Help with property tax on a new home purchase

[midtownnewbie]

Hi All,

We're looking to purchase a new home.  It's actually a home built in the 1960's that is potentially selling for much less than it was purchased for 20 years ago.  I know the existing taxes are too high for the purchase price in today's market but I'm not sure if they will change automatically when it is sold.  I know they go up automatically when you buy a home and it sells for more but I'm not sure if they automatically go down if the market value has decreased.  Does anyone know how this works???  The home is in the Tulsa school district if that matters.

Thanks in advance!!!

[Conan71]

Hi All,

We're looking to purchase a new home.  It's actually a home built in the 1960's that is potentially selling for much less than it was purchased for 20 years ago.  I know the existing taxes are too high for the purchase price in today's market but I'm not sure if they will change automatically when it is sold.  I know they go up automatically when you buy a home and it sells for more but I'm not sure if they automatically go down if the market value has decreased.  Does anyone know how this works???  The home is in the Tulsa school district if that matters.

Thanks in advance!!!

Congratulations on the new purchase!

When you close, you will purchase "tax stamps" which I believe is tied to the cost of the property and could possibly "re-assess" the value at the assessors office. 

Here's a link to their web site, I hope it is of help, they've got a good FAQ section.

http://www.assessor.tulsacounty.org/assessor-faq.php

Talk to a live human here: Phone: (918) 596-5100

[sauerkraut]

You have to go downtown to the tax office of Ken Azle and file a protest. I did that when I bought my house. It was taxed and valued at nearly $60,000, I paid $30,000 for it and did a tax protest. I got a tax statement in the mail telling me what the taxes were and the home's value,  and I called to make a protest appointment, it worked they lowered my value to what I paid for the house plus I got the Homested exemption". As I recall there is a small window of time when you can do the protest. Best of luck on the new home.

[Hoss]

You have to go downtown to the tax office of Ken Azle and file a protest. I did that when I bought my house. It was taxed and valued at nearly $60,000, I paid $30,000 for it and did a tax protest. I got a tax statement in the mail telling me what the taxes were and the home's value,  and I called to make a protest appointment, it worked they lowered my value to what I paid for the house plus I got the Homested exemption". As I recall there is a small window of time when you can do the protest. Best of luck on the new home.

Seriouosly, do you even live here?  It's YAZEL.  I remember from writing my last check.

[midtownnewbie]

Thanks for all the info!

[guido911]

We're looking to purchase a new home.  It's actually a home built in the 1960's that is potentially selling for much less than it was purchased for 20 years ago. 

If that is truly the case, then my advice would be to private message me with the home's address immediately, and give me about 48 hours to do some "research" on the property, then I'll get back to you on how to handle the tax issue.