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Old 05-05-2011, 03:07 PM
 
97 posts, read 193,813 times
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Hi,

if we successfully appeal our property tax assessment and the assessed value is lowered, will future buyers offer less when we try to sell the house in the future?

Thanks.
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Old 05-05-2011, 03:35 PM
 
684 posts, read 669,107 times
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Quote:
Originally Posted by sbbi98 View Post
Hi,

if we successfully appeal our property tax assessment and the assessed value is lowered, will future buyers offer less when we try to sell the house in the future?

Thanks.
Tax value has NOTHING to do with Market Value.
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Old 05-05-2011, 06:43 PM
 
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The true value of a selling house is based on location - as in the the value of recently sold, similar properties from that neighborhood.

The assessed property tax value should not be of large importance - besides the fact that if grossly overvalued it might deter buyers (to avoid unnecessary higher taxes).
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Old 05-05-2011, 10:21 PM
 
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Quote:
Originally Posted by USCRugbyNo1 View Post
Tax value has NOTHING to do with Market Value.
Well it does

It's SUPPOSE to be the same at reval time therefore it has SOMETHING to do with it. Accuracy is another matter. But who knows what buyers will decide. It's all about the market at the time of the sale.

Comps is important and I appealed mine because ours slipped nearly 40% and that just looks funny enough that I don't think buyers will pay us any attention with a drop like that and of course no one can get out of a mortgage and who would want to at that point.
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Old 05-06-2011, 09:23 AM
 
Location: Durham UK
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I was under the impression that the tax value (at the time of reassessment) had everything to do with market value.

I am curious to know why the OP appealed their tax value?
What did you base the fact that the TV was too high on?
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Old 05-06-2011, 01:00 PM
 
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Quote:
Originally Posted by Whatsthenews View Post
I was under the impression that the tax value (at the time of reassessment) had everything to do with market value.

I am curious to know why the OP appealed their tax value?
What did you base the fact that the TV was too high on?
I recently bought an investment house at a price much lower than its new tax value.

Also for the house I currently live in, a house on the same street was recently sold at a much lower than its new tax value which is comparable to my house new tax value. All the houses on our street are quite similar since they were developed by the same builder (similar models)

The difference for the both houses from their tax value is a little less than 20%. Should I appeal? Will I be able to make case?

Thanks.

Last edited by sbbi98; 05-06-2011 at 01:13 PM..
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Old 05-06-2011, 02:21 PM
 
3,073 posts, read 4,485,877 times
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The way things are in charlotte now is the so called tax value can be much higher than what the home will sell for....I cry scam.I will take 30 k less right now for my home than what the tax scam records show.
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Old 05-07-2011, 10:53 AM
 
Location: Charlotte, NC
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I've got 2 houses I am kicking myself in the butt for not appealing. That's what I get for believing the rate would be adjusted and things wouldn't be "rate neutral."

I'm now much less of a fan of Jennifer ROBerts.
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Old 05-07-2011, 11:01 AM
 
1,341 posts, read 1,866,321 times
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Quote:
Originally Posted by sbbi98 View Post
Should I appeal? Will I be able to make case?

Thanks.

I think it is too late to appeal tax value. They gave us a period of time after the assessments were mailed out and that was it.

The whole process is full of problems. When you get right down to it, is it "fair" to tax people based on the market value of their home? If you search carefully and wisely and buy a home in a great area that you want to spend the rest of your life in, and you did such a great job choosing the location that it has doubled in value.... is it "fair" that you must now pay double the taxes? Is it fair that some people are forced to sell their homes because they can't afford the higher taxes just because they were smart (or lucky) enough to buy in an area where values appreciated?

I am just saying there are all kinds of problems depending on your point of view. Even if the county appraisers were good enough to magically assign true Jan 1 market value to every property it would still be a mess.
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Old 05-07-2011, 06:08 PM
 
5,150 posts, read 3,490,470 times
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Quote:
Originally Posted by XcapefromNJ View Post
I think it is too late to appeal tax value. They gave us a period of time after the assessments were mailed out and that was it.

The whole process is full of problems. When you get right down to it, is it "fair" to tax people based on the market value of their home? If you search carefully and wisely and buy a home in a great area that you want to spend the rest of your life in, and you did such a great job choosing the location that it has doubled in value.... is it "fair" that you must now pay double the taxes? Is it fair that some people are forced to sell their homes because they can't afford the higher taxes just because they were smart (or lucky) enough to buy in an area where values appreciated?

I am just saying there are all kinds of problems depending on your point of view. Even if the county appraisers were good enough to magically assign true Jan 1 market value to every property it would still be a mess.
The deadline that just passed is for informal review, not a formal appeal. The next step is an appeal to the board of equalization and review. I don't know the rules if you didn't file an informal review but I don't think you lost your appeal rates. Call 311 and ask to speak to the assessor's office.

As far as the rest of what you say, I don't think any method is going to seem fair to everyone. Our method is one based on equalization. Where everyone is suppose to pay taxes based upon what their home is worth on the market with exceptions for the low income elderly and disabled.

To turn what you said around, would it be fair for someone that has not made a lifelong commitment to a particular property to may more to subsidize those that have?

It seems that states that have created exemptions to get something similar to what you're speaking are worse off economically than North Carolina.
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