Posts Tagged ‘buy foreclosed property in florida’
Buy Foreclosed Property
May 22nd, 2008
Buy Foreclosed Property
Question: If I buy a foreclosed property, what will the property tax be?
I'm looking at a home that is for sale at about 1/4th the last sale price. If I buy this home, will the county (San Joaquin) set the tax at what I paid for it or what it used to be? This is important since my monthly costs have to include some money for the property tax.
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Answer: Under Prop 13, the property valuation typically is controlled by the selling price of the property. However that's limited to "arms length" transactions, not necessarily to distressed sales. Check with the county first to see what they will value the property at. A 75% loss of equity would seem extreme, even on the Left Coast.
Buying a Foreclosure: Top 10 Mistakes Buyers Make
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