Keeping It REAL - by Bettsy Tyler

                                                                                The term, supplemental taxes, is confusing. We pay property taxes each month, wouldn’t the supplemental taxes be included in this? No, unfortunately. Supplemental taxes are a single tax on your property when it changes ownership, or has a significant reassessment. It is calculated by taking the difference of the previous appraised value, and the current appraised value. So, if your home was previously appraised at $200,000, you purchase it for $800,000, the difference would be $600,000 and that is what is taxed.     Supplemental taxes never used to be much of a big deal. Houses changed ownership often, and supplemental taxes were minimal. We’re talking, a couple ...