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How To Do A Tax Search?
| | Tuesday, March 29, 2005 @ 10:53 AM EST
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Contributed by: John Michael
John Michael Properties
Read more archived articles about Buying
Introduction
Depending on the purpose, tax research can be simple or complex. The researcher may be helping someone purchase property and only need to know whether the property taxes are up to date. In this case, the results are quite straightforward - the taxes are paid up or not. In another case, the researcher may be interested in neighborhood disinvestment, and thus uses tax delinquency (failure to pay taxes) to measure disinvestment. Here he or she has to look at whether or not property taxes are paid and also at patterns of delinquency and redemption to begin to make guesses about property owners’ intentions: delinquency as a result of a short term cash flow problem; as a conscious disinvestment decision to improve the rate of return until selling the property; or as an indication of plans to walk away from the building.
The researcher must then interpret how these individual patterns relate to the neighborhood as a whole.
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Research can address issues of over/under assessment of properties, tax sale procedures and the general impact of property tax procedures on low-income neighborhoods.
The issues of property tax procedures are complex but the initial task of gathering the information is quite easy.
The Permanent Index Number
The first step in the tax search is to find the Permanent Index Number (PIN) for the property. All property tax records in most Counties follow this method of identifying properties. PlN's are listed by address in the Street Index Number books in the Treasurer's Office or Assessors Office you will see the Street Index Number books.
These books are arranged alphabetically by street name. Within each book, the addresses are arranged numerically. The street number on the building may not correspond to the address listed in the Street Index Number book. For this reason, it is a good idea to check out the addresses of the adjacent buildings, or draw a little map of the area before doing your research so you will have a better chance of pinpointing the correct index number.
Locating Tax Information
Now that you have your PIN, you are ready to begin your tax search. Property tax records are kept normally by County offices:
1. County Assessor's office
2. County Treasurers office or
3. County Clerk s office.
The County Assessor keeps the main records on property assessment, although some records may also kept by both the Treasurer and the Clerk.
The County Treasurer/Assessor keeps records on the amount and payment of current taxes.
The County Clerk keeps records for past years. This office also records whether back taxes are redeemed (paid) and all information regarding tax sales.
Information is kept in five main record systems:
Real Estate Collector's Warrant Books (Warrant Books)
These books contain a yearly accounting of all County properties, their assessed value, the amount of taxes due, and whether they were paid.
Tax Judgment, Sale, and Redemption Records Book— (Judgment Books) These books contain a yearly recording of tax delinquent properties. any sales or redemption’s. and filing of objections or errors in the assessment of the property
Scavenger Sale Books
These books contain (for any year in which there is a Scavenger Sale) an accounting of all properties eligible for Scavenger Sale and information on any bids made at the Scavenger Sale and redemption’s made afterward.
Property Record Cards
The Assessor's Office has a card for every property containing all information concerning assessment.
Warrant Books
The first step you will probably want to take is to find out who the current taxpayer is and whether the current rent taxes are paid.
Current information is also kept on microfiche or Computerized Data Files. The most up-to-date property data is contained in the Computerized Data File.
This information is available to the Assessor's staff and at times to the public.
Computer printout of some of the data is known as the "Field Analysis Ratio Report”, and is available for inspection on special request to the assessor.
If you are uncertain what to do, give the clerk the township and PIN for your parcel and he or she will find the appropriate card for you and put it in the machine. When you have several properties to research, it is a good idea to learn how to serve yourself.
Somewhere near the microfilm viewers is a folder of microfiche cards arranged in sections alphabetically by township name, book & page or by alpha.
As you start to copy out the tax information, it will be helpful to have some order for recording the information.
Note: John Michael is the author of many guides that can help you become more successful as an investor. See http://www.thecreativeinvestor.com/ChanPart-JohnMichael.html
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