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Why I Care About Your Tax Record

By
Real Estate Agent with Associate Broker, Momentum Realty

You have cleaned out the closets and painted the hallway.  You have planted some flowers and mulched the flower beds. The house looks perfect in every way.

House
But what about your Tax Record?

When I show a house to a prospective buyer, I am usually showing it from a listing.  The information in the listing is deemed to be accurate, but not guaranteed. It is usually based on the best information that the Listing Agent has available. For that reason, I always pull the Tax Record before I write a contract with my client.

There is a lot to be learned from the Tax Record.  The first thing I learn is who the legal owner is. I have had people tell me their house is owned jointly and I have found out that  it is not jointly owned. I can also find out if it has  been placed in a trust, which must then be party to the contract.  This is also where the information about a Bank Foreclosure might be revealed to me  for the first time.

I can confirm the square footage here, see the most recent assessment on the house, find out if there are any special assessments (extra local tax ) and let my client know what the current year taxes were.

Finally, I get information about the room count, number of bathrooms, finished decks, finished basements and more.  I compare this to the house that we toured. By doing this, I am able to determine if any of the work on the house was performed without proper permits.

When you apply to your local city or county for a permit, besides triggering compliance and safety inspections, it puts them on notice that you are materially changing the property.  Many people like to avoid this since it can result in increased taxes. I would strongly advise you against this; I find that Buyers are often unwilling to pay good money for something that they are not sure is safe. I am sure you trust that deck that you and your buddies built last summer, but the next owner may not be willing to run the risk that it was not properly installed.

I know that it can cost you both time and money to permit a job.  Believe me when I tell you that it can also cost you time and money not to permit it.

money

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 Momentum Realty

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