![]() “Direct assessments - buy a property in a certain location, and there could be Mello Roos and bonds that directly get put on the homeowners which could be anywhere between $2,500 to $5,000 a year in additional expenses.” Even homeowners associations (HOAs) can place liens on properties for unpaid dues or assessments.ĭirect assessments are also something to watch out for, as they can add thousands of dollars in ownership costs each year, according to Daniel Del Real, a top real estate agent in San Joaquin Valley, California, who sells homes 63% faster than the average agent in the region. A lien is placed on a home when the owner owes money to a lender, the IRS, or possibly even a contractor who did remodeling work on the home. When a house is sold, the assessed value is recorded again based on the new appraisal (which should be higher than the previously recorded value otherwise your house will have depreciated in value).Ī tax history search will be able to tell you the property’s value at the time of assessment, past taxes paid, whether any taxes are due, and if there are any liens on the property. Tax records are kept on properties to confirm that taxes have been paid and that the amount paid was correct for the assessed value.
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