Go Back   DIY Chatroom Home Improvement Forum > DIY Repair > General DIY Discussions

CLICK HERE AND JOIN OUR COMMUNITY TODAY...IT'S FREE!

Reply
 
Thread Tools Search this Thread Display Modes
Old 04-29-2009, 08:42 PM   #16
nap
You talking to me?
 
nap's Avatar
 
Join Date: Dec 2007
Location: sw mi
Posts: 5,407
Share |
Default

Tax assessment went down 10% - need advice


Quote:
Originally Posted by brokenknee View Post
thank you very much mr grammar police.
glad to see you didn't forget the r for the registered trademark.
Oh get a sense of humor. Geesh.

nap is offline   Reply With Quote
Old 04-29-2009, 08:55 PM   #17
Safe, Most of the Time!!
 
brokenknee's Avatar
 
Join Date: Dec 2008
Location: MN
Posts: 652
Default

Tax assessment went down 10% - need advice


Quote:
Originally Posted by nap View Post
Oh get a sense of humor. Geesh.

That is what the smiley face was for. I always find it humorous when someone throws out a shot, then get defensive when it is responded to.
__________________
"Clarity to Agreement" Dennis Prager

Picture/Photo Pitcher/Carafe ------- Where/Someplace Were/Be
brokenknee is offline   Reply With Quote
Old 04-29-2009, 09:43 PM   #18
Member
 
Join Date: Jan 2009
Location: South of Boston, MA
Posts: 17,248
Default

Tax assessment went down 10% - need advice


Realtor



Scuba_Dave is offline   Reply With Quote
Old 04-30-2009, 04:15 PM   #19
nap
You talking to me?
 
nap's Avatar
 
Join Date: Dec 2007
Location: sw mi
Posts: 5,407
Default

Tax assessment went down 10% - need advice


Quote:
Originally Posted by brokenknee View Post
That is what the smiley face was for. I always find it humorous when someone throws out a shot, then get defensive when it is responded to.
my apologies. I don't speak "smiley" so the intent often goes over my head.
nap is offline   Reply With Quote
Old 04-30-2009, 04:54 PM   #20
Safe, Most of the Time!!
 
brokenknee's Avatar
 
Join Date: Dec 2008
Location: MN
Posts: 652
Default

Tax assessment went down 10% - need advice


Quote:
Originally Posted by nap View Post
my apologies. I don't speak "smiley" so the intent often goes over my head.
No apology necessary. I am not easily offended.
__________________
"Clarity to Agreement" Dennis Prager

Picture/Photo Pitcher/Carafe ------- Where/Someplace Were/Be
brokenknee is offline   Reply With Quote
Old 04-30-2009, 04:59 PM   #21
Safe, Most of the Time!!
 
brokenknee's Avatar
 
Join Date: Dec 2008
Location: MN
Posts: 652
Default

Tax assessment went down 10% - need advice


Quote:
Originally Posted by Scuba_Dave View Post
Realtor




Now that is really funny. I missed it the first time I read it.
__________________
"Clarity to Agreement" Dennis Prager

Picture/Photo Pitcher/Carafe ------- Where/Someplace Were/Be
brokenknee is offline   Reply With Quote
Old 05-02-2009, 09:00 AM   #22
Member
 
Knucklez's Avatar
 
Join Date: Oct 2007
Location: ontario canada
Posts: 858
Default

Tax assessment went down 10% - need advice


i don't understand why you want to increase your taxes?

if i were a buyer, i would be happier knowing my city taxes are LOWER than my neighbours rather than higher. the actual value of the house is determined during the negotiation of the house purchase and has nothing to do with your taxes!

Knucklez
Knucklez is offline   Reply With Quote
Old 05-02-2009, 09:57 AM   #23
Member
 
Join Date: Jan 2009
Location: South of Boston, MA
Posts: 17,248
Default

Tax assessment went down 10% - need advice


We looked at tax rates & tax appraised values very closely when looking for a house
We passed on thehouses that had inflated/higher taxes
Scuba_Dave is offline   Reply With Quote
Old 05-02-2009, 10:05 AM   #24
nap
You talking to me?
 
nap's Avatar
 
Join Date: Dec 2007
Location: sw mi
Posts: 5,407
Default

Tax assessment went down 10% - need advice


Quote:
Originally Posted by Scuba_Dave View Post
We looked at tax rates & tax appraised values very closely when looking for a house
We passed on thehouses that had inflated/higher taxes
in todays market, there a lots of houses that are assessed at a much higher value than the sales value. Dang, I know a guy that bought a house that used to be valued over $200k for less than $100k. If he bailed because of what you did, he would not have the house, which when the market settles, will be back up near the $200k value.

with the banking debacle, there are thousands of houses that are being dumped at far below assessed value. They are then due for a reassessment at the lower level, or at an accurately appraised value actually.
nap is offline   Reply With Quote
Old 05-02-2009, 10:11 AM   #25
Member
 
Join Date: Jan 2009
Location: South of Boston, MA
Posts: 17,248
Default

Tax assessment went down 10% - need advice


We were looking at houses 5 years ago - different market

But if a person looks at 2 houses, and one has an lower appraised tax rate, guess which one will be likely to sell 1st?

Quote:
Originally Posted by nap View Post
in todays market, there a lots of houses that are assessed at a much higher value than the sales value. Dang, I know a guy that bought a house that used to be valued over $200k for less than $100k. If he bailed because of what you did, he would not have the house, which when the market settles, will be back up near the $200k value.

with the banking debacle, there are thousands of houses that are being dumped at far below assessed value. They are then due for a reassessment at the lower level, or at an accurately appraised value actually.
And that is EXACTLY my point - why not buy a house with a LOWER tax assessed value?
The Value will go up, why pay more taxes then you have to?

