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Old 02-23-2011, 07:33 PM
 
11 posts, read 15,659 times
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"Charlotte home prices at 04' levels" - Charlotte Observer 2/23/2011

Charlotte home prices at '04 levels - CharlotteObserver.com (http://www.charlotteobserver.com/2011/02/23/2083924/charlotte-home-prices-at-5-year.html - broken link)



Charlotte home prices at 04' levels-homeindex_embedded_prod_affiliate_138.jpg


Makes you wonder how some of the homes in Charlotte shot up in tax value some 40-50% in one year (2003 to 2004 ) according to the new tax assessments.
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Old 02-23-2011, 10:34 PM
 
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Well if they're at '04 levels then I'm still coming out ahead.
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Old 02-23-2011, 11:50 PM
 
5,150 posts, read 6,642,356 times
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Quote:
Originally Posted by knewtocharlotte View Post
"Charlotte home prices at 04' levels" - Charlotte Observer 2/23/2011

Charlotte home prices at '04 levels - CharlotteObserver.com (http://www.charlotteobserver.com/2011/02/23/2083924/charlotte-home-prices-at-5-year.html - broken link)



Attachment 76240


Makes you wonder how some of the homes in Charlotte shot up in tax value some 40-50% in one year (2003 to 2004 ) according to the new tax assessments.
You don't have to wonder since the comps are online that were used for reval.
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Old 02-24-2011, 07:10 AM
 
11 posts, read 15,659 times
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Quote:
Originally Posted by GCharlotte View Post
You don't have to wonder since the comps are online that were used for reval.
LOL. Everyone should look at the comps that the city actually used for your house. Some are way off. You have been saying that the city tried to stay within a "neighborhood" for the comps when doing this reevaultion. However, in my neighborhood for the entire year, sold comps were at an average of $116 per square foot. The cities assessment of my house was at $151 per square foot. We live in a John Wieland neighborhood so all homes are very similar in quality and design. Clearly, they didn't pull the "comps" from the neighborhood. People all over the city are having the same results. If prices are suppose to be at 2004 levels now than I think we can agree that home prices didn't shoot up between 25-50% in one year from the last assessment in 2003 according to the new assessments.
My whole street is appealing.

Last edited by knewtocharlotte; 02-24-2011 at 07:28 AM..
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Old 02-24-2011, 07:43 AM
 
5,150 posts, read 6,642,356 times
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Quote:
Originally Posted by knewtocharlotte View Post
LOL. Everyone should look at the comps that the city actually used for your house. Some are way off. You have been saying that the city tried to stay within a "neighborhood" for the comps when doing this reevaultion. However, in my neighborhood for the entire year, sold comps were at an average of $116 per square foot. The cities assessment of my house was at $151 per square foot. We live in a John Wieland neighborhood so all homes are very similar in quality and design. Clearly, they didn't pull the "comps" from the neighborhood. People all over the city are having the same results. If prices are suppose to be at 2004 levels now than I think we can agree that home prices didn't shoot up between 25-50% in one year from the last assessment in 2003 according to the new assessments.
My whole street is appealing.
The city has nothing to do with it. It's the county. And "neighborhood" according to the county is similar valued homes in a general area so it isn't a subdivision or even what we would think as a neighborhood. Believe me I don't think it's perfect. My tax neighborhood is waayyyyy too big and we're getting creamed on the downside but most neighbors don't care they just want the tax break.

If the comps being used by the county don't mesh with reality then you have a great chance at an appeal. Send me an address via DM and I'll look for anomolies that might help.

I haven't seen a tax neighborhood on the upside that wasn't falling the trends properly for that tax neighborhood. On the other hand I have seen anomalies for particular houses on a particular street.

You can browse the comps for your tax neighborhood and for your street at realmeck.com and that will give you an idea of what happened for 2009/2010 which is the base that is being used or at least is suppose to. That didn't work out for me either.

I'm not defending them by saying it's perfect. I'm just saying the info is out there so we don't have to guess.
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Old 02-24-2011, 11:30 AM
 
Location: Union County
5,783 posts, read 8,414,265 times
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The article uses the most recent Case Shiller (data is 2 months old) and nationally homes were at 2003Q1 levels compared to this Charlotte number... So it's a plus for Charlotte in that regard. However - as most of us know, Charlotte lags the nation and most definitely lags the key metros where our transplants come from. With those areas experiencing it worse, it will hit us and send us lower.

So 2004 levels sounds reasonable, but it's likely well below that today and into the foreseeable future.
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Old 02-24-2011, 11:31 AM
 
295 posts, read 452,520 times
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"Charlotte home prices at 04' levels" - Charlotte Observer 2/23/2011

Charlotte home prices at '04 levels - CharlotteObserver.com (http://www.charlotteobserver.com/2011/02/23/2083924/charlotte-home-prices-at-5-year.html - broken link)

Makes you wonder how some of the homes in Charlotte shot up in tax value some 40-50% in one year (2003 to 2004 ) according to the new tax assessments.


Just wondering if my understanding makes any sense or is it ignorance on my part...With the no. of houses where the value has eroded and the no. of foreclosures the tax basket must be pretty empty. May be the others are taxed upwards to make up for the shortfall in revenue.
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Old 02-24-2011, 12:34 PM
 
5,150 posts, read 6,642,356 times
Reputation: 1439
Quote:
Originally Posted by Rollingon View Post
"Charlotte home prices at 04' levels" - Charlotte Observer 2/23/2011

Charlotte home prices at '04 levels - CharlotteObserver.com (http://www.charlotteobserver.com/2011/02/23/2083924/charlotte-home-prices-at-5-year.html - broken link)

Makes you wonder how some of the homes in Charlotte shot up in tax value some 40-50% in one year (2003 to 2004 ) according to the new tax assessments.


Just wondering if my understanding makes any sense or is it ignorance on my part...With the no. of houses where the value has eroded and the no. of foreclosures the tax basket must be pretty empty. May be the others are taxed upwards to make up for the shortfall in revenue.
The new tax assessments are based upon sales for 2009/2010 with an emphasis on qualified sales for 2010 and special attention to foreclosures if they hit 15% of the sales during that period.

The assessment has nothing to do with 2004 and nothing to do with revenue. The assessor sets values, the county board of commissioners sets rates.
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