Hey guys, my G/F and I are looking to buy a house. We found one hell of a deal on a short sale. The house is amazing and is listed for ~140000 less than it was assessed at when it was new. The problem is the taxes for the house at what it was assessed at are 10k a year. Insane i know. So what i wanna know is how likely it is for us to successfully grieve the taxes due to the house being worth significantly less.
if the taxes are too much for you now DONT buy the house… Your not going to get the taxes reduced, the only reduction you can get is the “star” program… It lowers your school taxes I believe… Just gotta go to the town hall and register.
Not real estate expert.
How much was the house assessed for and how much is it selling now? I “think” it will be reassessed to reflect its current value and your tax will be adjusted.
Only way you’d possibly be able to lower the taxes is by getting the house reassessed. I don’t know how you’d go about it, but the only people I’d take advice from on here for real estate questions would be Jammer, JClark, and Boost Creep. They’re most likely the most knowledgeable and experienced in the matter.
dont forget clairfbeeIII, he works for keller williams.
The house was assessed are 385k its for sale @ 269k and has been for a while. Thanks for the input guys. Cossey I will keep that in mind.
Out of curiosity, how much land is with that?
1.61 acres
Grieving taxes I think is all county based IIRC, and the dates and how it should be done are set forth by such. I would look into that though first.
The problem with the short sale is the bank has the final say over the sale of the property and closings can take a VERY long time, often longer than the actual approval time of the buyers loan amount. Just be cautious and know exactly what you’re getting into when making an offer on that home 
Oh and as Chris said, talk to one of those guys he listed. All know their shit in this line of business very well
And this reminds me my school taxes are do at the end of the month… FML.
as far as I know it will be reassessed during the purchase. And the county MAY adjust the taxes for the market value of the house. But don’t expect it. We still have to do that for the house we just got… keep forgetting though. lol
Yep I’m calling the town tomorrow to pick their brain about it. We just looked at the house tonight it needs some minor shit but is only 4 years old so everything major is mint. I def will look into how long my approval is good for and luckily I’m renting so I don’t need to sell a house b4 which actually gives me an advantage because the selling bank knows I can get right in there. I’ve heard good things through the Realtor that the bank that currently owns the house is very motivated so we"ll see.
I just paid the school taxes, property taxes, sewer and water bills. FMAsshole
I’m glad all my taxes are included in our mortgage payment! Makes life so much easier LOL
ESCRO FTW
10k taxes for a 385k assessed house isn’t bad… It’s called the real world… If you want to live in a new neighborhood, your going to pay. What county?
Yes… escrow FTW! Also, know that a short sale is a LOOOOOONG drawn out process. I know quite a few people that went months before they finally closed (talk to usmc2801 about that one… lol). So don’t expect to be in there anytime soon.
Yes, there is NOTHING short about a short sale LOL
I understand but the house isn’t worth anywhere near that anymore.
You gotta play to pay, that ram would look sick in the driveway…