I recently sold a house in Williamsport manly because I could not keep up with the property taxes. The taxes on this property were accessed on the value of $84,000. My mother bought the house in 1968 for $6,500. Due to the reassessment before my mother died I had to pay more than she paid for the house in death taxes.
Over the years my husband and I did extensive repairs to this house, including rewiring the house three separate tines to keep the electrical up to codes, replacement windows throughout the house. I did move and the house was rented. The people did more repairs including finishing off some ceilings, and putting in a new furnace. All totaled we have put enough money into this house to have built a new house.
I sold the house for $23,000, with over half of that going to pay the back taxes on the property. The land value of the property was worth that much alone as the property is located in a quite residential neighborhood.
Question: Will the new owner pay taxes on the assessed value or the actual price that was paid?
Submitted by Virtual Newsroom