It’s natural for the sale price of a home to loom large in your mind. But don’t forget to look at what your property tax bill might be.
Assessed value is generally less than market value. A recent copy of the seller’s tax bill will help you determine this information.
In general, this will happen annually, but properties in areas of slower growth may be reassessed less often.
Most significant tax increases on an individual property can be linked to when that property was last reassessed.
Depending upon where you live, the assessed value of a property may increase based on the amount you pay for it. And in some areas, such as California, taxes aren’t allowed to increase until the property in question is resold.
If not, it might be possible to appeal the assessment and lower the rate.
For example, many tax districts offer reductions to those individuals 65 and older.