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What you should know about PROPERTY TAXES...
If you are in the market to buy a home and have found a property you are interested in purchasing, here are 5 Property Tax Questions You Need to Ask:
1. What is the assessed value of the property? Note that assessed value is generally less than market value, so make sure to ask to see a recent copy of the seller's tax bill to help you determine the correct information. 2. How often are properties reassessed and when was the last reassessment done? Generally taxes jump most significantly when a property is reassessed. 3. Will the sale of the property trigger a tax increase? Often the assessed value of the property may increase based on the amount you pay for the property. In some areas, such as California, taxes may be frozen until resale. 4. Is the amount of taxes paid for the home you are interested in comparable to other properties in the area? If not, it might be possible to appeal the tax assessment and lower the rate.5. Does the current tax bill reflect any special exemptions that you might not qualify for? For example, many tax districts offer homestead exemptions or reductions to those 65 or over.
 
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