How does buying a house below appraised value affect taxes? Florida?
I’m looking to buy my first home and have two in mind at the moment. One is appraised at just under $300k and the other at just over $300k by the property appraiser’s office, however the sellers are asking 10-20% below that and it sounds like they will accept much less.
How will this affect the appraised value of the house for county taxes? Is there a way to have the assessed value lowered to the purchase price? Or will I be paying taxes on the amount assessed now, which could be a difference of $1,000+ per year.
Taxes are based on the tax appraised value.
Which does not always (and usually does not) represent the retail value.
Don’t think you are getting a deal just because it is below tax value.
You (or your realtor) need to do a market analysis to see what the property is really worth.
good luck on the new house!
“Property Taxes” – Florida Democratic Party
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The assessment of real estate in Marion County, Florida … |
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The burden of ad valorem real property taxes under varing assessment ratios: A case study, (Public Administration Clearind Service, University of Florida. Studies in public administration) … |
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County property tax assessment in Florida (Studies in government) … |
