Are property taxes more for a newly build homes ?
November 19th, 2009 | by admin |I am planning to buy my first home ,looking for some condo/town homes.
1) Are property taxes more for newly build homes ?
2) How long is it more for ?
3) On average how much is it more compared to old houses ?
no, they are the same. Property taxes are based on the assessed value of the property. In fact, if the price of the new home is lower then what the old ones sold for, then your taxes may be less.
In MD, properties are assessed every 3 years. In years 2 and 3 they increase the assessed value. For example in 2008 the assessed value of a old home was 100,000; in 2009 the value was estimated to be 105,000 and in 2010 it would be 110,000. These estimates are what the property taxes would be figured on.
However, in 2009, you purchase the same type of home for 95,000 (because of the market). The assess value would start at 95,000 and work its way up from there.
2 Responses to “Are property taxes more for a newly build homes ?”
By real estate guy on Nov 19, 2009 | Reply
no, they are the same. Property taxes are based on the assessed value of the property. In fact, if the price of the new home is lower then what the old ones sold for, then your taxes may be less.
In MD, properties are assessed every 3 years. In years 2 and 3 they increase the assessed value. For example in 2008 the assessed value of a old home was 100,000; in 2009 the value was estimated to be 105,000 and in 2010 it would be 110,000. These estimates are what the property taxes would be figured on.
However, in 2009, you purchase the same type of home for 95,000 (because of the market). The assess value would start at 95,000 and work its way up from there.
References :
By cajunmom on Nov 19, 2009 | Reply
Property taxes are due on a yearly basis. It is usually based on the appraisal value of the property. It is for as long as you own the property, and it depends on the tax rate. It would vary from county to county, and state to state.
References :