Tax Questions You Should Ask to Purchase Real Estate in BVI

2020-03-12T11:42:33+00:00By |Uncategorized|

Every country and even areas within countries have their own tax laws. To assess the future value of your real estate investment, ask your Coldwell Banker real estate Agent these tax questions.

1. What is the assessed value of the property? Note that assessed value is generally less than market value. Ask to see a recent copy of the seller’s tax bill to verify this information.

2. How often are properties reassessed, and when was the last reassessment done? In general, taxes jump most significantly when a property is reassessed.

3. Will the sale of the property trigger a tax increase? The assessed value of the property may increase based on the amount you pay for the property.

4. Is the amount of taxes paid comparable to other properties in the area? If not, it might be possible to appeal the tax assessment and lower the rate.

5. Does the current tax bill reflect any special exemptions that you might not qualify for? For example, some tax districts offer reductions to those 65+ or for home businesses.

Our Coldwell Banker Agents are highly qualified and experienced in local real estate laws. Be sure and use their expertise to learn as much as possible about the property you want to purchase.

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