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Pro tip: watch the property tax history before you buy
I was looking at a house in Hamilton last month that seemed like a steal. Price was way under market and I was ready to put in an offer. Then I asked my realtor to pull the tax records from the last 5 years. Turns out the property was reassessed 2 years ago and taxes jumped by almost $4,000 a year. The seller had been paying the old rate but after a sale the new owner gets hit with the full amount. That would have added $333 a month to my costs. I walked away from the deal and started checking tax history on every listing now. Has anyone else been burned by surprise tax hikes after closing?
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amymason1mo ago
Funny you mention appealing the hike. My buddy's brother bought a place in Burlington and didn't check anything. Turns out the house had an unregistered second kitchen in the basement from a previous owner. The city found out after the sale and reassessed based on "potential income property." Tax bill went up by $250 a month. He fought it for six months but the board said since the kitchen was there, the valuation was correct. Cost him almost $1,500 in legal fees plus the back taxes. That kitchen is still sitting there too. Just something to keep in mind when @leobrown brings up appeals. Not everything gets overturned easy.
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