Let's play property assessment rope-a-dope (Avon: sales, real estate, 2015)

[Avondalist]

My new assessment came in and it's ridiculously high. I looked at the comps and there's something funny going on. The land value is all assessed evenly but my building assessed value is out of whack. My previous building assessed value was less than those of the comps provided by Joe Berrios, but my new building assessed value exceeds those of all the 2015 comps. This seems like an easy appeal on uniformity grounds. Fine, I could reduce my 2015 total AV by over a thousand dollars based on a proportional increase of the building AV for all the comps.

My bigger issue is the estimated fair market value, which is way high based on what I paid for this building within the last assessment cycle. Like over 10% higher. Since my building and the comps are so similar the county would be loathe to reduce the assessment based upon an actual, real, live sale value, but hope springs eternal. I think the county will do anything to avoid locking in a post-recession assessed value. Has anyone here had success using sale prices to challenge assessments? I've heard that's a less compelling argument than uniformity.

[pete6032]

So you're 10% richer and unhappy about it?

[via chicago]

Originally Posted by pete6032

So you're 10% richer and unhappy about it?

well theyre not richer until they actually sell. its all imaginary until you cash out and someone pays what you ask. the taxes are real tho.

[Drover]

I recall reading recently that Avondale has experienced sharper real estate appreciation than any other neighborhood in the city, so that might explain why your assessment has increased so much.

[Avondalist]

Originally Posted by Drover

I recall reading recently that Avondale has experienced sharper real estate appreciation than any other neighborhood in the city, so that might explain why your assessment has increased so much.

Yes it did, so I'm not surprised. The problem is that the 2015 assessment based that big percentage increase off of the 2012 assessment. The 2012 assessment was too high by over 10% based upon the sales price for my property.

[ToriaT]

If you don't like it you can protest your taxes.

[Avondalist]

Well they knocked some money off, basically splitting the difference.