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Old 05-03-2009, 04:28 PM   #31
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Tax assessment went down 10% - need advice


It needed the yard cleaned out & painting
It was a short sale to avoid foreclosure
The bank agreed to let the owners sell it for less then the value
I cleaned it up & I sold the house for $200k
The extra was due to a new Septic system
I installed 3 new doors & 3 new windows, new roof
Other houses were selling for $150k that were cleaned up
A house 3 houses away sold for $320k

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Old 05-03-2009, 04:52 PM   #32
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Tax assessment went down 10% - need advice


In MN the taxes rarely go down. My daughter and son-in-law purchased a home for $250,000 a year and a half ago. The previous sold price was $450,000, assessed value $375,000. The assessed value stayed the same this year at $375,000 even though they purchased the home just a year earlier for $250,000.

If they wanted to fight the assessed value they would have to have an appraisal done at the cost of $450 to show the county taxing authority. This has to be done within a short period of time after you are notified of your next years taxes. If they jumped the taxes up the year after that it would have to be done all over again.
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Old 05-03-2009, 04:54 PM   #33
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Tax assessment went down 10% - need advice


your tax code is fairly unique, at least compared to anything to the west of you. It does appear there is a tax cap of some 2 1/2% increase. I did not read enough to speak intelligently on the application or calculation so I won't try.

and again, taxable value is a unique determination. It is influenced by properties close but it is still an individual assessment.

example;\
not far down the road from me, a house was listed at $40k. Almost directly across the road, there is a house listed around $400k and less than 1/4 mile from there, houses are valued at $400k to $1m and less than 1/2 mile from there, houses are $750k and up.

So, does that mean the $40k house is underpriced? Not at all. I do not believe I would give the $40k for it.

Proximity influences values but it does not determine specific values.
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Old 05-03-2009, 05:04 PM   #34
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Tax assessment went down 10% - need advice


Quote:
Originally Posted by brokenknee View Post
In MN the taxes rarely go down. My daughter and son-in-law purchased a home for $250,000 a year and a half ago. The previous sold price was $450,000, assessed value $375,000. The assessed value stayed the same this year at $375,000 even though they purchased the home just a year earlier for $250,000.

If they wanted to fight the assessed value they would have to have an appraisal done at the cost of $450 to show the county taxing authority. This has to be done within a short period of time after you are notified of your next years taxes. If they jumped the taxes up the year after that it would have to be done all over again.
but they could have caused it to go down. And, just as with Dave, I have not researched your states tax laws at all so I cannot really speak to yours, specifically. If it is possible for the assessor to reassess to an unreasonable amount, which you would have to contest, again, why do you not initiate a referendum on tax increase limitations such as we have in Michigan. It would help avoid such situations.
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Old 05-03-2009, 05:08 PM   #35
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Tax assessment went down 10% - need advice


All the houses were about the same
The $320k one was updated
But I think it would be an unfair Tax basis for someone to purchase like I did & pay an extremely lower tax
I just needed to clean the place up - EXTERMINATOR!!!
I didn't like the thousands of house guests

I could have lived in the house as is with just minor interior improvements (actually I did). The Septic was only installed a few months before I sold it - as was the roof

Lots of banks are now selling properties for the $$ owed
A $240k house sold for the mortgage owed - $132k
Many others have sold for less
To be automatically devalued for Tax purposes would take a toll on Towns income. Plus unfair to neighbors as Tax basis should be approximately "even" for everyone
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Old 05-03-2009, 07:07 PM   #36
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Tax assessment went down 10% - need advice


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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 MD there is no cap on the assessment jump, just in the amount the property tax can increase.

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