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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.


 

Tax Calendar


NOVEMBER

1st: 1st Installment due

DECEMBER

10th: 1st Installment Delinquent


JANUARY

1st: Lien Date


FEBRUARY

1st: 2nd Installment Due

APRIL

10th: 2nd Installment Delinquent

15th: Last day to file for homeowners exemption!


JULY

1st: Beginning of fiscal tax year


OCTOBER

Last Week of the Month: Tax bills mailed out

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