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Today, I'm going to answer a viewer question. Meghan emailed us and asked what supplemental taxes are and whether they are a one-time thing.
When you purchase a property, the taxes you pay are at the rate the former owner held the property in. If you buy a home for less than what the former owner paid for it, you're going to be paying their old tax rate until the county adjusts the rates to fit the home's current value. After the adjustment has been made, you'll get the supplemental tax bill that will, in this case, adjust your taxes downward.
If the situation is the reverse, which is usually the case, the current owner paid less for the home than what you end up buying it for. Until the county adjusts for the home's higher value, you will be paying the low rates the previous owner paid. Once the adjustment is made, you'll be sent a supplemental tax bill that will adjust your taxes upward.
If you get a supplemental tax bill, you want to be sure you pay it on time! If you get a tax bill that shows data from a tax period from before you purchased the property, the previous owner is responsible for the taxes, not you. If this happens to you and you're unsure what to do, give me a call and I'll help get it straightened out!
The supplemental tax bill is a one-time correction, and it often takes the county a bit of time to make the necessary adjustments. Also, don't forget to fill out the Homeowners Tax Exemption form once you buy a new home; it will save you some money on your taxes!
If you have any questions about this or any other real estate topic, please don't hesitate to give me a call! I would love to help you in any way possible!
