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Old 05-06-2009, 06:01 AM
 
Location: Lake Wylie, SC
299 posts, read 948,616 times
Reputation: 101

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Does purchasing a home below Tax Value lower the Tax Value? Or is TV based on assessment and comparables? We're looking at a home where the TV is MUCH higher than the asking price on the home. I believe it's a bank-owned property.

Any info would be much appreciate
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Old 05-06-2009, 06:18 AM
 
Location: Union County, NC
1,891 posts, read 5,546,023 times
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There is no relationship between tax value and market value. Tax value is based on the assessed value of the property.
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Old 05-06-2009, 07:41 AM
 
Location: Charlotte, NC
7,041 posts, read 13,103,299 times
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Right now, the tax values are running a LOT higher than market values. In a normal market, the tax value is below the market value....but, there are too many foreclosures/short sales now. Sounds like it would be a good deal. Is the property in Mecklenburg county?
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Old 05-06-2009, 07:48 AM
 
Location: South Charlotte
1,435 posts, read 5,220,507 times
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Quote:
Originally Posted by chicagocubs View Post
Right now, the tax values are running a LOT higher than market values. In a normal market, the tax value is below the market value....but, there are too many foreclosures/short sales now. Sounds like it would be a good deal. Is the property in Mecklenburg county?

That's a pretty blanket statement. In some areas and neighborhoods it is true but others are different.

As South Chlt stated there isn't a relationship between the two.
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Old 05-06-2009, 08:15 AM
 
Location: Waxhaw
440 posts, read 1,007,538 times
Reputation: 233
We purchased a home lower than the TV. So when tax appeals time came, we appealed. We showed them our purchase price & the bank appraisal. The home was on the market for more than 6 months, it's not like we stole it. To my shock & dismay Union Cty not only did not lower our taxes, but they said our house was undervalued by over $200,000 & re-evaluated our house as worth that much more & raised our taxes accordingly! Then when we fought back months later when it was appeal time & showed them comps in our subdivision all being near or below the price we paid (which happened to be at the entry level to our subdivision) they only lowered our TV by several thousand (certainly not $200k). I think the market crash also helped us in getting the taxes lower. But my goodness, if I could do it again I never would have appealed in the first place. What a screwed up system. You have no power. We even tried really hard to find a certiorary atty (tax appeal specialist) but for the life of us could not locate one. Good luck!
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Old 05-06-2009, 08:42 AM
 
3,774 posts, read 6,988,994 times
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Quote:
Originally Posted by chicagocubs View Post
Right now, the tax values are running a LOT higher than market values. In a normal market, the tax value is below the market value....but, there are too many foreclosures/short sales now. Sounds like it would be a good deal. Is the property in Mecklenburg county?

I just had my home appraised (3 weeks ago) for a refi. We clocked in at %163 of tax value... and my appraisal was tens of thousands of dollars below what it would have sold for 1 year ago. That's the rule, rather than the exception for older, centrally located homes.

The suburbs and skirts... I can't speak for them. I get the feeling that those are the areas that may follow chicago's rules.
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Old 05-06-2009, 09:07 AM
 
431 posts, read 1,497,873 times
Reputation: 125
Union County Tax Assessors Office is a complete joke...End Of Story! One would never have to be concerned about a home not appraising, if we were to give those clowns all the loan work.

The 08 Re-Assessments were so botched up its not funny. They have no clue that we are in a depreciating market.
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Old 05-06-2009, 10:07 AM
 
Location: Lake Wylie, SC
299 posts, read 948,616 times
Reputation: 101
I guess that answers my questions... I thought perhaps the TV would decrease based on the purchase price of the home. Guess not. That's good to know.

The property is actually in York Co, SC... but I imagine things work pretty similarly there.

Thanks for the info everyone
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Old 05-06-2009, 11:08 AM
 
Location: South Charlotte
1,435 posts, read 5,220,507 times
Reputation: 486
Quote:
Originally Posted by SilverSagess View Post
I guess that answers my questions... I thought perhaps the TV would decrease based on the purchase price of the home. Guess not. That's good to know.

The property is actually in York Co, SC... but I imagine things work pretty similarly there.

Thanks for the info everyone

Actually they are completely opposite and have a very funky tax system in general. If you do purchase in York County make sure that you immediately file for an "owner occupant" status. Otherwise they will be billing your property taxes based on your home being used for investment purposes. By default they will do this so you need to make sure you let them know your living in the home and its a primary residence.
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Old 05-06-2009, 06:11 PM
 
Location: Lake Wylie, SC
299 posts, read 948,616 times
Reputation: 101
Thanks for the tip. I will make sure we do that.
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