Good post....not everyone is aware about the possible changes in tax information due to foreclosures, etc.  Something I've always checked out for myself, but  I know not everyone does.

Great information!  Thanks for sharing.

Good advice -- I think it is best to get a copy of the tax bill - In most towns it will show the exemption.  Also, there is a place on the MLS entry form to indicate if there is an exemption in place as well as in the seller's disclosure form.

Lacy:  Thanks for stopping by and I hope the informational "heads up" was helpful to you.

Joan:  The problem I'm finding is the sometimes the latest tax bill could be months old when the exemption was in place, and now it can be gone.  I much prefer to do my own investigating for my clients. They thank me, and their mortgage lender thanks me.  Too many problems can arise with inaccurate tax info.  Also, bank owned homes normally do not have a disclosure in place that is detailed with anyting other than "as - is"

Drew:  I'm glad you're one of the ones who check for yourself.  It really is not time consuming and is the only accurate way I know of to keep our clients informed of all the pertinent information before they write an offer.

Kris, it is absolutely imparative we check the taxes for the homestead exemption or not. Your right the difference can mean the difference in the buyer being able to purchase the home. Don't you hate that May 1st filing deadline ? Now, who came up with that.

Missy:  If I'm not mistaken I think that filing deadline came into effect around the same time as the Headlee Amendment.  (It gives the assessors 60 days before the typical July 1st tax billing for summer taxes.)  Mortgage lenders generally give a low-ball estimate of property taxes when they are pre-approving a client.   I always call them up and ask what figure they used, then call them again after I know what the exact property tax amount is.  If we don't do that our buyers will be very disappointed when they find out they don't qualify for the mortgage anymore or have to pay more $$$ out of pocket and in their escrows each month.

Hi Kris, this is a great post, many people overlook this detail and many agents also do not dig far enough to make sure the information that is listed on the MLS is accurate.  It could be a fatal mistake for a buyer.  Nice post.

Great job Kris, excellent tips for consumers.

Gary:  Thanks so much for stopping by and commenting.  I agree, relying on the MLS data is a huge mistake.  Buyers need to be aware of the ramifications of incorrect info.

Mike:  Thanks Mike, and as always, thank you for popping in to read.  Now when are we going to co-cop?

Kris - that would be great if we could co-op someday!

Very informative post for those poor buyers who are represented by less than the best.  I always check on the tax info with the city prior to writing.  I prepare them for the change in taxable value and suggest that they set aside "x" amount each month.  This way they're not shocked when that adjustment notice for the escrow shortage arrives in the mail.  I also look up my buyers address on PRD the following year after they close, just to make sure that they are showing as homestead.  I just helped a buyer recoup over $1,000. The municipality received his homestead exemption form.  They just never bothered to enter it into the system.

Mystery guest:  Thank you for your comment.  I've also had a buyer turn in the exemption and someone at the clerks office drop the ball and not register it.  What a nightmare for those buyers!  It sounds like you go out of your way for your buyer clients, good for you!