Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
There definitely are some people out there who should challenge their new Assessed Value. I was looking at tax records last night for a house I made an offer on last year. The owners were asking $155K. The deal didn't go through because they took the house off the market when their job transfer did not go through. I noticed the house went back on the market a few months ago at the same list price of $155K. Tax records show the purchase price was $153K in July 07'. The "new" assesed value is $175K! I really like that house, but there is no way on earth it is worth $175K.
I wonder how the tax man got it so wrong in light of the fact that it was purchased so recently? Seems very odd to me!
Last edited by North_Raleigh_Guy; 11-27-2007 at 09:02 AM..
NRG, that is odd. I know of one house in Durham county in a similar situation. The house was purchased this past summer, has undergone no renovations whatsoever, yet the assessed value is more than 10% higher than the amount they paid less than 6 months ago.
NRG, that is odd. I know of one house in Durham county in a similar situation. The house was purchased this past summer, has undergone no renovations whatsoever, yet the assessed value is more than 10% higher than the amount they paid less than 6 months ago.
I don't understand WHERE some of these numbers came from either!!!
I recently wrote up an offer on a house that was listed at $179,900 and the tax folks have it newly assessed at $182,000!
I wonder WHY the tax people can't just change the assessed value upon the sale of a house. Think of it this way...when a house sells, that IS market value. Thats what the seller wanted to sell it for and the buyer wanted to buy it for.
Seems to me that at closing, the assessed value should then become the market value and then this nightmare every 8 years can end!
There definitely are some people out there who should challenge their new Assessed Value. I was looking at tax records last night for a house I made an offer on last year. The owners were asking $155K. The deal didn't go through because they took the house off the market when their job transfer did not go through. I noticed the house went back on the market a few months ago at the same list price of $155K. Tax records show the purchase price was $153K in July 07'. The "new" assesed value is $175K! I really like that house, but there is no way on earth it is worth $175K.
I wonder how the tax man got it so wrong in light of the fact that it was purchased so recently? Seems very odd to me!
These valuations are not effective until Jan 1, 2008. Who's to say that it won't increase in value to $175k by then.
I don't understand WHERE some of these numbers came from either!!!
I recently wrote up an offer on a house that was listed at $179,900 and the tax folks have it newly assessed at $182,000!
I wonder WHY the tax people can't just change the assessed value upon the sale of a house. Think of it this way...when a house sells, that IS market value. Thats what the seller wanted to sell it for and the buyer wanted to buy it for.
Seems to me that at closing, the assessed value should then become the market value and then this nightmare every 8 years can end!
Vicki
I may be wrong, but doesn't that invite 'creative' terms? Like, I'll sell you my $179,000 house for $100,000 if you agree to by my junk car for $79,000 too.
I may be wrong, but doesn't that invite 'creative' terms? Like, I'll sell you my $179,000 house for $100,000 if you agree to by my junk car for $79,000 too.
Now jbognar...that is just plain silly! Funny that MY MIND doesn't work that way! I'm always amazed at the scammers out there...they are so much more "creative" than I could ever be!!!
Beware any real estate advertisement that cites the tax value to justify the price!
Either the advertiser is inept, or is trying to mislead the Buyer into thinking that there is a value reflected in the tax value.
Tax burden can be a consideration in buying, but tax value is nearly immaterial.
Assessments are reset over an EIGHT year period, not a three year period, 5 year period, or other.
Unless you have new/newer construction; then the rate is set within that eight year time frame.
Tax value does not portend any possible increase in market value by any more than a very, very tenuous link. It merely sets the mark that the tax rate will be taken against to determine your share of revenue to County and Municipality.
Tax values are close to meaningless until the tax rates are set.
That said, I intend to appeal mine, since I think it is too high. It appears that my neighbors should do the same.
My days posting from bubbleland are limited. As prices declined here and the market tightened. Buyers started to pay attention to assessed value. It was helpful them to determine what the eventual price of a house in decline might be. If you were asking 600K and it was assessed at 510K that was noted. It became easier to sell the closer to assessed value the asking price was. It became a data point in a market of uncertainty reflecting a third party valuatiion(accurate or not).
I don't understand WHERE some of these numbers came from either!!!
I recently wrote up an offer on a house that was listed at $179,900 and the tax folks have it newly assessed at $182,000!
I wonder WHY the tax people can't just change the assessed value upon the sale of a house. Think of it this way...when a house sells, that IS market value. Thats what the seller wanted to sell it for and the buyer wanted to buy it for.
Seems to me that at closing, the assessed value should then become the market value and then this nightmare every 8 years can end!
Vicki
Vicki, my understanding from up here is that the assessor looks at the land and the house. They look at square footage etc and I believe comps. Buyers look at land, square footage, upgrades and schools. On the MLS listings up here they give taxes and with the value assessment broken down by land and improvements. Interior improvements like finished basements if they can tell make a difference. Granite etc doesn't. Houses of similar size and property (same model) can differ by $200K plus even when within a mile of each other because of schools. This gets picked up in comps.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
From Bubbleland
My understanding
