Looking to buy a new construction class A fourplex in texas. Currently FMV for taxes is assessed at 500K, whereas selling price is 1.2 mil. Anyone knows how these will change in future once fully built/rented ?
We usually use 1.5% of the purchase price for the annual tax bill. It tend to be a higher end estimate but should get you fairly close- especially if you will not have any sort of homestead tax benefits.
they will definitely go up, when depends on if the town revalues upon purchase, every year or on a 3-5 year cycle. You should be able to find the tax rates on the town website. I would take their current rate for the full purchase price. You know you will pay it eventually.