We bought a house on 6/2006 and the lawyer set up our escrow based on the property taxes from 2005. He failed to realize the 2005 taxes were based on an assessment value of unfinished construction. The tax assessor's office website clearly shows the 2005 taxes were based on 65% completion of construction. So after we bought the house it was of course finished and the property taxes for 2006 were double from the prior year as the tax assessment value is now based on completed construction. Our escrow is now negative and our house payment is going up significantly because of this.
My question is: what liability does the lawyer have for not adequately researching the assessment value of the home, and what liability do the previous owners have for not telling us the taxes from the previous year were based on incomplete construction?
Thanks.
My question is: what liability does the lawyer have for not adequately researching the assessment value of the home, and what liability do the previous owners have for not telling us the taxes from the previous year were based on incomplete construction?
Thanks.
