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Hi there
Can anyone explain to me how I am paying taxes on a house that supposeidly is worth $430,000, meanwhile the bank (bank of america) on their website tells me that houses in Medford are worth $284,000!!! Then my nextdoorneighbours houuse just sold for $365,000!!
Does this make any sense at all. What is my house worth ; is it the $430,000 that the town is creaming me for or the $284,000 that the bank says its worth!!
I'd love to look up my properties on their website, can you post a link?
I agree with you, its going to take years for this assement mess to straighten out. Have you grieved? I'm in the process of winning for second time in 3 years on my primary residence.
I'd love to look up my properties on their website, can you post a link?
I agree with you, its going to take years for this assement mess to straighten out. Have you grieved? I'm in the process of winning for second time in 3 years on my primary residence.
Hi there
Can anyone explain to me how I am paying taxes on a house that supposeidly is worth $430,000, meanwhile the bank (bank of america) on their website tells me that houses in Medford are worth $284,000!!! Then my nextdoorneighbours houuse just sold for $365,000!!
Does this make any sense at all. What is my house worth ; is it the $430,000 that the town is creaming me for or the $284,000 that the bank says its worth!!
I have had enough.
d
Yup, this will continue to be a problem. You should grieve but the gov't wants the money! I think this is a bigger problem in Nassau as a massive reassessment occurred a few years ago. I wonder if Nassau residents will get massive reductions now that values declined? Ha, an obvious joke!
The other thing you should consider is adjusting your homeowners insurance. Many are now carrying too much insurance based on the current home values out there.
The govt will get the money either way..they'll just raise the rate to counter the reduced assessments. Starting grieving now so you don't get stuck behind the 8 ball.
For the experts out there - how does this work? Hypothetically, say a house is now worth lets say 25% less than it did 2-3 years ago and your taxes are $12,000/yr - do they just stay that way until you grieve? And will grieve a large portion (in this scenario) or do they knock off a few hundred and move on to the next griever?
This is one of the main reasons I am holding off from buying right now - taxes are too high
For the experts out there - how does this work? Hypothetically, say a house is now worth lets say 25% less than it did 2-3 years ago and your taxes are $12,000/yr - do they just stay that way until you grieve? And will grieve a large portion (in this scenario) or do they knock off a few hundred and move on to the next griever?
This is one of the main reasons I am holding off from buying right now - taxes are too high
Note: value for grieving this year is as of July 1st of 2008 (or close to it, if there is no appraisal or not enough comps) - still higher than now, for the most part. And yes, in Suffolk you have to be pro-active; they don't reduce an assessment unless you "ask" for it!
With regard to how much they will reduce the assessment, it depends on the Town, and I expect this year a lot of appeals will need to be filed - don't think they'll give much (if any) of a reduction the first time around, to discourage some of the applicants from pursuing it further (JMHO)
The other thing you should consider is adjusting your homeowners insurance. Many are now carrying too much insurance based on the current home values out there.
Be careful! Generally, the policies are for replacement value (i.e. the house burns down and has to be replaced) and neither labor nor materials have declined.
By all means check with your insurance broker/carrier and ask, but don't be surprised if the rates remain unchanged because of the reason mentioned above!
Note: value for grieving this year is as of July 1st of 2008 (or close to it, if there is no appraisal or not enough comps) - still higher than now, for the most part. And yes, in Suffolk you have to be pro-active; they don't reduce an assessment unless you "ask" for it!
With regard to how much they will reduce the assessment, it depends on the Town, and I expect this year a lot of appeals will need to be filed - don't think they'll give much (if any) of a reduction the first time around, to discourage some of the applicants from pursuing it further (JMHO)
Thanks Elke!
I think it is sickening that I would be paying roughly $1000/mo on top of a Mortgage (probably $1500/mo) just to have somebody elses first home with updates from 1978....
Prices need to drop even further to compensate for the high taxes and I would like to publicly request Real Estate Agents to stop using the "you can grieve your taxes" as a selling point! If the seller could lower the taxes than they would already have!
I I would like to publicly request Real Estate Agents to stop using the "you can grieve your taxes" as a selling point! If the seller could lower the taxes than they would already have!
I understand your frustration (am on my second grievance round) but don't agree with your comments regarding the "selling point". You'd be surprised how many people are either ignorant, afraid, or whatever, about grievances. For one, many homeowners have no idea that they are "over-assessed". For another, they fear if they file, that's a red flag and they risk getting assessed higher next time 'round.
So when I get a listing and see a discrepancy, I recommend filing, but in the meantime, the "selling point" you object to, comes into play, to advise potential buyers that taxes could possibly be lowered. Once a grievance is in place, the remark would be "taxes being grieved".
I even have neighbors who never applied for STAR! Duh
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(JMHO)
