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Old 06-23-2011, 07:55 PM
 
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A small victory in the War of Revaluation | Huntersville Herald

Homeowner bought a lot that he couldn't build on and got hit with a $700,000 assessment. After appeal, new value is $15,800. This is on Belle Isle Drive in Lake Norman.

This is one of the downfalls of using tax neighborhoods and not putting eyeballs on a property ever reval though there isn't manpower for that.

I still defend the assessor and in the end the right thing happened but if you aren't on top of things and prepared to fight the stress could really get to you.

There's one unbuilt lot in my neighborhood of 580 houses (actually 3500 in the tax neighborhood). Somehow that empty lot sold last year at a fire sale (there's still no sign of building) and that single sale got applied to all 3500 of us. That's not right and I told the assessor that in my appeal.

Anyway, thought you'd be interested to see the little guy get a win. Of course this "little guy" is a town commissioner, lives in a house that is 5358 sq heated feet, and 7712 total square feet total which jumped in value from 901600 to 1.6M. I think he'll win appeal on the million dollar house too.

Here's a look at sales for the Lake Norman area since the first of the year. Some of you know I'm working on a big report to show reval to sales ratios. This is a snippet. It looks at the tax neighborhood for those mentioned in the article.

I pulled this just this week. Doesn’t include sales that are non-qualified such as foreclosures or sales between relatives, that kind of thing.

The “diff” number is how the sales are doing per the new reval compared to sales. Anything under 100 means it is selling for under the reval price.

Here’s three sales from Chuck Travis and Bob Deaton, and Robert McIntosh’s neighborhood:

StName Price 2011 Value RevalDiff OldValue SaleDate YearBuilt
NORMAN SHORES 585000.00 704800 83 368400 2011-03-04 00:00:00.000 1984
NORMAN SHORES 175000.00 194300 90.07 173400 2011-03-22 00:00:00.000 1975
JETTON RD 750000.00 787800 95.2 394800 2011-01-03 00:00:00.000 1971

And here’s some that are still under review. Obvious not foreclosures so I would count these as legit:

StName Price 2011 Value RevalDiff OldValue Neighbourh YearBuilt
HAVENVIEW 1210000.00 1018300 118.83 799700 2011-04-14 1980
BETHEL CHURCH 306000.00 271700 112.62 221300 2011-04-08 2000
BLUFF POINT 1000000.00 824400 121.3 817900 2011-03-30 1978
YACHTMAN 450000.00 596400 75.45 359800 2011-01-25 1986
SUNNYPOINT 325000.00 327100 99.36 282900 2011-04-15 1996
MOLLYPOP 1100000.00 1319400 83.37 844300 2011-04-08 1998

So it looks 50/50 ish to me. 3 people saw a loss of more than 10% compared to reval numbers. Two came within 1 within 10%, 1 within 5%, one within 1%, and three sold from 12 to 21% higher that tax reval.

Last edited by GCharlotte; 06-23-2011 at 08:22 PM.. Reason: added chart of sales
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Old 06-25-2011, 03:39 PM
 
Location: State of Being
35,885 posts, read 67,205,825 times
Reputation: 22375
Quote:
Originally Posted by GCharlotte View Post
A small victory in the War of Revaluation | Huntersville Herald

Homeowner bought a lot that he couldn't build on and got hit with a $700,000 assessment. After appeal, new value is $15,800. This is on Belle Isle Drive in Lake Norman.

This is one of the downfalls of using tax neighborhoods and not putting eyeballs on a property ever reval though there isn't manpower for that.

I still defend the assessor and in the end the right thing happened but if you aren't on top of things and prepared to fight the stress could really get to you.

There's one unbuilt lot in my neighborhood of 580 houses (actually 3500 in the tax neighborhood). Somehow that empty lot sold last year at a fire sale (there's still no sign of building) and that single sale got applied to all 3500 of us. That's not right and I told the assessor that in my appeal.

Anyway, thought you'd be interested to see the little guy get a win. Of course this "little guy" is a town commissioner, lives in a house that is 5358 sq heated feet, and 7712 total square feet total which jumped in value from 901600 to 1.6M. I think he'll win appeal on the million dollar house too.

Here's a look at sales for the Lake Norman area since the first of the year. Some of you know I'm working on a big report to show reval to sales ratios. This is a snippet. It looks at the tax neighborhood for those mentioned in the article.

I pulled this just this week. Doesn’t include sales that are non-qualified such as foreclosures or sales between relatives, that kind of thing.

The “diff” number is how the sales are doing per the new reval compared to sales. Anything under 100 means it is selling for under the reval price.

Here’s three sales from Chuck Travis and Bob Deaton, and Robert McIntosh’s neighborhood:

StName Price 2011 Value RevalDiff OldValue SaleDate YearBuilt
NORMAN SHORES 585000.00 704800 83 368400 2011-03-04 00:00:00.000 1984
NORMAN SHORES 175000.00 194300 90.07 173400 2011-03-22 00:00:00.000 1975
JETTON RD 750000.00 787800 95.2 394800 2011-01-03 00:00:00.000 1971

And here’s some that are still under review. Obvious not foreclosures so I would count these as legit:

StName Price 2011 Value RevalDiff OldValue Neighbourh YearBuilt
HAVENVIEW 1210000.00 1018300 118.83 799700 2011-04-14 1980
BETHEL CHURCH 306000.00 271700 112.62 221300 2011-04-08 2000
BLUFF POINT 1000000.00 824400 121.3 817900 2011-03-30 1978
YACHTMAN 450000.00 596400 75.45 359800 2011-01-25 1986
SUNNYPOINT 325000.00 327100 99.36 282900 2011-04-15 1996
MOLLYPOP 1100000.00 1319400 83.37 844300 2011-04-08 1998

So it looks 50/50 ish to me. 3 people saw a loss of more than 10% compared to reval numbers. Two came within 1 within 10%, 1 within 5%, one within 1%, and three sold from 12 to 21% higher that tax reval.
TY so much for posting this info! Very interesting.

