R.E. Taxes, new construction with no assessed value

[beartrout]

Wondering how you all handle this. I am working on a new construction 1004 SFR and county records are way behind with no assessed value and no estimated total taxes. How to address this in your report? UAD does not allow me to enter Ukn or TBD under R.E. Taxes$.

 

[Tiffany Gibbons]

Wondering how you all handle this. I am working on a new construction 1004 SFR and county records are way behind with no assessed value and no estimated total taxes. How to address this in your report? UAD does not allow me to enter Ukn or TBD under R.E. Taxes$.

Use your final market value, find out the assessment rate. Residential in my state is assessed at 25% of the Assossor's final appraised value. Multiply the assessed value by the current tax rate. Or find one of similar floorplan in the subdivision that has been assessed and use that.

 

[CGinMN]

Place a call to the county and they will be able to tell you the tax amount, or at least provide an estimate of the taxes. If they can’t, provide your own estimate as stated above. Explain in the narrative taxes are an estimate based on…

 

[Dublin ohio]

If no taxes yet. I put in a zero and then put commentary on estimated taxes on page 3. Luckily, all of the counties I work in have an online tax estimator. I just plug in the sale price of my subject, some require you to enter tax district and hit calculate.

 

[Tiffany Gibbons]

If no taxes yet. I put in a zero and then put commentary on estimated taxes on page 3. Luckily, all of the counties I work in have an online tax estimator. I just plug in the sale price of my subject, some require you to enter tax district and hit calculate.

Odds are no one will argue with you if it's not easily obtained, lol.

 

[Tim Hicks (Texas)]

Or look at what the same size house in the neighborhood taxes reflect. How about $0 since there are none yet.

 

[chad hampton]

I always estimate them based on similar homes. Then state they are estimates only and subject to change.

 

[sputnam]

I estimate taxes based on my appraised value and the tax rate and include comments about why I did that instead of just looking it up in public records.

 

[Terrel L. Shields]

If a vacant lot, then put down what the vacant lot is assessed/taxed for and comment that it does not include the improvements yet. Your assessor is probably on Eagleweb or similar, right? This is Fremont County.

 

[Tom D]

this city has a 10 tax abatement on new construction, only based on land value. i agree that the tax will be assessed on the sale price when it does settle, if there isn't a tax abatement. this big modern city can't even get public records up to any reasonable time a lot. you note somewhere that it is only an estimate, but the lender need's a number for escrowing, or paying, it in advance the 1st year.