You’ve just purchased a property and you’re ready to start paying property taxes! Well, maybe taxes are not that exciting, but buyer beware! In addition to your regular biannual property taxes, you’ll have a supplemental property tax bill once you take ownership of the home.

What are Supplemental Property Taxes?

Supplemental property taxes occur when a property changes ownership and an assessor determines the current market value of the home. The property’s prior assess value – for example – the value when the last home owner purchased the home is subtracted from the new current value, and you as the new homeowner are subject to a tax on the difference.