Q: Can property tax rise on a house after closing? Also, if we overbid how can we offer lower price w/o losing the deal?
We overbid on a property that was listed under market price for 425K with property tax if 4800/year. We are questioning why the tax is so low and if there is a possibility it may rise after closing
A: Yes, RE Taxes can and do regularly increase. Some buildings have temporarily reduced RE Taxes... for example because of a 421a tax abatement. Consider retaining an attorney to assist you with in the questions you have.
A: Property tax in NY can be reduced if the owner is a senior, a veteran or other categories under STAR. If you do not have those same reductions, then the tax will be higher for you. The title report will show if the owner has such benefits. Also, tax assessments can change based on the sale price, but not in NYC, if that is where you are based on your post.
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