[GLID2470]

I have been researching the various county tax office websites based upon home address of homes for sale. I know it only provides what the current home owner paid due to exemptions and assessed value. My question is does the sell price I would pay become my accessed value? Some of the homes I have looked at the current assessed value maybe be $50000 less than sell price. What value should be used in tax estimator? Any help would be appreciated. Marcy

[JCMSr]

Typically most municipalities will use the new sales price as the assessed value.

[dewilson58]

Disagree.............Most do not use the selling price as the assessed price.


They may look at it, but they do not use it as the assessed price.

[Pkrjim]

Purchase price minus costs such as realtors fees comes very close to assessment

[JCMSr]

When you purchase a home you will file a Warranty Deed transferring ownership. As part of the filing you will be required to report the value/purchase price. This value/purchase price determines the charge for State tax/stamps which is paid when the deed is filed. It is my understanding that this value/purchase price is also used to determine the new assessed value for tax purposes. Many municipalities will also do a periodic reassessment of property values as dictated by local regulations which could be once a year or once every 2-8 years.

[Villageswimmer]

Originally Posted by JCMSr

Typically most municipalities will use the new sales price as the assessed value.

No. My assessed value is more than $50,000 LESS than purchase price two years ago. (When exemptions are factored in, the “taxable value” is another $50k off.)

That said, I’m convinced there is no cut-and-dried formula. I’d suggest a phone call to the county’s property Assessor’s office.

[retiredguy123]

I don't think you are going to get a straight or accurate answer on your question from anyone. The assessed value is supposed to be based on the actual market value, but, in The Villages, it is normally lower. When I lived in Fairfax, Virginia, they taxed you on the actual market value of your house, I guess because they wanted every dollar that they could get.

[GLID2470]

Thanks for everyone’s response. I’ll just wait until my visit in June and talk to the tax offices. I had read it is based on fair market value but will learn its basis. It’s been 25 years since my last home purchase so am having to learn things again.

[JohnN]

I agree with JCMSr. I have a home just about identical to one 3 doors down. Same sales price in 2012. That house sold in 2015 and the new guy has taxes nearly double mine. I'm certain it was reassessed.

[manaboutown]

Originally Posted by JCMSr

Typically most municipalities will use the new sales price as the assessed value.

This has been my experience in NM, CA, MD, VA, DC, NY, ID and FL.

[rjm1cc]

Call the tax assessor. I think they will tell you they use a % of the sales price. Also ask how the bond figures into the value of the property. Remember you are paying x for the property to the owner and agreeing to pay y to bond holder for a total price.

[EdFNJ]

We bought our 9yr old 2/2 resale from original owner (bought from outside agent not T.V sales) 2 years ago. On our first tax bill our assessed value went up to exactly what we paid for it which was about $50K more than when it was new and what original owner was still assessed at. This is just tax assessment basis and not including anything to do with any exemptions for buyer or seller. Our taxes also increased proportionately (before exemptions).

It's done differently everywhere. Can't compare one STATE to another or probably not even one county to another.

[pauld315]

Originally Posted by Pkrjim

Purchase price minus costs such as realtors fees comes very close to assessment

That comes very close to what my appraised value became when we bought a home. Thanks for the explanation. That is in Sumter County.

[Fraugoofy]

I am no tax expert, but I do believe it is based on the sale price of the home. If you purchase a turn key home make sure you pay for that as a separate item or your taxes will be assessed on the sale price.

Example. House turn key for sale at 200k. Offer 200k but pay 35k cash for turn key package. Tax based on $165 sales price. I have never understood why people would want to pay tax on furniture/towels/spoons, etc..

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[Topspinmo]

I would look at which county you’re buying, IMO Marion county has the highest taxes. But, really don’t matter, you have no control or say so. You will pay what the county assessment puts on the property.