, ,

When you purchase or move into a newly constructed home, your first property tax bill may not reflect the total market value of your property.

This is because the assessed value of a newly constructed home usually only reflects only the land value. The total assessed value may not be available at the the time you receive your first property tax bill.

Property Taxes & New Homes

As soon as the town or city receives the assessment from the Municipal Property Assessment Corporation (MPAC), it will issue a supplementary tax notice which will cover the period of time since the house was occupied.

Sometimes, depending on the date of occupancy, tax bills may have been already mailed to the developer. Any outstanding amount is the responsibility of the current property owner. Once your property is fully assessed, your tax bill will reflect the combined value of the land and the house.

If you would like an estimate of your total annual property taxes, you can contact the town or city you live in and they can calculate an estimate based on the purchase price of your home.