Property Taxes

The assessed value of a home that has not changed owners for a long time could be considerably lower than the assessed value of a recent sale, even if the homes are identical.  It is a good idea to verify the current tax amount with the local tax appraiser. Tax bills may reflect additional exemptions, such as Homestead Tax Exemption for the existing owner.  As a new owner of the property you would pay higher taxes until you qualify for a Homestead Exemption. Property tax amounts can be contested by visiting the local tax assessor. You will need to prove why you believe your property is worth less. Remember, a Comparative Market Analysis (CMA) provided by your real estate agent, is an informal estimate of market value. A licensed appraiser is the only source for a professional appraisal of the property.