09/19/06, 08:17 PM
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WVPEACH (Paula)
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Join Date: Feb 2006
Location: west virginia
Posts: 710
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tango, no need to worry the tax man will catch up eventually and in the mean time its not your problem.
In most states they do a reaccessment every 5-6 years county wide.
They will send somebody out with a report about what was
on that land at land last accessment to compare with what is there now. You may not even know they are there and they have the goverment given right to go on anybody's property to access it.
If you take out a real estate mortgage loan, the new home your building will automatically be reported to your county property tax people when the title is recorded after your loan closing.
But with no loan and cash being paid you are not responsible to report your constrution to them. ( or I should say I know of no such reguirement)
If you do take a real estate loan out your higher tax bill with the home will not arrive for a year to a year and a half. Real estate tax's in most places are a year behind. So if you'd have a escrow it would have money building to pay them .
When after a accessment you get a higher tax bill then join the crowd, but you could have several years to enjoy the land only tax's before that happens . Ask around with neighbors as to when the last accessment was done.
And if anybody call's from the tax office. You been piddling with the land and home since you bought it. Gosh darn it been paying the utilities and working on the place weekends , just finally got done and moved in recently.
Its kinda like they don't ask you don't tell when its all cash to this point.
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WVPEACH (paula)
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