Tax and age of home misrepresentation

[alchemist]

What is the name of your state? WI
Sorry for the vague question. I signed a standard WI purchase agreement for a new home in Baldwin WI, for 156K. The property was advertised as built in 2003 having a property tax rate of 560$ indicitive of a new build (lot) in Jan of 2003. Well I find out that in Jan 2003 it was assessed with a valuation of 151K requiring about 3K more in taxes payable in 2004 (I'd have to pay 3500 instead of 560 in 2004) and meaning that the house was really built in 2002, not 2003. My purchase agreement states the seller is responsible for prorated 2003 taxes (to the closing date).

My question is does this give me a way out, or leverage since the property was listed as built in 2003 and thus the lower expected taxes?

 

[HomeGuru]

What is the name of your state? WI
Sorry for the vague question. I signed a standard WI purchase agreement for a new home in Baldwin WI, for 156K. The property was advertised as built in 2003 having a property tax rate of 560$ indicitive of a new build (lot) in Jan of 2003. Well I find out that in Jan 2003 it was assessed with a valuation of 151K requiring about 3K more in taxes payable in 2004 (I'd have to pay 3500 instead of 560 in 2004) and meaning that the house was really built in 2002, not 2003. My purchase agreement states the seller is responsible for prorated 2003 taxes (to the closing date).

My question is does this give me a way out, or leverage since the property was listed as built in 2003 and thus the lower expected taxes?

**A: no.

 

[alchemist]

Why not? The seller advertised the property as being one thing and it turns out to be something else......why isnt that considered fraud?

 

[HomeGuru]

If you got the building dept. record that indicates the home was not built in 2003, then you have a claim.

 

[alchemist]

I've found the building permit stating it was started in mid 2002. I've also discovered it was used in the Feb 2003 Parade of homes, and that it was completed (as per the state assesssment) as of Jan 1, 2003.

 

[HomeGuru]

Then you have a good argument.