Do you keep your tax rate on the new house or do you get slammed paying a higher tax based on your purchase price. Just wondering, my house is fine but I feel so bad for all those who are now homeless.
I am no insurance expert, but generally your homeowners insurance covers replacement cost of an identical structure. Having said that, the city IMHO should have no new assesments if nothing has changed from the original structure. I could be wrong, and I hope I am more right.
that is what I would think but it wouldn't surprise me living in this state.
I am no insurance expert, but generally your homeowners insurance covers replacement cost of an identical structure. Having said that, the city IMHO should have no new assesments if nothing has changed from the original structure. I could be wrong, and I hope I am more right.
If that were the case that might be the silver lining in loosing your home, however sadly I think it would get re-assessed
Well this is what I think will happen. I would imgagine you need to pull new permits to re-build. I'm sure they would re-assess it when it was all signed off. So if you bought your house lets say 20 years ago, and are paying taxes based on that value, they would re-assess it to todays value.
..from my own experience, I lost my home in 2000...because the home had to be rebuilt and NEW permits where issued in order to rebuild there was new assessments done and my taxes did change. Any time you are dealing with construction and permits this is what happens, it wasn't too much of a concern as the brand new home factor far outweighed the tax deal.
Your talking taxes and government and thinking they will be on your side. (I dont know the answer BTW)
I'd guess you'd be screwed and pay the new tax value.
If you lose your house to fire this is the least of your problems TRUST ME
Do you think the assesed value would still be well below market value?
..from my own experience, I lost my home in 2000...because the home had to be rebuilt and NEW permits where issued in order to rebuild there was new assessments done and my taxes did change. Any time you are dealing with construction and permits this is what happens, it wasn't too much of a concern as the brand new home factor far outweighed the tax deal.
How much does that suck! Forces beyond your control, and suddenly the government has their fricken hand out. Sorry you lost your home, but since you built a new one you owe us more money.
Posting Permissions
Reply With Quote