Disclosures

[KTodie]

Jurisdiction

Oregon

It has come to me attention that are property taxes jumped up $1,000 because it was not disclosed that the seller was getting a VA exception on their property taxes which were $1,400 a year which in turn they put on the closing costs. The sellers signed off on the disclosures that everything was correct. Why or who is at fault for not notifying me, the buyer that the correct property taxes were $2,100 and not $1,400? Technically I wouldn't have qualified for the loan. No where in the book of paperwork that's given to you when you purchase a home was any mention of a VA exception and received a discount on property taxes.
So my mortgage payment went from $648 to $850 in a month's time.

 

[adjusterjack]

Why or who is at fault for not notifying me, the buyer that the correct property taxes were $2,100 and not $1,400?

You are at fault. You could have, and should have, looked it up yourself. The exemption was likely to have been public record.

If the seller was asked how much the property taxes are, all he had to provide was a number.

Besides, you're all over the map with your comments. First you say there was a $1000 jump up. Then you say the taxes are supposed to be $2100 not $1400. That's a difference of $700 not $1000. And how does a $700 a year difference in property taxes equate to a $202 difference in monthly payments? $700 divided by 12 is $58.33.

I don't see any remedy for you here

 

[Tax Counsel]

Why or who is at fault for not notifying me, the buyer that the correct property taxes were $2,100 and not $1,400?

The seller might be responsible. Did the seller give you the required Oregon seller's disclosure statement? If so, look at it carefully and see what they checked for Item 1L that asks:

*L. Is the property subject to any special tax assessment or tax treatment that may result in levy of additional taxes if the property is sold? [ ]Yes [ ]No [ ]Unknown
​

If they checked yes or unknown, then this is on you because those answers should have prompted you to dig deeper to find out what the property taxes the seller paid were based upon. If they answered no, or didn't provide the required disclosure at all, there may be some remedy to you for that.

Also, note that generally when homes are sold the local tax appraiser changes the tax assessment value of the home to match the purchase price. For that reason, you never want to assume that what the seller paid is what you will pay. Sales often result in increases in property taxes just because of that reassessment, and buyers need to be aware of that and compute what the tax will be based on the price the buyer is going to pay.