The higher the assessed value, the higher the property taxes. Exactly what the taxes will be, however, depends on the existing tax rate.
It may not have an effect at all. The county assessor's office has to assess the value of the property for taxes to be calculated. The higher the value, the more taxes you pay. I bought my house on the Oregon coast for $79,000 12 years ago, but I pay a lower tax rate because the assessed value is $55,000. When a private or bank assessor determines the market value of a house, that does not mean your taxes go up (or down), it just means that you could sell it for that if you put it on the market.
Many people are now buying houses at an incredibly reduced price. But be warned, the taxes are based on whatever the value was when the county assessors office last did assessments. If you have purchased a home recently, you could get stuck with higher taxes than the current market value of the home. In some cases, people are buying homes for $250,000 less than the homes value a year ago. Regardless of what they paid, they still have to pay whatever the assessors office has assessed the house at.
by Donna Cosmato5 years ago
How will I know what the property taxes will be on my new home?
by ahorseback4 months ago
Whatever you do follow those party lines or pay for it dearly , you WILL be shamed ?
by Brian10 months ago
I am not sure if I commented on this, but I am wondering how people feel about peoples homes being sold out from under them for back property taxes? My mom died in 2014 and owed around $2,000 in back taxes. The house...
by Ari Lamstein5 years ago
What countries and American states have the highest and lowest property taxes?Are there any American states or countries in the world that have no property taxes?
by ahorseback5 months ago
Property taxation on the state and local levels varies in incredible amounts , Property taxes primarily can vary from a few hundred to Twenty thousand dollars for a half acre home ? ...
by Nickny799 years ago
Our Founding Fathers codified a profound respect for the common law notion of private property as between the gov't and citizens as well as among citizens themselves.The Due Process Clause and the Takings Clause of the...
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