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We bought our home in June 2009 for $362,500, tax value is $476,000 and I am appealing this.
I think a tax value of $114,000 over sale price is ridiculous but I have to work within the parameters I’m given.
I was told by the UC Tax Administration reps that I need to show what our house tax value should have been on Jan. 1, 2008. They said the revaluation process was completed by the middle of 2007 so recommended I use comparable sales from the last half of 2007.
I am using comps from the UC Tax Administration website that show there were eleven sales in our area during that time period. All but one sold for under $400,000. All are four sided brick single family homes, seven are two story like ours, four are one story ranchers.
One of the most comparable homes in size to ours sold for $475,000, the other four sold for $320,000 - $330,000 but they all have 400 – 500 sq. ft. less interior space than us. Except for the most expensive one, which has the same 1/3 acre as us, the other four have over 1 acre of land. Also, where we have 2 two car garages they all have one three car garage.
What do you think those differences would value? How much more, or less, would our house be worth than the others?
I’ve never done anything like this before and since everyone on this forum has been so helpful in the past I thought I would see if you had any opinions on this. Thanks in advance for your advice.
Dukesmom - You may want to get an appraisal done or at the very least get a realtor to do a market analysis.
The adjustments would be based on market reactions to the different items you have mentioned; this requires a study and analysis of the homes in your market. Good luck!
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Quote:
Originally Posted by Charlotteborn
Dukesmom - You may want to get an appraisal done or at the very least get a realtor to do a market analysis.
The adjustments would be based on market reactions to the different items you have mentioned; this requires a study and analysis of the homes in your market. Good luck!
Assessment values are as of Jan 2008. I don't see how an appraisal can help as this would only give current value. I just did refi and my current appraisal is $85k less than Jan 2008 assessment. It sure was timely for UC to do assessments at the height of the real estate market. UC allows homeowners to contest assessments once a year between Jan 1-Jan 30. I'm going to compare home sales in my neighborhood closed around Jan 08 to see if I have a case.
Assessment values are as of Jan 2008. I don't see how an appraisal can help as this would only give current value. I just did refi and my current appraisal is $85k less than Jan 2008 assessment. It sure was timely for UC to do assessments at the height of the real estate market. UC allows homeowners to contest assessments once a year between Jan 1-Jan 30. I'm going to compare home sales in my neighborhood closed around Jan 08 to see if I have a case.
Thank you both for taking the time to respond.
I think ZnGuy is right. A current appraisal won't show what the value was on Jan. 1, 2008. That's the date UC is looking for.
ZnGuy, here's the website for you do to comps in your area. Remember to look for sales from July 1 - Dec. 31, 2007.
The sales in our area, except for one, sold for about the same as ours. Maybe you'll see the same thing and can use it to appeal -
I am dealing with the exact same thing. I would love to be able to sell my home for the tax value the county came up with. I have an appraiser coming out next week.
An appraisal can be done as of the date of January 1, 2008. This is very common and is done for tax purposes, estate purposes, divorces, etc.
Thanks, Charlotteborn. I didn't know you could get an appraisal like that. I haven't had good experiences with appraisers. The one who did our old house was not licensed and royally screwed things up; cost us a lot of time and money. Do you know where I can find a good appraiser and how can I verify their credentials?
You want to be sure the appraiser is state certified (not a trainee and not licensed). You can verify this with the N.C. Appraisal Board (The North Carolina Appraisal Board welcomes you to its Web site). Also, you want someone who knows your market and someone with plenty of experience. Don't be afraid to ask the appraiser about their credentials (how many years experience, how many appraisals have they done in your neighborhood, have they done appraisals for tax purposes, etc.). Ask them to send you a copy of their resume (you can attach this to the appraisal when you send it to the tax office). I would suggest asking your real estate agent for a few referrals and see who you feel most comfortable with. You could also check the yellow pages.
Be sure you explain that you are having the appraisal done in order to appeal your tax value and need the appraisal made as of 1-1-08!
We bought our home in June 2009 for $362,500, tax value is $476,000 and I am appealing this.
You got a great deal, if you hold on to that home for 2-3 years and sell it at tax value you will make the difference in profit. What is the sq ft of the home, are you in the $150 per sq ft range or lower? It sounds like you got a great deal however the amount you pay for a home doesn't determine the tax value. I know many homes where people paid much more than tax value, should the county raise their tax value to match what they paid so the county can make a little extra? Unfortunately or fortunately (depending on the case) the values aren't figured that way or tax values would actually rise faster. Tax value doesn't determine the actual value of what the home will sell for, it doesn't account for improvements that were made or if the property is distressed. I've redesigned homes purchased for $30k that sold 6 months later for $250k, do you think the tax value suddenly went up to $250k?
At the time you bought your home in June 09 you had to of seen somewhere the tax value of the home, was it the amount you were paying or was it closer to the amount the tax value currently is? If they all of a sudden raised it $114k then you can probably beat it but in most cases it only increases a few thousand. If it only went up a few thousand the county is going to show you the previous tax value to point out a marginal increase not a greatly inflated one.
Your case is a long shot, you may just find yourself in the same place with $350 less in your pocket from the cost of hiring an appraiser.
You got a great deal, if you hold on to that home for 2-3 years and sell it at tax value you will make the difference in profit. ....
How is that? They bought a house with a too high tax appraisal. Do you really think we are still in the days where real estate appreciates by 30%+ in 2-3 years? They will be doing good if the price doesn't decline by this much in that period.
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