If I paid taxes on a house that was appraised at $1,200,000 but it only sold for $800,000, can I get back the extra money that I paid in taxes?

UPDATED: Feb 2, 2018

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If I paid taxes on a house that was appraised at $1,200,000 but it only sold for $800,000, can I get back the extra money that I paid in taxes?

We had my grandmother’s house appraised and they said it was worth $1,200,000 9 months ago, so I paid $17500 in taxes. However, the market dropped considerately and the house finally sold in 2 months ago for $790,000. I s there anyway I can recover the $6,000 in additional taxes that I paid, as I’m sure if the snare was reversed they would want more money.

Asked on February 2, 2018 under Estate Planning, Alaska


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

No, unfortunately:
1) If you appeal your taxes, it's not retroactive: you can (possibly; though with great difficulty) reduce them going forward, by showing that the appraised value is too high, but they will not refund previously taxed money. Since you've sold the house, a going-forward adjustment will not help you--only the buyers, if they pursue it.
2) A single sale does not by itself establish that an appraisal was wrong in any event: it would take more evidence and more data points that that.

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