When to pay property taxes


#1

I am following two transactions heading to auction soon.? The first shows unpaid past due property taxes for all of 2007 and for the first half of 2008.? If I purchase the property at auction how quickly do I need to bring the property taxes current?? If my purchase price is lower than the prior assessment value how do I get the taxes adjusted to reflect the new lower base?
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Thanks - I am still learning a lot.


#2

It takes 5 years before the property can be taken to tax sale, but you will incur penalties and interest so it may be better to pay them sooner. When I was buying at auction I typically didn’t bring the taxes current until I resold the home (though that was usually within 2-4 months).
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I doubt they will adjust the taxes prior to the date of your ownership for you, though they will re-assess the property prorated to the date the trustees deed was filed. This will happen automagically, but often months after the fact. Was not uncommon to see supplemental assessment bills 6-9 months after the fact a couple of years ago. Now perhaps they will send a check. I doubt there is anything you can do to speed the process up.


#3

No, the tax office is making you pay property tax on the market value of home if in fact you intend to re-sell the home that was purchased a Trustee Sale. They will not re-assess at what you paid. You can call them and discuss with the Appraisal Dept. So I would not count on any checks coming your way.


#4

But they do reassess for current market value, which is almost always lower than the prior owners assessed value in this market. I actually just got a check back for exactly this issue. I paid on the previously assessed value at sale, and assessor sent a check back for the difference after the reassessment to current market value was complete. ? I’ve also had good luck filling out a PCOR when I file the trustees deed making the case for a lower assessment. I’ve found my assessments to be far more reasonable when I do this, vs. not.


#5

What is PCOR you refer to? I’m new at this ,thirst for knowledge! Thank you


#6

Preliminary change of ownership report. It is required on all property transfers and gives the assessors office details they need to determine the proper tax assessment. It is not required on a trustee’s deed, but you may submit one.


#7

i work closly with the different county assessor offices on making sure that the fair market value of a property?is enrolled for the fiscal year…to ensure that the purchase price gets enrolled, ?it is always best to protect your right to a refund by filing?an?application?for changed assessment?(formal appeal) with the cleark of the board before the deadline (either sept 15th or nov 30th depending on?the county)…filing the formal appeal protects your right to?getting a?refund