxes on the land but would be interested in knowing if anyone else has had to pay property taxes on their home while still under construction....See MoreReporting New Home for Property Tax
Comments (15)It sure seems like that is how it should work getting reimbursed for removing the existing, pinktoes. Ours is county only and is based yearly,so if your build is completed within that year, then it is assesed and you pay accordingly. For folks like us where a build is taking longer than a year, they base that years taxes on the progress of the build generally going by the inspection sign offs.It gives them an idea of where the build is at at that point and they assess accordingly. It's still a judgement call on their part to evaluate at what the house is worth only being xx% done, but it's one of those deals that they have the control over, so you pay their price.IT's been fair as far as im concerned with what we have had to pay vs what has been completed.One thing that could be in our favor as well as with others, is that out here it is based on the current market, so with prices dropping, it will make our taxes lower per appraised current value.After the c.o., we will pay the full faced appraisal for that year and unfortunately the next year,the next,on and on and on.What's that beatles song...the tax man!...See MoreQuestion regarding foreclosures and property tax
Comments (2)Real estate taxes are a priority lien. They will be paid from any sale proceeds before any mortgages or HOA delinquent dues. Also, mechanic's liens & federal tax liens also have priority status. There are a couple of others but they don't happen too often. Tricia...See MoreInheriting valuable property in CA - Tax question
Comments (23)In my area the property owners taxes lock upon reaching retirement age and the school district taxes are removed from the appraisal list when tallying the total tax due. I experienced a similar situation with my Grandmothers house. The county overvalued her older home due to square footage based on the sale price per square for homes in her area. What were once large tracts of farm/ranch land with farm houses out in the country 40 miles from Houston ended up becoming subdivided neighborhoods and what were once nice homes on smaller tracts of land became McMansions after bulldozing the original home. The property taxes quadrupled after her passing. I was forced to raise the rent so high on a tenant of 10+ years that they bailed. If we had a break in the taxation we could have kept the place in the family. Unfortunately we couldn't and had to sell. It was heartbreaking. What we found out was that the county undervalued the land and way overvalued the home. I'm not calling anyone here right or wrong. But, it would have been unfair to her new neighbors if I'd of kept MeMa's place at her taxes which were locked in in the mid 70's. Having said that, I can assure you that if I could have got the break I'd of taken full advantage of it regardless of how it affected everyone else. After all it's LAW regardless of how fair/unfair it may be to other property owners. Good Luck with your situation. See ya, Kelly...See MoreDLM2000-GW
4 years agolast modified: 4 years agochicagoans
4 years agoJosie23: Zone 5: WI
4 years agogthigpen
4 years agoLynn Heins
4 years agoBT
4 years agoLynn Heins
4 years agogthigpen
4 years agoOne Devoted Dame
4 years agolast modified: 4 years agoworthy
4 years agolast modified: 4 years agonew-beginning
4 years agoladybug A 9a Houston area
4 years ago
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