Skip to content
Buying & Selling Real Estate

User Stats

12
Posts
6
Votes
Paolo Garcia
  • New to Real Estate
  • Brooklyn, NY
6
Votes |
12
Posts

How to calculate future property taxes? (Buy and Hold)

Paolo Garcia
  • New to Real Estate
  • Brooklyn, NY
Posted Feb 28 2020, 15:41

Hey All,

I had a question about property taxes, I'm looking a few properties on the MLS to buy and hold (already rehabbed properties) and there have been a few listings that have low property taxes. I assume it's based on the current owners assessment back in 2017 before they rehabbed the place.

Though i'm a bit hazy as to what then happens once you purchase that property...
1. Should I be running the numbers based on that old tax assessment or projected taxes based off the purchase price?
2. Are the taxes assessed based on the amount you paid for it.

Example:
Listed price $275,000
Taxes listed on MLS: $1,439 (based on 2017 assessment - last sold for $109,000 pre-rehab)
Tax estimator based of listed price: $5,984

Hope this makes sense, would be great to get your advice.

Cheers.
Paolo

Loading replies...