Why did Advalorem Property Taxes Change When I Bought my Home Oklahoma
The Advalorem Property Taxes on the home that I purchased were $1470.60 per year for the previous owner AND that's the amount that was used as an annual rate when the closing was done.
Something is strange, because the seller was prorated at that amount on the HUD 1 but when I got my tax bill, the amount due was 1846.80.
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When you inquired about the property, looked at the property, and then again, at closing, you were told that the property taxes would probably change when it sold.
It is customary for real estate to be re-assessed in McCurtain County and Choctaw County Oklahoma when it sells. The deed has a document tax stamp on it, in the upper right hand corner. That document tax stamp has the amount of doc stamps or tax that was paid by the seller when the home sold. The Tax Assessor then knows that the property sold for that amount, and the property is very often re-assessed to that value, which then changes the amount of ad valorem property taxes due on that county property parcel.
The previous seller had paid $185,000 for the property many years ago. That was the value that taxes were being based upon. When you purchased at $230,000, the assessed value changed to the purchase price and consequently the annual ad valorem property taxes increased.
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Always remember that property taxes are probably going to change when the property changes owners unless it transfers within the family with no doc stamps on the deed.
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Judi Barrett, broker at Integrity Real Estate Services. Our name says it all. Call me if I can help you with your home sale or home purchase in Idabel, Broken Bow, Haworth, Garvin, Millerton, Valliant, Swink, Fort Towson, Sawyer, Raymond Gary Lake, Pine Creek Lake. 580-212-5946
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