Property Taxes and New Homes:
If you buy a new home (new construction), the estimated taxes will be based on the tax assessment from the unimproved property. In year two or three, the tax assessment will take into account the value of the home on the property. A typical assessment may more than double your property taxes. If you choose to pay your taxes from escrow, through your lender, this could make your payment go up by hundreds of dollars a month.
Property Taxes and Homestead Exemptions:
If you buy a home from a seller who was taking a homestead exemption on the home, and had been doing so for many years, the assessed value of the home will rise dramatically when the property is sold.
If you have questions about how this could help you, call Jason Biro at Team One Lending: (561) 868-1808 ext.3