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The taxes for approval purposes are based on what they will be once adjusted.
The taxes charged at close are based on the land tax value.
Once recorded they are readjusted and you get a nice bill for the difference.
That supplemental tax bill needs to be planned for
good luck
Brian
@teton wrote:
Want to make sure I am understanding this. Using your example of $536 in taxes for the first year based on the land value: Once taxes adjust to $4k, do I have to pay the difference for the first year (4000 - 536) in addition to the $4k for the second year? Thanks.
Most likely no - but you need to contact your county's tax treasurer to get concrete answers since this question could get a different answer depending on where you are buying.
Here in California, the property taxes at closing are the current property taxes the previous owner was paying. Then within a few months, you get a supplemental tax bill which is the difference between what the previous owner was paying, and what the property taxes should've been assessed at once you purchased the home.
In my case, no. The property was a vacant lot, where the developer is developing a formerly decaying neighborhood with new construction SF homes (around 150,000-225,000).
teton wrote:
Want to make sure I am understanding this. Using your example of $536 in taxes for the first year based on the land value: Once taxes adjust to $4k, do I have to pay the difference for the first year (4000 - 536) in addition to the $4k for the second year? Thanks.