- 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, if this is your primary residence, have you filed for a homestead exemption?
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Jenny Kopriva is a professional Clear Lake Realtor with a focus on Clear Lake Iowa Real Estate and Clear Lake Homes for Sale. Contact Jenny today with questions or to find your next dream home!