Does what I buy a home at determine what my taxes are going to be?

Once you make an offer to purchase a home you need to figure out what your escrow account will be and determine what your annual taxes will be. The taxable value is a key thing to look when purchasing a home but regardless if someone has lived in the home for the past 20 years, many home values have dropped so much, up to 50% that the taxes may all be in line now with what are currently being paid regardless of what you pay for it. The best thing that I always do is verify with the city assessor to see what the taxes will be once you purchase. Another myth that many realtors commonly tell their clients is your home will be taxed at what you purchase at. That couldn’t be the farthest thing from the truth. Regardless of what you buy at, the home will be assessed at what market value is. Many people who buy banked owned/foreclosures get homes far below market value but the city will tax and an assess according to what has happened typically 12 to 18 months ago in that given market. There are a lot of good resources on the web to research taxes but ultimately having a realtor who is knowledgeable in the home purchase in the key of any healthy & smooth real estate transaction.


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