property value notice.... did i read this right ?

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flmgrip_IHB

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so i bought a home somewhere around $600k... in the last 6 months or so....



i got a secured property valuation notice, claiming my prop value is about $250k lower than what i paid for... did i get lucky for paying less prop tax than i should or is there some new law in force to limit the taxable value ?





it does state land & buildings and improvements...



if this is true it'll save me a few thousand bucks a year....



thanks
 
[quote author="flmgrip" date=1214733187]so i bought a home somewhere around $600k... in the last 6 months or so....



i got a secured property valuation notice, claiming my prop value is about $250k lower than what i paid for... did i get lucky for paying less prop tax than i should or is there some new law in force to limit the taxable value ?





it does state land & buildings and improvements...



if this is true it'll save me a few thousand bucks a year....



thanks</blockquote>


You probably bought it less than six months ago. The secured property tax value is the old owners' assessed value. You will also be getting a "supplemental" bill that covers the difference between what it was worth when they owned it, and when you bought it. The explanation of this is probably in your old escrow papers. Keep them, as you're going to need them for filing taxes this year.



two certain things... death and taxes.
 
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