Legal Question in Real Estate Law in New York

when you buy a home and it is appraised for 50000 but you purchase it for 80000 which amount do you pay the property tax on the appraised vaue or the purchase price?


Asked on 5/10/10, 11:48 am

1 Answer from Attorneys

Arnold Nager Arnold H. Nager, Esquire

Unless you are in a jurisdiction which reassesses every year, you should have to pay property taxes based on the assessed valuation.

In examining this response, please note that we are not entering into an attorney/client relationship, that this is to be taken as informative, and not as legal advice, that it is always best to speak to a lawyer in your area and/or in the area where the transaction and/or events occurred, and that my answer is necessarily limited by the fact that I have not seen the documentation or had an opportunity to go over the matters with you in detail.

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Answered on 5/20/10, 4:44 pm


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