What does assessed value mean?
If I buy a property with assessed value of $10,000 for $5,000. Do I pay taxes on $10k or $5k?
- David 14Lv 71 month ago
You pay taxes on what the city/town assesses it as.
- babyboomer1001Lv 71 month ago
You will pay property taxes on the assessed value - assessed by the county tax assessor, which assessment was assessed when the house was first built, no additions, no renovations, but with regular increases based on housing values. It sounds like you got a good deal.
- StephenWeinsteinLv 71 month ago
Assessed value means the amount on which you pay taxes.
- JudyLv 71 month ago
You pay property tax on the assessed value. If you can show that your property is assessed higher than comparable properties in your area, you can appeal the assessment. You don't get a tax break just because you got a deal on the purchase price.
- What do you think of the answers? You can sign in to give your opinion on the answer.
- SlumlordLv 71 month ago
Which tax? You pay transfer tax (which isn't charged everywhere) on the sale price. You pay yearly real estate tax on the assessed value. Assessed value is the county assessors estimate of value which is sometimes pretty far off from the actual price you could sell for.
- SlickterpLv 71 month ago
You pay property taxes on the 10K. What you pay for something and what it is worth are not always the same.
- RickLv 71 month ago
You pay sales tax on the purchase price ........................