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Old 03-23-2008, 09:42 PM
 
673 posts, read 1,843,370 times
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Is there anyone out there who understands how the county determines their values? My neighborhood is all over the place. It seems that the homes that were recently sold (say in the past 3 months) went up huge amounts, and are now assessed for more than the buyers paid. I have been in my house for just over a year, and the assessed value is less than what I paid. I don't get it. Here's the real question.... Is it better for that value to be lower, so that you pay less taxes? Or, does a lower value hurt you if you are planning to sell? There was an article in the paper today that gave instructions on what to do if you thought your value was too low or too high. Which scenario benefits the homeowner to report - having a low assessed value, a high one, or both?
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Old 03-23-2008, 09:51 PM
 
Location: Wouldn't you like to know?
8,528 posts, read 10,403,832 times
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Quote:
Originally Posted by FLtoNC View Post
Is there anyone out there who understands how the county determines their values? My neighborhood is all over the place. It seems that the homes that were recently sold (say in the past 3 months) went up huge amounts, and are now assessed for more than the buyers paid. I have been in my house for just over a year, and the assessed value is less than what I paid. I don't get it. Here's the real question.... Is it better for that value to be lower, so that you pay less taxes? Or, does a lower value hurt you if you are planning to sell? There was an article in the paper today that gave instructions on what to do if you thought your value was too low or too high. Which scenario benefits the homeowner to report - having a low assessed value, a high one, or both?

I wouldn't get too bent over shape about it. Most importantly, over the past 2-3 months, what did comparible homes in your area sell for? That should give you somewhat of a better indication of what the ballpark range for what your home could possibly go for...
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Old 03-23-2008, 09:53 PM
 
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Originally Posted by CouponJack View Post
I wouldn't get too bent over shape about it. Most importantly, over the past 2-3 months, what did comparible homes in your area sell for? That should give you somewhat of a better indication of what the ballpark range for what your home could possibly go for...
I'm not worried about what my home would go for. I am more concerned about how the assessed value affects taxes. There are some in my neighborhood that went up 830% and others 3%. Is that equitable?
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Old 03-23-2008, 10:24 PM
 
Location: Union County
5,130 posts, read 4,995,986 times
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Quote:
Originally Posted by FLtoNC View Post
Is there anyone out there who understands how the county determines their values? My neighborhood is all over the place. It seems that the homes that were recently sold (say in the past 3 months) went up huge amounts, and are now assessed for more than the buyers paid. I have been in my house for just over a year, and the assessed value is less than what I paid. I don't get it. Here's the real question.... Is it better for that value to be lower, so that you pay less taxes? Or, does a lower value hurt you if you are planning to sell? There was an article in the paper today that gave instructions on what to do if you thought your value was too low or too high. Which scenario benefits the homeowner to report - having a low assessed value, a high one, or both?
In NY you can grieve your taxes... you "apply" for a review. Companies offer services up North to represent you and take a percentage of what they save you per year as a fee.

I'm not certain of the laws in your county, but a good realtor or attorney could answer pretty easily I'm sure.
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Old 03-24-2008, 04:33 PM
 
404 posts, read 1,099,838 times
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I have approx 15 homes that are occupied in my development. We are 2 1/2 to 3 years old. We have homes that have appreciated over $100,000.00 and homes that have depreciated over $80,000.00 from their sale price. There is nothing consistent regarding time of sale, sq. footage of house or lot size which can explain this drastic fluctuation in assessed values. It just literally makes no sense whatsoever how they arrived at these valuations.

An example is my neighbor just purchased their home 2 months ago. It is approx. 4500 sq ft and is on .500 acres. He paid $630,000.00 for it and is being assessed at $702,000.00

Another neighbor purchased one year ago. It is approx 4300 sq ft on just under an acre. They paid $640,000.00 and their home depreciated $63,000.00 and is being assessed at $576,000.00.

Does anyone understand how this is possible?
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Old 03-24-2008, 06:54 PM
 
673 posts, read 1,843,370 times
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Originally Posted by U120 View Post
I have approx 15 homes that are occupied in my development. We are 2 1/2 to 3 years old. We have homes that have appreciated over $100,000.00 and homes that have depreciated over $80,000.00 from their sale price. There is nothing consistent regarding time of sale, sq. footage of house or lot size which can explain this drastic fluctuation in assessed values. It just literally makes no sense whatsoever how they arrived at these valuations.

An example is my neighbor just purchased their home 2 months ago. It is approx. 4500 sq ft and is on .500 acres. He paid $630,000.00 for it and is being assessed at $702,000.00

Another neighbor purchased one year ago. It is approx 4300 sq ft on just under an acre. They paid $640,000.00 and their home depreciated $63,000.00 and is being assessed at $576,000.00.

Does anyone understand how this is possible?
This is exactly what I was asking. It is the same in my neighborhood.
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Old 03-24-2008, 09:21 PM
 
8 posts, read 25,916 times
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Default Question

I got one too and i am disappointed as market value went up. Letter says

"An Increase in Market Value does not Necessarily indicate an increase in your taxes as the assessed value is only one portion of the formula used to calculate taxes"

Taxes will be assesed at a different amount (lower) than what the letter says?
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Old 03-24-2008, 10:36 PM
 
Location: Monroe, NC
2,565 posts, read 3,982,640 times
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Quote:
Originally Posted by jmike_mikej View Post
I got one too and i am disappointed as market value went up. Letter says

"An Increase in Market Value does not Necessarily indicate an increase in your taxes as the assessed value is only one portion of the formula used to calculate taxes"

Taxes will be assesed at a different amount (lower) than what the letter says?
jmike_mikej - You might think that the rates could be lowered, but the idea is that, when the new tax rate is announced, our elected leaders will be hoping that you "forgot" that your assessment went up and you didn't appeal it. When your tax bill arrives in late August -Surprise!!
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Old 03-24-2008, 10:41 PM
 
148 posts, read 307,365 times
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It is my understanding that we pay rates on a certain percentage of the assessed value. Does anybody know what percent that has been in the past? I don't think it has been set yet for 08.
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Old 03-24-2008, 10:52 PM
 
Location: Monroe, NC
2,565 posts, read 3,982,640 times
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Quote:
Originally Posted by West&East View Post
It is my understanding that we pay rates on a certain percentage of the assessed value. Does anybody know what percent that has been in the past? I don't think it has been set yet for 08.
You pay 100% of the assessed value. The assessed value may not be identical to the market value at any given time. So if your house is assessed at $500,000, you pay taxes on $500,000. The tax rate will change in a few months. If your house is assessed at $500,000 and your county tax rate was 60 cents per 100, you would pay $3000 in county taxes. The municipality you live in will also assess taxes on your home. If they used the same assessment as the county and the rate was 20 cents per assessed 100, you would pay $1000 in taxes to the town or city you live in.

Last edited by TheEmissary; 03-24-2008 at 11:04 PM..
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