Quote:
Originally Posted by EdFNJ
My first years taxes were 3 times what the original sellers was because his taxes were based on the original purchase price of the home in 2009 and mine was based on my 2017 purchase price PLUS my first tax bill did not include any of the homestead deductions because I closed after January 1st. It too was SHOCKED. It put a crimp in my tightly planned budget.
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Bingo! Many people don’t realize what an important factor purchase price is in determining tax assessment.
That said, though, OP did say that the title company admitted their error. I guess I think that that’s one of the reasons you pay a title company closing fees. Their role, I think, is to check the math and stipulate all is in order. Then they manage the closing.