Profile picture for smlgobears

does property tax change when a home is bought/sold?

If I bought this home how would the taxes change after closing?
  • Question refers to 5936 Gray Rd, Fairfield, OH 45014
  • June 24 2009
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Answers (2)

Profile picture for smlgobears
Thanks for such a prompt reply.  The informations was useful.  Could you tell me what value the property tax for this listing is based on?  Also, is the home reassessed when it is purchased?
  • June 25 2009
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smlgobears,

Very good question. Actually, the purchase price of your home does not effect the taxes.

Your taxes are determined by a few things. First of all, you are most likey dealing with "ad valorem tax" which relies upon the fair market value of your home being determined by an assessor. The property tax rate, most commonly known as the "mill levy," is used to determine your taxes based upon the assessed value of your home. Your tax amount is determined by multiplying the value of your home (set be the assessor) by the mill levy, and then dividing it by 1,000.

Example: If the assesor's appraisal determines that your home market value is $50o,000, and the mil levy is 20 mills, your taxes would equal $10,000.

I hope this information is beneficial to you.
  • June 24 2009
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