Property tax question

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O-Trap's avatar

O-Trap

Chief Shenanigans Officer

14,994 posts
Nov 28, 2012 3:16 PM
My wife and I are in the process of looking at buying our home. To this point, we've been renting.

Is there somewhere I can find what kind of property taxes I'd be looking at if I were to buy? Since we'd be first-time homeowners, I have no idea where to look for that information or how it's even structured.

If it's necessary, I live in the North Hill section of Akron
Nov 28, 2012 3:16pm
like_that's avatar

like_that

1st Team All-PWN

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Nov 28, 2012 3:17 PM
PIIHB
Nov 28, 2012 3:17pm
FatHobbit's avatar

FatHobbit

Senior Member

8,651 posts
Nov 28, 2012 3:22 PM
O-Trap;1331470 wrote:If it's necessary, I live in the North Hill section of Akron
What county is that?
Nov 28, 2012 3:22pm
gorocks99's avatar

gorocks99

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10,760 posts
Nov 28, 2012 3:24 PM
O-Trap;1331470 wrote:My wife and I are in the process of looking at buying our home. To this point, we've been renting.

Is there somewhere I can find what kind of property taxes I'd be looking at if I were to buy? Since we'd be first-time homeowners, I have no idea where to look for that information or how it's even structured.

If it's necessary, I live in the North Hill section of Akron
Probably check with the county offices, they should have that stuff on file: http://fiscaloffice.summitoh.net/index.php/documents-a-forms/view.download/25/697
Nov 28, 2012 3:24pm
G

gut

Senior Member

15,058 posts
Nov 28, 2012 3:27 PM
The homeowner is required to disclose property taxes in the sale process. The selling realtor should always have that info handy, usually on the listing and in promo materials.

But generally you can get a good estimate knowing what the local property tax rate is. I think many places in OH might be around 2% of assessed value (so roughly on a $200k house you'd pay $4k in property taxes each year, which are deductible if you itemize).
1) They don't do assessment every year. Something to look into when you buy because property values have come down

2) Also make sure you get a homeowner/occupier(?) exemption. I think some states, at least, have a lower rate if it's your primary residence you occupy.
Nov 28, 2012 3:27pm
Belly35's avatar

Belly35

Elderly Intellectual

9,716 posts
Nov 28, 2012 3:29 PM
The Real Estate office that has the property listed should have this information on file. Also go on line to your county website and go to the real estate area ... type in the porperty address and it will give alll the information and property picture, tax value past a present owner and property boundary.. PM me with the address and county and I will do it for you...
Nov 28, 2012 3:29pm
G

gut

Senior Member

15,058 posts
Nov 28, 2012 3:30 PM
If you look at the MLS listing online they should have the most recent ACTUAL property taxes.

But if it's a FSBO they probably aren't paying for an MLS listing.
Nov 28, 2012 3:30pm
G

gut

Senior Member

15,058 posts
Nov 28, 2012 3:32 PM
A couple websites to get decent info on past sales and taxes are. Do a search or the property address or street to find similar listing in the area:
Zillow
Trulia
Redfin
Blockshopper
Nov 28, 2012 3:32pm
FatHobbit's avatar

FatHobbit

Senior Member

8,651 posts
Nov 28, 2012 4:08 PM
gut;1331500 wrote:Zillow
Does anyone have any idea how accurate the zestimates are? When I bought my house it appraised for ~$50k over the zestimate. When I refinanced it, they appraised it for ~$50k less than the zestimate. (The loan lady had to get a waiver to refinance without having me pay PMI. I would have either argued the estimate value or not refinanced if they wanted me to pay PMI.) I'm not sure if the first estimate was really high, the second estimate is really low or if zestimates are complete crap, but the zestimate did not change much from when I bought the house to now. The first loan was through fifth third and the refi was through a credit union so they may do things differently. I just thought it was odd that the three were that much different.
Nov 28, 2012 4:08pm
LJ's avatar

LJ

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16,351 posts
Nov 28, 2012 4:14 PM
FatHobbit;1331539 wrote:Does anyone have any idea how accurate the zestimates are? When I bought my house it appraised for ~$50k over the zestimate. When I refinanced it, they appraised it for ~$50k less than the zestimate. (The loan lady had to get a waiver to refinance without having me pay PMI. I would have either argued the estimate value or not refinanced if they wanted me to pay PMI.) I'm not sure if the first estimate was really high, the second estimate is really low or if zestimates are complete crap, but the zestimate did not change much from when I bought the house to now. The first loan was through fifth third and the refi was through a credit union so they may do things differently. I just thought it was odd that the three were that much different.
They are not accurate at all.
Nov 28, 2012 4:14pm
G

gut

Senior Member

15,058 posts
Nov 28, 2012 4:18 PM
Yeah, value estimates are junk, especially with fewer houses recently sold in the immediate area and when the properties are significantly different in a variety of areas.

What I use Zillow for is to see what similar properties have recently sold for, and tax info. You need to calibrate your own ideas of what the market value is (your realtor should do this for you, but keep in mind the realtor's is not always aligned with your best interest).
Nov 28, 2012 4:18pm
G

gut

Senior Member

15,058 posts
Nov 28, 2012 4:22 PM
Your loan is going to rely on the appraised value. I think they typically try to find 4 comparables sold over the last 6 months or so. Same sort of exercise you should be doing when trying to determine what a property is worth. If it appraises for less than what you buy, you're out-of-pocket that difference.
Nov 28, 2012 4:22pm
McFly1955's avatar

McFly1955

Senior Member

1,441 posts
Nov 28, 2012 4:25 PM
FatHobbit;1331539 wrote:Does anyone have any idea how accurate the zestimates are? When I bought my house it appraised for ~$50k over the zestimate. When I refinanced it, they appraised it for ~$50k less than the zestimate. (The loan lady had to get a waiver to refinance without having me pay PMI. I would have either argued the estimate value or not refinanced if they wanted me to pay PMI.) I'm not sure if the first estimate was really high, the second estimate is really low or if zestimates are complete crap, but the zestimate did not change much from when I bought the house to now. The first loan was through fifth third and the refi was through a credit union so they may do things differently. I just thought it was odd that the three were that much different.
They are not accurate --- maybe a good starting point, then it's like +/- 25% or so I'd guess on the actual value.

The zestimate on my house is likr 105,000, we just had it appraised at 120,000 for a refi, but 3 houses on the same street recently sold for 135K, 140K, 145K, all would be considered comparable to our home, so Zestimate shows around 105,000 for us, but I'd put it more like 130-135K realistically if we were to sell...
Nov 28, 2012 4:25pm
FatHobbit's avatar

FatHobbit

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8,651 posts
Nov 28, 2012 9:19 PM
Thanks. That's kinda what I thought.
Nov 28, 2012 9:19pm
T

thavoice

Senior Member

14,376 posts
Nov 29, 2012 1:11 PM
When I looking for my house and ended up buying I just went to the websites of the realtors and it had it clearly on there what the taxes were.
Nov 29, 2012 1:11pm
RedRider1's avatar

RedRider1

Senior Member

3,850 posts
Nov 30, 2012 7:40 AM
Auditors website should have tax history for the specific property you're looking for.

Here's a site with links to all Ohio county auditors. I use it all the time for work.

http://www.caao.org/DIRECTORY/
Nov 30, 2012 7:40am