Last edited by Scuba_Dave; 05-02-2009 at 11:43 AM.
Scuba_Dave is offline   Reply With Quote
Old 05-02-2009, 02:35 PM   #26
nap
You talking to me?
 
nap's Avatar
 
Join Date: Dec 2007
Location: sw mi
Posts: 5,407
Default

Tax assessment went down 10% - need advice


and that is exactly why the assessed value has no real part in determining the value of a property. It often takes a recent sale, some sort of permitted improvement, or a protestation of the value for the assessed value to change beyond a standard cost of living adjustment.

Generally speaking, the assessed value is incorrect as to appraised value. Since it does not take true market value in to account, once it is established, it is most often simply the last sale value adjusted for the cost of living.

Very undependable.

Quote:
But if a person looks at 2 houses, and one has an lower appraised tax rate, guess which one will be likely to sell 1st?
actually, I have had situations where it may have been this way but just as often it was exactly the opposite but most generally it is ignored. The assessed value is irrelevant when you are looking at 2 houses with the same selling price. Once they are sold, if at the same price, they will both have the same level of taxes, if they are subject to the same assessments.


Quote:
And that is EXACTLY my point - why not buy a house with a LOWER tax assessed value?
The Value will go up, why pay more taxes then you have to?
Sure. They will go up as soon as the sale is registered. The taxable value will be determined by the selling price of the house, not what it was assessed prior to the sale.
nap is offline   Reply With Quote
Old 05-02-2009, 10:08 PM   #27
Member
 
Join Date: Jan 2009
Location: South of Boston, MA
Posts: 17,248
Default

Tax assessment went down 10% - need advice


Quote:
Originally Posted by nap View Post
actually, I have had situations where it may have been this way but just as often it was exactly the opposite but most generally it is ignored. The assessed value is irrelevant when you are looking at 2 houses with the same selling price. Once they are sold, if at the same price, they will both have the same level of taxes, if they are subject to the same assessments.

Sure. They will go up as soon as the sale is registered. The taxable value will be determined by the selling price of the house, not what it was assessed prior to the sale.
No, the TAX assesed value is NOT the SOLD price. The Tax assessment is NOT automatically raised to the selling price
NOR is it automatically REDUCED
Not around here, never has been
Scuba_Dave is offline   Reply With Quote
Old 05-03-2009, 03:51 PM   #28
nap
You talking to me?
 
nap's Avatar
 
Join Date: Dec 2007
Location: sw mi
Posts: 5,407
Default

Tax assessment went down 10% - need advice


Quote:
Originally Posted by Scuba_Dave View Post
No, the TAX assesed value is NOT the SOLD price. The Tax assessment is NOT automatically raised to the selling price
NOR is it automatically REDUCED
Not around here, never has been

well, let me make a slight correction as I tend to speak in terms of 100% of values. Assessed value is actually 1/2 of the market value.




I tend to not make that distinction. Not sure it is that way in all states. In mine, there is assessed value and then there is taxable value.

assessed value is supposed to be 50% of market value and yes, when a house sells, that becomes the market value and the assessment changes accordingly, at least in my state. The taxable value starts equal to the assessed value but in Michigan, the taxes are only allowed to increase 5% or cost of living each year (they do not go down). That means if a house's value increases very rapidly, the taxable value and the assessed value become further and further apart.

at least that is how it works around here.
nap is offline   Reply With Quote
Old 05-03-2009, 03:58 PM   #29
Member
 
Join Date: Jan 2009
Location: South of Boston, MA
Posts: 17,248
Default

Tax assessment went down 10% - need advice


Not here, there isn't any automatic adjustment
Nor is there any cap on tax value increase
I bought my last house for $23,600, other houses were selling for $150k
So if only a 5% increase were allowed the Tax value would never become anywhere close to the value of the house
Scuba_Dave is offline   Reply With Quote
Old 05-03-2009, 04:22 PM   #30
nap
You talking to me?
 
nap's Avatar
 
Join Date: Dec 2007
Location: sw mi
Posts: 5,407
Default

Tax assessment went down 10% - need advice


Quote:
Originally Posted by Scuba_Dave View Post
Not here, there isn't any automatic adjustment
Nor is there any cap on tax value increase
I bought my last house for $23,600, other houses were selling for $150k
So if only a 5% increase were allowed the Tax value would never become anywhere close to the value of the house
In MICHIGAN there is. I will have to research your state. In either case, the OP has not provided his state so I cannot determine if your or my situation would be applicable.

and just because OTHER houses were selling for $150k does not mean your house was worth $150k. I have no idea as to the value of your house. It may have been worth the $23.6k. Again, in MICHIGAN, when you apply for permits to make improvements, the assessor adjusts for the improvements so unless the work was done illegally or you left it as a POS, the that taxable value would increase faster than the cost of living or 5%.

nap is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Please advise concrete floor iraklisani Flooring 1 04-12-2009 06:30 PM
Home Assessment.... dcd22 General DIY Discussions 2 07-08-2008 02:20 PM
#CARRIERMAN please advise Thomas S HVAC 1 03-31-2008 05:28 PM
Property value assessment? DIYtestdummy Off Topic 14 03-13-2008 05:44 PM
Need some serious advise on heating system helpless handyman HVAC 26 12-07-2006 05:28 PM




Top of Page | View New Posts

Copyright © 2003-2014 Escalate Media. All Rights Reserved.