property tax

Calculating Property Tax for a New Construction Home

Buying a new construction home can make calculating the property tax a bit difficult because there’s no historical data to go off. So how can homeowners know how much money to budget for property tax? Thankfully, there are a few ways to do this.

Talk with the Assessor 

A tax assessor will come to the property as part of their tax assessment. They’ll look at the condition of your property and the properties surrounding yours to make their decision. They also look at what your neighbors and other people in your general area are currently paying in taxes. Being at the property at the time of the assessment and getting some face time with the assessor can give you an indication of what the final number might look like.

Do Some Research

Your property tax will likely be pretty similar to your neighbors, if you have any, and other homeowners in your city. See what other nearby homeowners are paying in property tax to get a general range of taxes that might be applied to your home.

Use Some Tools

If all else fails, there are some online tools that will give you an idea of what your property tax will be. A great one to use is SmartAsset.com. Sites like this can only give you a rough idea, so don’t expect to get the exact number you’ll end up paying. However, you can typically get a pretty close guess using this free resource.

Ask for a Reassessment

If the bill comes in the mail and it’s more than you were expecting, you can ask the city to reassess your property. However, it’s not a good idea to ask for this reassessment just because you want to lower your bills. It is possible the assessor decides to raise your taxes after the assessment, so you need to have logical reasoning behind your request.