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TAX CONSIDERATIONS

Q. What is a transfer tax?
A. Depending on the your state and local laws, there may be state or local transfer taxes due on the amount paid to purchase a home. A transfer tax is a tax paid for the privilege of transferring ownership of real property.
If the home is financed, there may be a documentary tax on the note and an intangible tax
on the loan. Generally, the seller pays the cost of the transfer tax but in most cases it is negotiable.
The buyer generally pays the cost of the documentary tax on the note and the tax on the loan.

Q. What is property tax?
A. Most homes are assessed a property tax. This is a yearly tax based on the assessed value of your property, usually paid to the local community. As a general rule, the tax is divided among the municipality (city and town), county, school districts (including the local school district and
community colleges), and other governmental units. Currently, these taxes are deductible against taxable income on your federal tax return.
Depending on your state's laws, the amount you pay in property tax also may be
deductible on your state income tax return.

Q. How can I find out the current property taxes on a home?
A. The seller should be willing to reveal the property taxes paid on the home over the last few
years. If not, you or your attorney can obtain this information from the local tax assessor's office.

Q. Will my purchase of a home affect the property taxes?
A. Depending on how your state assesses property, a purchase can affect the amount of property taxes to be paid. For example, in some states, property tax increases occur only when a home changes ownership. The tax assessor reassesses the home using the price paid as its new value; in some cases, the taxes may skyrocket. In addition, many states reassess property every three or four years. If you are buying the home at the end of that cycle, you may see a large increase in property taxes. While the amount of tax may not be the deciding factor in your decision to buy, you will want to take it into account in determining your total monthly housing costs.

Q. What is the difference between "assessed value" and "appraised value"?
A. The assessed value of a home, determined by the tax assessor, is the basis for property taxes. It may or may not reflect the market value, that is, the price at which the home would be expected to sell. If you know the assessed value of a home, you can then determine the taxes to be paid on it.
Contact the assessor's office of the city or county in which the home is located for the total tax
rate. The tax rate usually is stated in "mills" and is applied to each one thousand dollars of assessed valuation. For example, a tax rate of ten mills on a home assessed at one hundred thousand dollars would be one thousand dollars. Be aware that not all states assess homes at their full market value.
Some states assess on only a portion of the home's value.
The appraised value is an estimate of the property's market value made by a trained
appraiser. A lender normally will require an appraisal to determine that the selling price does not exceed the property's market value or fall below the lender's mortgage.

Q. Is there anything I can do if my home is assessed at a higher value than I paid for it?
A. You may be able to appeal the assessment, based on your purchase price. Once you have
purchased the home at fair market value, you can appeal to the assessor's board or office. You
must prove, however, that the sale was an "arm's-length transaction." In other words, you cannot purchase the home from a relative at a below-market cost and expect that your appeal will be successful. If the assessor grants your appeal and reduces the assessment, future taxes to be paid would be lowered. See the chapter on home ownership in this book for more on this topic. See the section on home ownership for more on lowering property taxes.

Q. What items involving home ownership are deductible against federal income tax?
A. Both property tax and interest on loans of up to one million dollars in principal are deductible against your taxable income when you file your federal income tax form. Federal law also permits you to borrow up to one hundred thousand dollars through a home equity loan and deduct the interest, as long as the total debt on the home (including the first mortgage) does not exceed the fair market value of the home. Remember, however, that you must itemize to claim these deductions; they are not available to taxpayers who claim a standard deduction. New buyers may deduct any loan fees or points paid to obtain a mortgage in the tax year in which the points were paid, but only if the points were paid by funds other than the mortgage funds borrowed by the buyer. A point is equal to 1 percent of the amount borrowed. As noted earlier, loan fees or points paid to refinance a mortgage cannot be claimed in a single year; they must be spread out over the life of the loan.
Be aware that transfer taxes and most other local real estate taxes payable in a real estate
transaction are not deductible. The same is true for other closing costs such as appraisal fees and recording fees.

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