Estimating First Year Taxes For A New Homebuyer

Estimating First Year Taxes For A New Homebuyer

If you purchase a home, you will inherit the seller's exemption status for the current tax year. Be sure to verify with the Broward County Property Appraiser's office just before the closing that the seller has not already cancelled his/her exemptions--as this could cause you to receive a much larger tax bill. Review your closing statement carefully, as the seller will likely give you a deduction/credit for the seller's pro rata share of the current year's taxes. However, the buyer is ultimately responsible for making payments of the entire tax bill when it arrives in November. Next year, your home will be reassessed based upon your purchase price (and the sale prices this year of other qualified sales in your neighborhood). Finally, if the new property is your permanent residence, remember you will need to file for a Homestead Exemption on the new property for next year as the seller's exemptions will automatically be removed at the end of the year.

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Phone: 603-264-6920
Dated: January 7th 2017
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