2013 assessments - do we have a case? (sales, real estate)

[DomerJen]

Allegheny Co just put the assessments up (or at least, this is the first we've heard of them for our area) and our value went up 70k from the last assessment, and 50k over the price we paid in July for the house.

If we appeal, is it likely that they'd limit the value to the full purchase price of the house?

FWIW, our value seems to have gone up significantly more than anyone else within 10 houses around us.

[BrianTH]

This isn't legal advice, but from what I have read you should have a good case based on your purchase (not so much your total increase). If you have a certified assessment I would also bring that, plus some fair comparables to recent sales (not other assessments without sales--it can always be argued they are undervalued as opposed to your property being overvalued).

[CaptainPittsburgh]

I think I've posted this a bunch of times by now in various threads, but I'm in a similar position. I took the sales agreement and independent appraisal that was done at the time of purchase to my informal review, and the folks at the assessment office indicated that there is a very good chance that my value will be decreased significantly, possibly to exactly reflect the purchase price (which was the same as the assessed value in the independent appraisal).

So, if what they told me is reliable, and you have an independent appraisal to go along with the sales agreement, yep, you probably have a very good chance. Did you schedule your informal review? If not, here's the link:

Informal Reviews

I'd also schedule a formal appeal too, just in case. Better safe then sorry. Hopefully, you get a nice reduction straight away, though. It sounds like your reassessed value is way off. I'm shocked, haha.

[h_curtis]

Originally Posted by DomerJen

Allegheny Co just put the assessments up (or at least, this is the first we've heard of them for our area) and our value went up 70k from the last assessment, and 50k over the price we paid in July for the house.

If we appeal, is it likely that they'd limit the value to the full purchase price of the house?

FWIW, our value seems to have gone up significantly more than anyone else within 10 houses around us.

1. Take the closing cost (HUD1) sheet with you to your appeal.
2. Look up any homes in your area that have sold in your area for '10 that are similar to yours and use that as part of your defense.

You will probably get the price reduced due to your purchase price. You can hire an attorney if you feel the need, but that is up to you. That HUD 1 Statement is going to be pretty strong in your defense, but I have only been down there fighting my taxes about 5 times for different properties, so that isn't the same as an attorney that specializes in it.

[Scott2187]

I just closed on my house in January. During the closing, I asked the question about assessments to all that were there (2 agents, title lady, banker who called his real estate lawyer buddy). I was told to take my HUD1 and certified assessments (yes the bank required a field review assessment on top of the original assessment) to the hearing and the assessment will most likely be reduced in value to reflect the sales price.

I sent in the paper for a formal review because I thought it was too late to get an informal review scheduled?

[CaptainPittsburgh]

Originally Posted by Scott2187

I sent in the paper for a formal review because I thought it was too late to get an informal review scheduled?

Nope. You still have time. You should schedule an informal because it only takes about ten minutes of your time to submit everything there, and, hopefully in your case, that's all you'll need to do to get your assessment straightened out!

[DomerJen]

Thanks! We didn't have an independent appraisal (no mortgage) but it was an arm's length transaction so I don't see what the problem would be w/ taking the HUD1 (hopefully!). I'll get some comps, too.

[h_curtis]

Originally Posted by DomerJen

Thanks! We didn't have an independent appraisal (no mortgage) but it was an arm's length transaction so I don't see what the problem would be w/ taking the HUD1 (hopefully!). I'll get some comps, too.

"Arm's length". You need to bring in comparable properties to plead your case as well as your HUD1. Buying a property that is listed on the market, is a stronger HUD1, because it was listed for all to buy. Your case might be different.

[Bong477]

You obviously have a good case but guessing whether this will translate into having any success in your appeal is purely speculative at this point in time.

[Velvet Jones]

Originally Posted by Bong477

You obviously have a good case but guessing whether this will translate into having any success in your appeal is purely speculative at this point in time.

These new assessments are messed up. My house was built in 2006, with the neighbors being built between 2002 and 2010. My new assessment is $10k less than the purchase price, and I've done about $50k worth of permitted improvements to the place. All of my neighbors places are the same way. I didn't see a single one that was at or above purchase price. Overall assessment still went up $20k, but so did all of my neighbors. It seems like they just picked a number and added it on to every house in the plan.

BTW, is there any way to find out the overall millage increase for a borough or township? I didn't see these values on the county site.