Understanding property tax exemptions and proration is important. We go through each in detail at the time of closing and provide reminder notices with your closing notebook.
When a property is transferred, the tax assessor's office may reappraise the property for the subsequent tax year at the current market rate.
Please be advised that you must apply for the Legal Residence Special Assessment Ratio in order to ensure you are receiving the proper tax rate on your new home. If you do not apply for the special assessment, your home may be taxed at a higher tax rate!
In order to be eligible for the 4% tax rate the following items are needed from you and your spouse (if applicable):