If I’m buying a home and the previous owners qualified for the Homestead Act which brought down the price of the property taxes, will they go up after he sale?
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If I’m buying a home and the previous owners qualified for the Homestead Act which brought down the price of the property taxes, will they go up after he sale?
Can I keep those taxes at the price or will my taxes definitely go up after purchasing?
Asked on October 13, 2011 under Real Estate Law, Pennsylvania
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The property taxes that you will be assessed with concenring the home that you will soon be closing escrow on will be based upon its appraised value at close of escrow based upon its fair market value that you are paying.
The property taxes that the prior owners are paying for this property will have no bearing upon what you will ultimately have to pay due to the fact that the prior owners will no longer be owners of record for the parcel they are selling to you.
In California, property taxes are typically assessed at 1.1% per thousand dollars of value for the property. If the property is valued at $300,000, then your annual property taxes under this scenario would be around $3,300.
Good luck.
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