ESTIMATING FIRST-YEAR TAXES – How can a new homebuyer estimate first-year taxes?
When you purchased your home this year, you inherited the seller’s exemption status for the current tax year. Please review your closing statement, as the seller likely gave you a deduction for the seller’s pro rata share of the current year taxes. Because of that, you will be responsible for payment of the entire tax when it arrives in November. Next year, your home will be reassessed based upon your purchase price this (and the sale prices this year of other qualified market sales in your neighborhood). Finally, remember that you will need to file for a homestead exemption on the property for next year as the seller’s exemptions will automatically be removed at the end of this year. Note: The Home-Buyer’s Tax Estimator on our website will give you a rough estimate of the property taxes on your home for the tax year immediately AFTER you purchased it.
