Be alert of the property tax credit that the Developer will reimburse you during the closing process. If you do not voice out your concern on how they come up with the amount for the credit, you will end up with a tax credit which is not enough for you to pay your actual property tax bill at the end of the year.
Some of the owners challenge the amount of credit during the closing process. They will very likely receive a closing agreement that states ""REPRORATION allow after you receive the actual property tax bill"". Otherwise, you will have a closing agreement that states ""NO REPRORATION"" under the property tax section, and you will end up have to pay a property tax bill that is way higher than what the Developer has reimbursed you during closing.
The Developer calculates the tax credit to reimburse you base on 1.5% Millage rate, and the actual millage rate for 2010 tax bill is 2.471%. The problem is you cannot appeal through the County assessor for revaluation on Millage rate, you can only do so for assessed value. Now you are liable for a property tax bill that is almost 1% higher than what you got reimbursed.
more