Tax Appraisal (Knoxville: purchase, asbestos, taxes)

[hiknapster]

Originally Posted by creeksitter

Well you can call if you want to, but the line will be busy. The city taxes will go up by an equal amount.

I don't know about the county, but I feel that the city is at least $20/year more fun than it was 4 years ago.

You could wait until I get my reassesment. I guarantee you will feel real good in comparison.

Oh, boy! (regarding the busy phone line and your taxes.)

Yeah. I think my city taxes are $20 more, too.

[snapdragon]

I fought last year and won. We had a very, very simple case though. We paid way less for the house than it was appraised at. All we had to do was schedule the appt and bring our loan note.

We also fought and won in GA. We took in similar comps in our neighborhood plus mentioned that we had termites.

If you do fight, good luck!

[gnatty8]

Not sure if this is a record for this thread, but I am ANGRY with a capital A. My appraisal went up 70% from the last one!! WTF? Are they kidding? That's 70% in 4 years, with the last couple years being totally awful in terms of house values.. I will appeal of course, but what sort of idiots are they employing over there that would think this even passes a smell test?

[mjb62676]

Did the land go from undeveloped to developed, by chance?

[gnatty8]

Originally Posted by mjb62676

Did the land go from undeveloped to developed, by chance?

No, this is a 3BR house, value went up by over $240,000!! The only thing that was changed was a deck was converted into a 4 season sunroom. Again, I am just amazed at the lack of common sense here. Given how the market has been tanking (Knoxville is no exception, even if it is tanking less than the nation, it is still tanking) the last 18 months, this is just beyond belief.

[Beretta]

Mom just called. Her house in Farragut just got reassessed for $100K over the value from last year. She is appealing again. Crazy!

Someone has to pay for those P-card purchases ya know!

[knoxgarden]

Just got my new appraisal and it's up $20,000. I don't think I have much chance for appeal since I'm going to try to refinance for $20,000 more than the new appraisal.
I saw the tail end of a news story last night with the Knox County Tax assessors office. Apparently they're really increasing appraisals across the board.
However, the tax rate is supposed to be dropping so that the increase is "neutral."
There's a Knoxnews.com story on it.
http://www.knoxnews.com/news/2009/ap...raising-reven/

[hiknapster]

This is not suppose to raise taxes but on another forum there's a woman that has already been notified by her mortgage company that her monthly payment is going up because she doesn't have enough money in escrow. This is one less thing that people need, right now.

[goodbyehollywood]

For people who have been in their homes since the last appraisal in 2005, the increase doesn't seem outrageous, though it comes at a wretched time. Some of my neighbors have been been paying taxes assessed on appraisals that are half the market value of their homes. With the re-appraisal, they're still taxed on a value far below FMV. And mortgage companies will increase the payment to bump up the escrow accordingly. This could be a hundred dollars a month or more for some people, and that will hurt.

I don't trust that revenue neutral promise, though. Even if it doesn't cash flow now, a higher assessed value on the books could have repercussions in other ways, at other times. With all of these new tax proposals pending, who knows what the end game will be-- other than more taxes in one way or another.

[ladyofengland]

My appeal just went in. Good luck to all who are going to appeal. I'll let you all know when i hear back from them. I did it on the internet and sent in a copy of my sales contract and zillow's home report. When we bought this house in 2003 we did not have an appraisal done, but I'm pretty sure its value has not increased by $73.000. We have done nothing to the house either. I wonder where they get their figures from?