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West Nashvile...like West End/21st Ave, Charlotte Pike, or further out than that? I used to live in Inglewood and Madison years ago. I just hope the old folks who are selling to pay their taxes get decent prices so they have something to live on!
California on the other hand cannot re assess except when the property changes hands, or is physically improved upon ...
When you purchase a home in California, the first tax bill you get is usually for the amount of tax the prior owner paid. Sometime in the first 6 to 18 months after purchase the supplemental tax bill arrives, which catches your first year of ownership taxes up to the newly assessed values.
so: you buy a house, seller owned it for 5 years..taxes were frozen at someting like 3000 per year (two installments of $1500 each)
1st installment...$1500.00 nov 2nd installment...$1500.00 april
Then your house gets reassessed for the new taxable value and the new assessment is for 7000 a year....so you will get a supplemental bill totalling $4000.00...which will NOT be sent to your mortgage company for payment from escrow. It will be also split into two installments.
If you have a good settlement agent, your escrow will be well padded at settlement and your monthly installments based on the true value for taxing and not the old owner's rates. Then when you getyour supplemental, you can ring up your mortgage co and request payment from the escrow account.
The following year, you will get a tax bill for $7000 (roughly), divided into two installments due in Nov & April which your mortgage co will receive and pay from escrow.
I must explain this 50 times a week .... you can't buy a doghouse in California without supplemental taxes.
New construction in other states is similar, but homeowners are not as well cared for by their settlement agents...mortgage co doesn't get the added assessments, homeowner doesn't realize they need to request payment from escrow and this is difference between land and land + house.
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