[olecapt]

Originally Posted by itcbitc

Wow! You read my mind. My husband just suggested that I post a question on here about this. Here's the deal. We just closed on our Vegas property. We bought the house for 130K less than it was built and transferred at in '06 BUT they did not adjust our property tax to the new transfer price. The realtor claimed that it is a policy of the assessor's office that all foreclosed properties are being kept at their original tax base. HOWEVER, the attorney in me sees this as in violation of the laws. Do you know anything about this so-called policy. I was planning on challenging this when we get out there. It seems unfair that on a property that I paid 160K my taxes should be based on 300K.

The new postcard in December should reflect the new value. If it does not get thee to the Assessors Office. The Assessor here is into running a quality shop. So it will normally get taken care of quickly. Shoot your agent...he/she should have known better than that.

[itcbitc]

Originally Posted by olecapt

The new postcard in December should reflect the new value. If it does not get thee to the Assessors Office. The Assessor here is into running a quality shop. So it will normally get taken care of quickly. Shoot your agent...he/she should have known better than that.

Thanks for the info!

[rightonbro]

Hey Olecapt, my agent was telling me that I should just go ahead and apply right away, but you are saying I should just wait until December?

[barryhussein]

Originally Posted by itcbitc

Wow! You read my mind. My husband just suggested that I post a question on here about this. Here's the deal. We just closed on our Vegas property. We bought the house for 130K less than it was built and transferred at in '06 BUT they did not adjust our property tax to the new transfer price. The realtor claimed that it is a policy of the assessor's office that all foreclosed properties are being kept at their original tax base. HOWEVER, the attorney in me sees this as in violation of the laws. Do you know anything about this so-called policy. I was planning on challenging this when we get out there. It seems unfair that on a property that I paid 160K my taxes should be based on 300K.

Maybe they will name a school after you. LOL.

[olecapt]

Originally Posted by rightonbro

Hey Olecapt, my agent was telling me that I should just go ahead and apply right away, but you are saying I should just wait until December?

Call them up and ask I think. I believe you get your new assessment in mid December and that is what you want to appeal if needed. I don't think they will do anything about existing assessments at this point. Last years values as it were.

[barryhussein]

Originally Posted by barryhussein

Maybe they will name a school after you. LOL.

Here in Virginia there are houses selling for 69K that are assessed at 270K, with a 3000 USD tax bill. The assessment is supposed to be market value, but the assessor says he doesn't include REO sales. I think that is horse crap because these properties are sold in the open market. So if I resold to my sister, at a rock bottom price, would we get lower taxes?

[rjk4cd]

I have been told that foreclosures do not count towards data assessed to base home values. That may be what the realtor was referring to. I received this info from one of the County Assessors office workers. Go try and find a nonforeclosure sale!

[barryhussein]

Exactly, RJ!

[olecapt]

The Appraisers have had a long dialog about all that. I believe they outcome is to assess as the neighborhood is distributed. ie consider distressed sales in the same proportion as the are of sales. So if the neighborhood is highly distressed you don't count anything else. At the moment I expect virtually all appraisers to shoot a little low.

The assessor evaluation is somewhat more complicated as they get into separating land and appurtenances and deal with them differently. End game though it turns out to be very close to market value. Note that trustees sales reflect the value of the first mortgage not of the home.

[RedRockAAAA]

Wow Wow Wow Great Forum. I just got off of the phone with the Assessors Office...no waiting. Guy that answered said my house is now valued at $239,000 and will continue to be taxed at that level until June, 09. BUT, as long as I sign and return the 'cap' card they will send me in December (everyone will receive one), after June, 09 the tax will be calculated on the new valuation of $135,000. Thats a 44% reduction. I just bought the house 3 weeks ago for $140,000 in primo condition. It even included all new appliances, fresh paint inside and my realtor bought me a 1 year warranty. Aint life grand in Las Vegas?