Five Questions to Ask About Property Taxes

• What is the assessed value of the property? Note that assessed value is generally less than market value. Ask to see a recent copy of the seller’s tax bill to help you determine this information.
• How often are properties reassessed and when was the last reassessment done? Generally taxes jump most significantly when a property is reassessed.
• Will the sale of the property trigger a tax increase? Often the assessed value of the property may increase based on the amount you pay for the property.
• Is the amount of taxes paid comparable to other properties in the area? If not, it might be possible to appeal the tax assessment and lower the rate?
• Does the current tax bill reflect any special exemptions that you might not qualify for? For example, many tax districts offer reductions to those 65 or over.