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No Excuses For Not Knowing Your Property Tax Liability
February 21st, 2007 categories: Tampa Real Estate, Tips for Sellers, Hillsborough Property Tax
Every time I hear it I cringe. “I didn’t know my taxes would go up this much.” Too many buyers focus on what the seller of a property has been paying in taxes as an estimate of what they will pay. This can be way off of the mark, especially if the seller has a homestead exemption and has owned the property for some time. Your taxes for the remainder of the year in which you purchase the property won’t change, but the property will soon be reassessed based on what you paid for it.
In fact, Florida state law requires sellers to provide a disclosure to their buyers that tells the buyer not to rely on what the seller has been paying as an indication of what they’ll be paying in property taxes. This disclosure is usually included in all Florida Association of Realtors contracts.
BUYER SHOULD NOT RELY ON THE SELLER’S CURRENT PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT THE BUYER MAY BE OBLIGATED TO PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT THE COUNTY PROPERTY APPRAISER’S OFFICE FOR INFORMATION.
Could result in higher taxes? How about “will most likely result….”! And Rob Turner, the Hillsborough County Propery Appraiser is kind enough to include a great tool for estimating property taxes in Hillsborough County on his website.
Also be careful when getting a good faith estimate from a lender. The lender will often estimate taxes based on what the seller has been paying. Make sure your lender is correctly estimating your monthly tax liability. It is a big component of your monthly payment. See “Calculating Your Monthly Nut“.
So there are no excuses for not knowing what to expect regarding your property taxes. Ask your agent or visit the appraiser’s website.
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