Updated over 2 years ago on . Most recent reply
Tax Reassessment at Closing?
I'm looking for my first house hack and as I'm analyzing deals, I need to factor in property taxes. At closing, does the city/state reassess the value of the home for property tax purposes? Specifically, does anyone know if New York State does this? I'm located in Buffalo. Thanks in advance for the tax help!
Most Popular Reply
Tax’s are reassessed annually based on the neighborhood appreciation. Spot assessment as they call it meaning increasing the taxes on an individual purchase is illegal in NYS. That being said some towns are truly annual, and some are every 3-5 years. It depends on the area.