rpjs

Can't he simply call the local tax assessor when grievance season is coming up? We got our first village and town tax bills directly as they'd not received our escrow notification. However, our local tax assessors have been pretty helpful and we've had no trouble just calling them up and asking them. The town has all the tax bills for the last ten years or so online anyway, you just have to know your tax ref / block/section/lot number, so it's no great secret, at least not here in NYS.

Moonshadow_Girl

That doesn't make sense. We have an impound account (as a result of our FHA loan) that our homeowner's insurance and our property taxes are paid from by our lender. Twice a year, we get a notice of our property taxes directly from county assessor's office, even though the lender pays our taxes directly. So, we see what our taxes are each year.

Yorkieabroad

I know I've tried to call the assessor s office, but they refuse to give values over the phone..they are posted online after the deadline, but the only way I've been able to get my assessment before the deadline is via mail. So I guess his assessment is sent to his mortgage co. and it's within their office that the problem is occurring. Interesting.

Yorkieabroad

Yes, we can see history online of all the properties, but I can't even access my own future year assessment online. I tried calling one year, as I hadn't received my letter, and they point blank refused to discuss it with me. I guess if I had gone to the office I may have had more luck, but I didn't get round to it. As it turned out, it had gone up slightly that year, but not to the extent that I would have filed an appeal, so it didn't worry me, but the next door neighbor is getting royally screwed. The odd thing is, he doesn't seem worried about it.....so I guess I shouldn't either, because he's subsidising me!

Yorkieabroad

That sounds more sensible...although I'm surprised its twice a year - can you appeal it both times, or is the second one just a notification?

Nutmegger

Our actual evaluation isn't adjusted every year, just the mill rate. But if he thinks his numbers are so out of whack, he doesn't even need to know what the coming year is going to be -- he can just go in and show why it is in general incorrect. I know that I have appealed at our town's March hearings, when the mill rate hasn't been set until a few months later. I believed it was wrong the prior July, and made a mental note that I needed to appeal at the next opportunity!

Yorkieabroad

our valuation gets revised every year, and there is then about a 6 week window to appeal,with a firmdeadline of May 31st. I don't know if he has bothered trying to go to the office appeal or not. I know another neighbor is about 100k overvalued, but hasn't appealed because he "doesn't believe in it".....huh? He's overpaying almost 4grand a year but sees it as improper to appeal. That's a big cultural difference right there! its a bit of a pain as well because I rely on other cheap valuations to support my appeals!

kins

Our house has never to my knowledge been revalued in the 6.5 years we've lived in it.

Funny how different everywhere is.

Tarkak9

Transfer tax. Just another of life's taxes... just look at it as a sales tax like buying anything in a store. Probably based on the purchase price. Who pays it? - You'll probably find it depends on local customarily trends, market conditions, region and county. In a nutshell, you'll probably find its all negotiable... can even split between both parties. Amount typically is taken from the proceeds of sale. If you don't ask - you don't get

Commonly, property taxes often are charged in arrears. Eg, 2014 taxes will be based upon 2013 valuation. The assessor's office have their own formula/calculations determining property value for tax purposes; often such value isn't reflective nor based on market value. They will take their determined value and plug in their mill levy, percentage or whatever, and calculate and determine your annual property tax amount. Every so often, depending on statute they'll reassess your property value - therefore, your tax may go up or down etc. At that time, you will be given a right to petition the assessors office and challenge their value per se.

Since its in arrears, if you buy/sell typically, at closing the actual annual property tax is prorated; each party will be either credited or debited some of the tax based upon how long each owned the property for that year. Say if you close on June 30, the buyer will be credited Jan 1-Jun 30 property tax, in affect the seller pays the buyer their share of the property tax because, remember, its not due until next year (whereupon you as current owner are response for the property tax to be paid).

To add more confusion, if there is a lender involved... your lender will handle the property taxes on your behalf and also collect a reserve amount in the form of escrow account you will have with them. This is to ensure there is a buffer of sufficient funds incase taxes increase (and that remaining years tax is cared for in the event of foreclosure). Basically you pay the lender back over the 12 months as part of the mortgage payment. Also, the reason why banks will handle the property tax for you is that property tax is a very senior lien and come infront of a lender's interest in your property ... basically, they want to ensure that they remain in primary position on your house.

Moonshadow_Girl

The general idea is that our property taxes are split into two payments, due in April and November. They get sent to us approximately 2 months in advance, probably so that we can have our property reassessed if we want. We live in California, with the exception of bond assessments that pass via election, our property tax will generally stay the same while we own the property (or have it reappraised).

Pulaski

No, that (bold) is the opposite of what happens. When the taxes are paid, they are paid from the escrow account's accumulated credit balance, and over the following 12 months you pay into the escrow account to accumulate another credit balance to cover the following year's tax charge.

You also typically pay property insurance through the escrow account so the lender can ensure that the mortgage lien isn't on a worthless pile of ashes or flattened matchwood.