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