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Old 02-29-2008, 12:35 PM   #1
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Property value assessment?


I'm a total NEWB, first-time homebuyer and I keep getting the feeling I got hosed when, in fact, I just don't understand.

I got a letter with an assessment of my property value. Ever since I moved in I've been getting junk mail trying to sell what I already paid for, but this looks legit from the county office. The only problem is it's about $100k lower than the appraisal for both 2008 and 2009. Do they have the right property? Are they including the house? Are they NUTS?!

I can't even find out who I'm supposed to be talking to about this. Persistance never fails, but never say never. I've got all my paperwork in-line and I'm ready to appeal, but not sure if I should "go off half cocked."


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Old 02-29-2008, 01:10 PM   #2
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Property value assessment?


An assessment is not an appraisal.

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Old 02-29-2008, 04:33 PM   #3
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Property value assessment?


Quote:
Originally Posted by LawnGuyLandSparky View Post
An assessment is not an appraisal.
True, smart guy.
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Old 02-29-2008, 06:37 PM   #4
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Property value assessment?


Ayuh,.....

A Low assessment is a Good Thing........
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Old 02-29-2008, 07:52 PM   #5
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Property value assessment?


You should really argue it to the county. You should demand they raise your assessment so you can pay higher taxes.
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Old 03-01-2008, 03:18 AM   #6
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Property value assessment?


Right, thanks!

I really wanna know where they get these numbers, though. I've talked to a few people in my area and at work and theirs are more screwy than mine between years too.

Go ahead - give the new guy a hard time.
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Old 03-01-2008, 03:40 AM   #7
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Property value assessment?


many states have two items on a tax statement

assessed value: this is what the property is valued on the fair and open market (or at least supposed to be)

taxable value: this is the dollar amount your actual taxes ar figured on. this may be less than assessed value due to a homestead exemption or other limitations of taxation in place. This value should never be higher than the assessed value.
In some states, the taxes are base on 1/2 of the assessed value so it should be no more than 1/2 of the assessed value.


This last situation would result in a number of $100k less than appraisal if the house were worth over $200k.
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Old 03-01-2008, 10:09 AM   #8
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Property value assessment?


Quote:
I really wanna know where they get these numbers, though.
Ayuh,... If you Really gotta Know,.....

Call your local Acessor,... They're in the phonebook,....
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Old 03-03-2008, 02:10 AM   #9
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Property value assessment?


Thank you. I got more info here than through the assessor's office. They gave me an appeal form with all the info that didn't explain anything. I talked to a few more people that just ignore those in fear of them raising taxes.
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Old 03-03-2008, 07:02 AM   #10
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Property value assessment?


Exactly what were you worried about in the first place?
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Old 03-07-2008, 02:54 PM   #11
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Property value assessment?


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Exactly what were you worried about in the first place?

Nuthin', just wanted to keep feeling like "official people" are dumber than I.
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Old 03-07-2008, 03:14 PM   #12
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Property value assessment?


Hey DIY, it's no big deal. It just means you paid 100K too much for your house! (Just kidding).

Around here they try to get the assessments as close to actual sales values as possible and it seems that when prices are going up they keep up with it real well. However, now that home prices have dropped the assessor actually had the nerve to tell the local paper that it would take a while for the assessments to reflect the lower sales prices because it takes so long to process the data......
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Old 03-12-2008, 09:51 AM   #13
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Property value assessment?


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Hey DIY, it's no big deal. It just means you paid 100K too much for your house! (Just kidding).

Around here they try to get the assessments as close to actual sales values as possible and it seems that when prices are going up they keep up with it real well. However, now that home prices have dropped the assessor actually had the nerve to tell the local paper that it would take a while for the assessments to reflect the lower sales prices because it takes so long to process the data......

LOL! I am starting to believe that it all depends on how bad you want the house. There were 3 other houses my wife and I wanted, but they sold within minutes (almost literally!) of us coming up with an offer of what they really were worth and 2 sold for way more. Our house is lagging because of the rest of the neighborhood, but the value will go up by the time we sell. Location, location, location - my foot, and crown moulding does not make a mansion! I'll assess my own property for $3.2 million...
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Old 03-12-2008, 01:31 PM   #14
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Property value assessment?


Quote:
Originally Posted by jogr View Post
Hey DIY, it's no big deal. It just means you paid 100K too much for your house! (Just kidding).

Around here they try to get the assessments as close to actual sales values as possible and it seems that when prices are going up they keep up with it real well. However, now that home prices have dropped the assessor actually had the nerve to tell the local paper that it would take a while for the assessments to reflect the lower sales prices because it takes so long to process the data......
What homeowners have to understand is that property assessments are only representing one part of the equation that ultimately determines your property tax. If every property is assessed properly, the total property value within a taxing district is added to find total property wealth, and then the actual tax due can be determined by what % of the wealth belongs to you.

If your assessment is wrong, it doesn't necessarily mean your taxes will be too high or too low, as long as everyone else's assessment is proportionally incorrect as well.

Put simply, in a small simple town, there are 10 homes each on 1 acre and all worth about 500,000.00. If the town budget is 1000.00, each property would pay 100.00 in property tax.

If the market causes house values to decline, it doesn't matter if each house is properly assessed at a new, lower figure. Assessing each at 400,000.00 would still result in the property tax being 100.00 per property.
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Old 03-13-2008, 05:44 PM   #15
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Property value assessment?


Our city assessments are pretty close to our appraisal value. This wasn't always the case, they were always about $40k behind. The new assessments meant that our mortgage went up $130 to cover the added escrow for the property tax bill.

Be happy that your assessment is lower. That means lower property tax and that is a GOOD thing.

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