Anyone ever had their property under taxed?

[cowzrul]

For those of you in Oklahoma County the website just updated with 2011 property taxes. Mine came in about a 1/6 of what I was estimating and what was put away in escrow. I don't want to get hammered later so I am contemplating contacting the County Treasurer's office. Has anyone dealt with an issue like this before?

 

[HMFIC]

HA! UNDER-taxed... I've never heard of it.

Not sure if they can come back after the fact though... that seems like it's a little unfair. After all, they are the tax assessors.

 

[vvvvvvv]

HA! UNDER-taxed... I've never heard of it.

Not sure if they can come back after the fact though... that seems like it's a little unfair. After all, they are the tax assessors.

The way property taxes have always been explained to me is that they can.

However, the tax code is one part of the law I don't bother studying. Why? Because the first time I read the state tax laws I felt like I knew less than I did before. I figure I'll leave that up to those whose brains seem to have a much higher flash point.

 

[.45Fats]

This is not professional or legal advice I cannot be held liable etc etc etc...

Talked to some folks I know at OTC and they said as far as property taxes go lucky you! Basically once property taxes are set they can only be increased from that number by 5% a year. so you may want to check with the local assessor's office but...eh congratulations on having a lazy assessor!

 

[vvvvvvv]

Basically once property taxes are set they can only be increased from that number by 5% a year. so you may want to check with the local assessor's office but...eh congratulations on having a lazy assessor!

Erm.... that would be tax rates. The property can be reassessed and can result in a significantly higher tax bill, which usually happens during a market boom.

And I believe there are exceptions to that rule. I know that Custer County saw a significant increase in property taxes after the former Sheriff was convicted and the county got billed for the damages.

 

[.45Fats]

Erm....

Fair enough, I'm by no means an expert.

I didn't think property could be reassessed unless there were significant improvements or it changed ownership though...

 

[aking]

Going off my long term memory and what I've experienced, they can't come back on you for back ttaxes unless you just don't pay what they are asking for. The taxable value can only go up 5% annually, but there are a few exceptions. I don't remember what they were, it's been 10+ years since I have done individual taxes. I do believe they can be reevaluated after building a house on bare property but it doesn't always happen quickly. As long as you have gotten the proper permits for the house the commissioners office has been notified. It's up to them as to when they will come check it out. I personally bought a repo house 8 years ago. I fully remodeled it and added 1000 sq. Ft. Then the county came and took a look and added $140000 to the value but the taxable value has only gone up 5% every year. They are still about $120000 under there appraised value. The last thing I would do is call and ask them to adjust.

 

[aking]

Keep in mind this is only the value that your taxes are calculated on. Bond issues and such will affect the actual amount.

 

[soonersfan]

For those of you in Oklahoma County the website just updated with 2011 property taxes. Mine came in about a 1/6 of what I was estimating and what was put away in escrow. I don't want to get hammered later so I am contemplating contacting the County Treasurer's office. Has anyone dealt with an issue like this before?

Was your house built this year? Depending on when your house was built, you may only be paying taxes for an unimproved lot and next year they will hit you with big enchilada. I think calling them is not a good idea. If you are concerned about getting hit later, set the money aside in a savings account. They can't charge you penalties and interest on money you never owed.

 

[Shadowrider]

I wouldn't call them. My mom's property taxes in OKC are 20% of what mine are. She's had very cheap tax rates for the entire 42 years she's lived in the house. It's not a run down property at all, just an older addition. You just might be in one of those zones.