Q about taxes for recent home sale
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LIF Adult
Member since 1/17 2249 total posts
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Q about taxes for recent home sale
I am just curious, asking for someone I know... if a house was assessed low lets say $250k according to the county tax records and you purchased the house for $450k, would your taxes the following year go up based on the recent sale price of the home therefore raising your assessed value?
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Posted 12/21/17 12:54 PM |
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Prudential Douglas Elliman Real Estate
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
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Re: Q about taxes for recent home sale
Assessed value is a percentage of market value. So they are correlated, but not the same. Taxes typically go up every year, but her taxes will not be raised simply because she bought the house for whatever price. Either way, she should grieve her taxes every year.
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Posted 12/21/17 1:38 PM |
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Mill188
LIF Adult
Member since 3/09 3073 total posts
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Re: Q about taxes for recent home sale
It depends. In Suffolk county unless it’s in an area that assesses at 100% of value (Southampton, shelter iisland), in all probability, no. The towns (who do the assessing) don’t usually reassess up due to a sale.
In Nassau county, maybe. The assessors office does look at recent sales each year. They don’t look at all of them but there is no way of knowing what sale will catch their eye.
In any event, a recent purchase can trigger a new assessment under the real property tax law
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Posted 12/22/17 10:11 PM |
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