Omitted property taxes are what we are going to talk about today. They’re really important to pay attention to because they could mean that your property taxes have increased or even doubled.
I hadn’t heard of omitted property taxes until the last few weeks, to be honest. I discovered something that has absolutely blown my mind regarding property taxes in the Portland metro area.
Here’s what omitted property taxes actually are. It’s when the county can determine that your property value is substantially higher than it’s currently valued at. They can then send you a new tax bill outside of the tax season. This can result in your property taxes being doubled.
“I had never heard of omitted property taxes until recently.”
How did I discover this? I recently listed a home that had property taxes of roughly $7,500 per year according to the owner. When we put it up for sale, it jumped to $13,000 per year. That just didn’t seem right. We did some homework and discovered omitted property taxes. One of my colleagues had a property like this recently that didn’t go through because of omitted property taxes. Right before closing, the title company did a title sweep and found the property taxes went up from $25,000 to $38,000. We don’t want this to happen to any of our clients.
Eventually, we learned that almost every county out there has sent out nearly 500 notices to homeowners for omitted taxes. In 2012, they only sent 100. There is somebody in the county who is looking for omitted property taxes on a daily basis.
If you or anyone you know out there has had any issues with omitted property taxes, we would like to help. Just give us a call or send us an email and we’ll be there to help out. We look forward to hearing from you soon.