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tax assesment

Posted on: 07th Apr, 2011 05:45 pm
1. i found a house i wanted to buy it has a $730,500 tax assessment in 2010 is that normal? If i buy that house does that mean I have to pay that tax? what does it mean when it says tax assesment is $730,500?
2. if i buy this house.. do i have to pay that $730,500 so the price of the house + the $730,500 ??
3. also another question which may be kind of stupid but ill ask it anyway.. if the house you are buying is in a bad neighborhood (maybe gang related) and you ahve renters and the renters get robbed or soemthing or hurt.. even shot (to think) what a nightmare... are you the landlord responsible for this?
Hi judy_winters!

Welcome to forums!

The amount mentioned as the tax assessment is actually the tax value of the property. You will have to pay the sale price of the property only. If there is a tax lien on the property and if you buy it, then you'll be liable for paying the tax lien. Nevertheless, it will be a good option to have a word with a tax assessor in this regard.

I don't think as a landlord, you'll be responsible if anything happens to the renters of your property.

Feel free to ask if you've further queries.

Sussane
Posted on: 07th Apr, 2011 08:52 pm
Judy, that must be quite a neighborhood for the home to have an assessed value of over $700K, yet gangs seem to abound, based on your description.

The tenants you mention will have to be ultra-careful, it would seem, to protect themselves from your neighbors. I hope they don't go get weaponry and end up shooting up your new property.

If there is violence, generally it's up to the police to deal with it.
Posted on: 11th Apr, 2011 12:30 pm
What is the difference between tax assessment and tax paid?

Tax History
Year Taxes paid % Change Tax assessment % Change
More entries
2010 $9,405 3.8% $702,131 -0.2%
2009 $9,061 4.4% $703,800 --
2008 $8,681 16.6% $703,800 2.0%
2007 $7,442 1.6% $690,000 18.2%
2006 $7,328 17.6% $584,000 --


IF you look at the above it says tax assesment $702k and tax paid is $9k do i have to worry about the tax assesment of $702k when i buy this property?
Posted on: 17th Apr, 2011 11:59 am
Welcome Guest,

The value calculated by the tax assessor is used as the basis for determining the amount to be paid or assessed for tax or insurance purposes. This is known as tax assessment. The term tax paid means it is amount of taxes you need to pay on a yearly/monthly basis.
Posted on: 18th Apr, 2011 12:39 am
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