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No, you can't change the tax valuation based on a contract to purchase. Your LO is wrong. If s/he has seen it done before, then have him provide the exact, specific addresses, dates and contact person at the county so you can get it done too. Not going to happen based on the purchase contract alone.
Hmm.... I was under appraised vs value / offer. Though once you take posession depending on your local rules you should be able to apply for something called a Homestead Exemption which will reduce your tax liability the following year. Check into that with the local tax office or on their website.
You might want to be more dipomatic with your LO than my response! lol...
For what its worth, it sounds like what your LO is saying is that you have a DTI issue. Ask the LO why s/he wants this done prior to your official loan approval. You can correct a DTI issue by paying off other debt used in the calcuation of your DTI. However, that won't work if the LO says your front end ratio doesn't meet guidelines (it appears that may be an issue from your post). If that is the case, and you have room in the back end, see if you can get a waiver for the front ratio. Do you know what your ratio's are?
I only mention this because the tax reassesment occurs after purchase, not after contract. The lender will change the escrows once the tax amount changes - they do this annually. So it is really unusual for a LO to ask you to change an assessment prior to closing. (I don't really think it can be done prior to closing either).
GL.
You can not fight the taxes until you take legal possession of the home.
You could request the seller dispute the taxes, but this normally takes over 60 days.
Simple ask for an escrow evaluation when the forms is sent to you and you should be good to go.
The only benefit of reducing the taxes for 2013 would be the amount you pay back to the seller for the remainder of 2013. If the LO is so concerned about it then you should tell them to do it for you as a value added service free of charge. I've never heard of this before and think your LO is full of it.
I live in Nebraska. In our county, we can only dispute our tax assessment once a year, in June. Have you checked your county assessor's website? Sometimes, they will have instructions to follow to dispute your assessment. In my case, I had to submit comparable properties and why my house isn't worth as much. Most had more square footage, and amenities I don't have (vinyl siding, underground sprinklers, etc.). I gave my argument and got my valuation, and thus my taxes, lowered in 2 instances. But, we only have a one month period to dispute valuations. If I were to buy another house in the county I live in now, I wouldn't be able to dispute the valuation until next June.