When buying a house, do property tax exemptions transfer?
Let’s say someone buys a 100,000 dollar house. The house has property taxes of 1000 dollars per year, AFTER primary residence and mortgage exemptions. The previous owner had these exemptions. When you become the new owner, do the exemptions transfer? Do you have to file somewhere for them? Do you have to pay the full, no exemptions property taxes for a year or so before the exemptions kick in?
I am asking, because I am about to make an offer on a home, but if I can’t immediately get the primary residence and mortgage exemptions, my tax bill will be too high to afford the payments.
By: Pelz
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Published by: admin on February 4th, 2008 | Filed under Tax Exemptions
3 Responses to “When buying a house, do property tax exemptions transfer?”
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February 6th, 2008 at 8:19 pm
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Please rethink this purchase.
If this amount will cause you to not be able to afford this house, the house is probably too expensive.
Property taxes will increase every other year
…..
But you did not ask that
depending on where you live, you WILL qualify for the exemptions of the previous owner but you might have to reapply to get them.
Also if the previous owner was disabled or if he or she was a veteran etc, you obviously wont qualify for them
YOu would NOT have to wait a year for whatever exemptions you do qualify for
February 7th, 2008 at 8:46 pm
tax exemptions
I sure am glad you said what you said in “i am asking…”
because you will want to put this
clause into the purchase contract
for this home and any others
where it is critical for you.
IF you do not have a CPA, get
one now who can work with
the agent reping you to make sure you get it. and ask the agent’s broker……..in some cases they might state it depends on your tax situation,
not the house!!
February 10th, 2008 at 1:23 pm
Create a video blog
sorry u sound like u are in foreclosure all ready.
if tax payments are a problem now! five yrs or less u will have major problems.
do ur math with ur head not ur heart.
there are plenty of other houses