User:CrystalMingo922

The Tax Collector Will probably be your Friend

At the start of January, the {san diego county tax collector Office, and several other counties in North Carolina sent notices of new Real-estate Valuations. The tax office is legally obligated to get property taxes depending on 100% with the "true value in money." These valuations represented the tax office's best guess as to the price where the home would rotate.

For instance, when Buyer B purchases a property for say $585,000, that cost represents the "true value in money" that the property was worth towards the buyer.

However, as the tax office reappraisal is done just as much as Eighteen months ahead of the new values are made public, the tax value will seldom reflect a recent sales price, and so the Buyer's new tax bill is going to be less than whatever they paid for the property.

However, Four years later, if the property is again reappraised from the tax office, that $585,000 sales price will probably be factored in to the tax office calculations. Because the tax values usually are not looking for individual properties but they are instead calculated for any band of similar properties, the newest appraisal next year may still be lower than the cost paid in 2007.

Think that we sell a house in January 2007 for $585,000. The tax value has been $170,800 since the last reappraisal in 2001. In January 2007 the tax value increased to $300,000 understanding that tax value will continue to be in position until January 2011 when another reappraisal becomes public. Taxes collected in January of 2008 through 2011 will be based on $300,000.

The county commissioners and town council can change the tax rate each year if they are like doing so which would impact the annual goverment tax bill. Normally this change will only be half the normal commission plus it would be made during a public hearing, so a property owner can express their opinion for the council.

Included in the reassessment process, in January 2011, the tax values will be based on all comparable sales inside the most recent 4 year period and undoubtedly the tax value for that property we sold will have increased since 2007, but even then the value of that specific property is probably not equal to the $585,000 sales price of 2007.

We could therefore say the Tax Office is your friend because in spite of the fact taxes will definitely always increase, your premises are only reappraised every 4 years and taxes will seldom, if ever, be based around the latest sales price.

Buyers can be assured, therefore, they may be paying taxes on the value that's less than your rate of the property.

Sellers can easily see that despite the running increase in tax value, the particular market price is still larger, as well as the price of their investment has continued to improve.