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5 Property Tax Questions You Need to Ask

8 Steps to Getting Your Finances in Order  |  Budget Basics Work Sheet  |  8 Ways to Improve Your Credit 5 Factors That Decide Your Credit Score  |  How Big a Mortgage Can I Afford? 10 Questions to Ask Your Lender  |  10 Things a Lender Needs From You  |  6 Creative Ways to Afford a Home Choices That Will Affect Your Loan  |  5 Property Tax Questions You Need to Ask

  1. What is the assessed value of the property? Note that assessed value is generally less than market value. Ask to see a recent copy of the seller’s tax bill to help you determine this information.

  2. How often are properties reassessed and when was the last reassessment done? Generally taxes jump most significantly when a property is reassessed.

  3. Will the sale of the property trigger a tax increase? Often the assessed value of the property may increase based on the amount you pay for the property. And in some areas, such as California, taxes may be frozen until resale.

  4. Is the amount of taxes paid comparable to other properties in the area? If not, it might be possible to appeal the tax assessment and lower the rate?

  5. Does the current tax bill reflect any special exemptions that you might not qualify for? For example, many tax districts offer reductions to those 65 or over.

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