Tyler purchased a home eight months ago for $160,000. The assessed value of his home is $120,000 and the appraised level currently is $167,000. What amount will Tyler's real estate taxes be based on?

Question

Leia Hanna

Business

4 March, 03:23

Tyler purchased a home eight months ago for $160,000. The assessed value of his home is $120,000 and the appraised level currently is $167,000. What amount will Tyler's real estate taxes be based on?

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Answers (1)

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Derrick Conley · Answer 1

Answer: $120,000 which is the assessed value of the house.

Explanation:

If the house of the owner gets appraised that means that there is an increase or appreciation in the value of the house. This is like an economic benefit for the owner of the house when he or she plans to sell that house off

But the appraised value of the house has nothing to do with the tax on the property which is to be paid to the government. The property tax is only to be paid on the assessed value of the house and not the appraised value of the house. For assessing the value of the property, government send the assessors of the property. So, Tyler will pay the tax of the property on $120000 which is the assessed value of the house.