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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (62325)	9/19/2006 10:22:56 PM
From: Les H	Read Replies (1) \| Respond to of 306849

Homeowners hit with stepped-up basis on property taxes The local government looks forward to receiving the "stepped-up basis" on the property - for instance, a 20-year-old home that was originally purchased for $100,000 and given a homestead exemption generated property taxes of about $1,600, and will now sell for $300,000 and generates property taxes closer to $5,000. Oh, when you asked what the property taxes would be, did someone tell you the amount the prior owner was paying? Something as small as not knowing how much property taxes you will be paying has financial consequences. For example, when you must pay higher-than-expected taxes, it takes dollars away from other purchases you can make. You may have to forego investing for retirement for many years or saving for your child's education. bradenton.com