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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”.

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  • 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
    Commented Apr 11, 2018 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 Commented Apr 11, 2018 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
    Commented Apr 11, 2018 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. Commented Apr 11, 2018 at 19:38
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tax to pay is under "tax", land means the evaluated price for the land currently in the market and same for additions=everything built and invested there....so land+additions=market price( theoretically) and from that the property Tax is calculated...that is found under the collumn"tax/property tax" and is a % of the estimated market value( actually there is a deduction and then a 0/000 of the remaining theoretical market value) ...but no, you don,t pay over 20k on Taxes per year! you pay around what.s in The "tax" collumn... hope that was right...be happy they even tell the worth of the property, some online pages don.t tell anything and then you are surprised about your costs coming and loose all on high taxes if you are in an expensive county! 🤷‍♀️guess why Detroit or the like got abandoned! ...

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