I was pleaesd to hear about the "re-do" on the incorrectly assessed lot, but then ended up feeling a bit jaded when I found out the owner has some "political pull." I would like to think any "little guy" could have his voice heard, but I kinda wonder . . .

Do you see any trending at all? Do you think what you are seeing reflects an overall fair valuation?
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Old 06-25-2011, 06:23 PM
 
5,150 posts, read 6,664,448 times
Reputation: 1439
Quote:
Originally Posted by anifani821 View Post
TY so much for posting this info! Very interesting.

I was pleaesd to hear about the "re-do" on the incorrectly assessed lot, but then ended up feeling a bit jaded when I found out the owner has some "political pull." I would like to think any "little guy" could have his voice heard, but I kinda wonder . . .

Do you see any trending at all? Do you think what you are seeing reflects an overall fair valuation?
I think the little guy has the same chances as the big guys at this level. The people taking a look at things at this level are probably appraisers that aren't going to be politically savvy to know who the little town politicians are. Now if Jennifer Roberts got a big break that would raise eyebrows but Jennifer is all about paying more taxes so that's not going to happen.

The overall trend that I see is that the majority are within 10% of the new valuations with the majority of those that are NOT in that range are favorable to the seller.

For my own neighborhood (which I appealed for being too low) is holding to what I said in my appeal:

StName StType Price 2011 Value RevalDiff OldValue Neighbourh
SHAFTER CT 57000.00 73700 77.34 115800 NORTHWOODS FOREST
MEADECROFT RD 83000.00 71400 116.25 119700 NORTHWOODS FOREST
HATTER RIDGE TR 101000.00 94000 107.45 148100 NORTHWOODS FOREST
NORTHWOODS FOREST DR 124000.00 79400 156.17 129700 NORTHWOODS FOREST
SPRUCE MOUNTAIN RD 110000.00 88800 123.87 137400 NORTHWOODS FOREST
SILVERBERRY CT 116500.00 75900 153.49 124500 NORTHWOODS FOREST
WOODINGTON LN 93500.00 72200 129.5 120100 NORTHWOODS FOREST
NORTHWOODS FOREST DR 100000.00 72600 137.74 121900 NORTHWOODS FOREST

The 77.34 was a foreclosure or short sale.
When you see numbers above 120% then you have to assume it's broke for my neighborhood and what I'm worried about is over time buyers will catch on and push the prices down but so far the market is winning.

The problem is, all but two of the sales is still under review so I'm putting off publishing anything. Numbers that high over 100 suggest they are qualified sales but what happens is the tax office and GIS department look at every deed to learn what kind of sale it is. I'd rather work with final data so I'm going to look at it again in a month.

If someone has an appeal and wants to know how sales are doing you can DM me. The data I have might help with round 2 but I'm sure the assessor's office is looking at the same data.
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Old 06-25-2011, 06:37 PM
 
Location: State of Being
35,885 posts, read 67,205,825 times
Reputation: 22375
Quote:
Originally Posted by GCharlotte View Post
I think the little guy has the same chances as the big guys at this level. The people taking a look at things at this level are probably appraisers that aren't going to be politically savvy to know who the little town politicians are. Now if Jennifer Roberts got a big break that would raise eyebrows but Jennifer is all about paying more taxes so that's not going to happen.

The overall trend that I see is that the majority are within 10% of the new valuations with the majority of those that are NOT in that range are favorable to the seller.

For my own neighborhood (which I appealed for being too low) is holding to what I said in my appeal:

StName StType Price 2011 Value RevalDiff OldValue Neighbourh
SHAFTER CT 57000.00 73700 77.34 115800 NORTHWOODS FOREST
MEADECROFT RD 83000.00 71400 116.25 119700 NORTHWOODS FOREST
HATTER RIDGE TR 101000.00 94000 107.45 148100 NORTHWOODS FOREST
NORTHWOODS FOREST DR 124000.00 79400 156.17 129700 NORTHWOODS FOREST
SPRUCE MOUNTAIN RD 110000.00 88800 123.87 137400 NORTHWOODS FOREST
SILVERBERRY CT 116500.00 75900 153.49 124500 NORTHWOODS FOREST
WOODINGTON LN 93500.00 72200 129.5 120100 NORTHWOODS FOREST
NORTHWOODS FOREST DR 100000.00 72600 137.74 121900 NORTHWOODS FOREST

The 77.34 was a foreclosure or short sale.
When you see numbers above 120% then you have to assume it's broke for my neighborhood and what I'm worried about is over time buyers will catch on and push the prices down but so far the market is winning.

The problem is, all but two of the sales is still under review so I'm putting off publishing anything. Numbers that high over 100 suggest they are qualified sales but what happens is the tax office and GIS department look at every deed to learn what kind of sale it is. I'd rather work with final data so I'm going to look at it again in a month.

If someone has an appeal and wants to know how sales are doing you can DM me. The data I have might help with round 2 but I'm sure the assessor's office is looking at the same data.
Good to know that this is truly being examined. I felt our valuation was fair - it went up. Had it gone down, I would have been asking questions.
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