Homes for sale, turning recent sales into property tax savings!

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Homes for sale, turning recent sales into property tax savings!

As discussed in other blogs, high tax states are losing residents at levels never seen before. This can translate to huge savings for YOU and is easier than you thought. MLS sites like Zillow.com and Realtor.com can assist homeowners in finding similar homes for sale in your neighborhood. We often use Zillow.com to search geographical areas for a significant number of homes for sale, have been for sale for more than 6 months, and have had drastic price reductions from the original asking price.

When searching for homes, you have the option to look up prior year assessed values and prior-year tax bills. Depending on what State and County you live in, the assessment rate will vary greatly. For this example, we will use a 1/3 assessment rate ( a $100,000 fair market value will have an assessed value of approximately $33,000 and this number is then multiplied by the current tax rate ). A home in a central Illinois county was listed for sale for $239,000 ( this is the asking price and will likely sell for 5% to 10% less) but was assessed at $103,000 ( according to the assessor the fair market value was $309,000). This huge difference translates to $24,000 assessed value change. In this specific county, that error means an overpayment of about $2100 per year.

We know that not all states tax as high as Illinois but even in low tax states, you may find that you are paying $100, $200, $500 a year more than you should.

The Property Tax Dr APP wants to help you CAP your tax bill.