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Why do taxes fluctuate so much?

Profile picture for ricechickie
I see some house listings in which the property taxes paid are in the thousands one or more years in a row, then drop down to the hundreds.  Is there a way of predicting what the taxes would be for the next year on a property I'm interested in?
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March 02 - Buffalo
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Profile picture for jkonstant
Real Estate Agent
Contributions: 1503
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Since May 2009

I don't know about New York, but several states I am familiar with have laws limiting the amount taxes can increase per year. Often the sale of a home generates a new assesment closer to the true market value. I bought a home this year and pay close to $2000/year while my neighbor 6 houses from me (similar home) pays just $1300/yr. She bought in 1999. Property taxes and calculations can become even more complicated in states or localities with homesteading laws and exemptions.

I agree with Nathan. Check with the county assesor or appraiser or whatever they go by and find out what the taxes really are now and what will happen when you buy. With so many local governments looking for revenue, you need to find out what proposals are floating around that will affect them too.
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July 22
Is this a very common thing you are seeing or a once in a while thing?   I know when the reverse is true, very low taxes for years followed by a huge jump, that may indicate a new house having been built on a lot.

I guess I would want to know if you are talking about the taxes paid or the tax bill.  Maybe the owners paid no taxes but their bill was still high.  In any case a good realtor can answer this question for any given property.  Just remember that an old trick is to quote on the house listing the tax bill for 2 or 3 years ago and make the house seem cheaper than it is.  Always ask for the current year's tax costs!  Don't believe what the listing agent has written.  Also ask when the house is to be reassessed - Jan 2010 or right after the sale at your purchase price.
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July 22
Profile picture for natewolf
Real Estate Agent
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You would have to talk to the local tax assessors office with specific inquiries about future tax rates on a specific property. If this is or Buffalo, NY properties, you can contact the Buffalo Tax Assessor: CLICK HERE.


If this answered your question, please click on THUMBS UP below V

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March 02
 

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