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This is a screenshot of a condo for sale (see the link for more information). For the year 2017, it is listed that the "tax" is $2598 and "land" is $8750 and "additions" are $28455. I have never owned a house before, so I wonder what are the meanings for the money listed below "land" and "additions" (what could be in "additions"?) and if I have bought this condo, do I need to pay $37,205 a year or $2,598 a year?

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Land is basically what the word says - the ground itself; anything that belongs to you there that is not human-made/constructed.

Additions is anything else - it is the legalese terms for buildings, sheds, carports, etc., that you (or someone else) added to the land.

The numbers in the respective columns is the Estimated Value according to this county’s formulas; note that there might be little connection to reality, so don’t assume this is a useful estimate for a sale price. They have a way to calculate this that they apply to all land owners, and all that really matters is that the resulting numbers represent the relative values about correctly - in a nutshell, the bigger the house, the higher the estimate.

The column Taxes defines the annual taxes you owe for the privilege of owning that land with whatever happens to be on it. That was $2598 for 2017, it will typically change slightly for each year.

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Do you see how land+additions = assessment?

It’s bare land plus the house/condo to reach total.

The tax is hidden under the column titled “tax”.

  • Thanks! The listed price for that condo is $109,000. What does this "total assessment" mean here? The money I need to pay yearly? – No One Apr 11 '18 at 0:56
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    As I said above, it’s the valuation for tax purposes. Not all towns use simple math. The tax is what you pay, the rest isn’t too important, in my opinion – JoeTaxpayer Apr 11 '18 at 1:03
  • Note that many assessors will raise the assessment to the purchase price so the taxes will go up quite a bit. – mkennedy Apr 11 '18 at 19:28
  • The current rate looks like 7%. The assessed value looks "on purpose" to me, even high considering he's at 2.4% of his paid value. – JoeTaxpayer Apr 11 '18 at 19:38

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