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Old 01-31-2012, 08:58 PM
 
Location: charleston
1,442 posts, read 2,648,423 times
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Just curious here.. no big deal really but.. I recently purchased a condo in a newer development (2005) in the suburbs outside of dc. My condo is asessed at $10,000 more than comparable condos in my development. In fact the one across the hall at the same sq footage that includes a garage parking space is valued according to tax assessment at $9,200 less than mine. I just dont understand why. This of course causes my unit taxes to cost considerably more than the others but I guess it will come in handy when marketing it for resale (no time soon and yes I know tax assessment is not the same as an appraisial). My unit is on a top floor, has higher ceilings (two things the one across the hall also has) and a nice view (unlike the one across the hall it is faceing a street instead of other units) but do these factor in on a county assessment? Thanks for any input.
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Old 01-31-2012, 09:07 PM
 
21,730 posts, read 37,212,462 times
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I suspect that the difference in assessment is based heavily on the fact that the other unit may not have changed hands in a long time. Despite the retreat in prices in many markets, housing in DC area has been pretty strong and the unit across the hall probably changed hands at lower price than you paid..
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Old 01-31-2012, 09:09 PM
 
Location: charleston
1,442 posts, read 2,648,423 times
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Quote:
Originally Posted by chet everett View Post
I suspect that the difference in assessment is based heavily on the fact that the other unit may not have changed hands in a long time. Despite the retreat in prices in many markets, housing in DC area has been pretty strong and the unit across the hall probably changed hands at lower price than you paid..
it sold for $15,000 more in 2009
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Old 01-31-2012, 09:09 PM
 
Location: Tempe, Arizona
4,511 posts, read 7,493,083 times
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Sounds like you should appeal your assessment. A lower tax assessment will save you money and have more appeal to a future buyer than a high assessment that will cost them more in taxes. They will likely determine market value by other more reliable means such as recent comparable sales.

You will need to check with your local county tax assessor to get details on your appeal process.
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Old 01-31-2012, 09:13 PM
 
21,730 posts, read 37,212,462 times
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Assessor make mistakes too! Figure out the appeals process, determine what the basis of the assessment it, get your ducks in a row and hope there is no "funny business" that your neighbor is pulling...

Good Luck!
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Old 01-31-2012, 09:37 PM
 
Location: Needham, MA
3,686 posts, read 3,358,123 times
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Quote:
Originally Posted by chet everett View Post
Assessor make mistakes too! Figure out the appeals process, determine what the basis of the assessment it, get your ducks in a row and hope there is no "funny business" that your neighbor is pulling...

Good Luck!
I know a few people that have gone through the process recently and they've all said it's helpful to be able to show the assessor's office comparable sales. The assessed value after all is loosely based on the market value of the home.
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Old 01-31-2012, 10:03 PM
 
Location: NJ
17,580 posts, read 21,154,897 times
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You should talk to some people with local knowledge. Assessments can be very different from town to town.
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Old 01-31-2012, 10:18 PM
 
Location: East of Seattle, originally from SF Bay Area
14,788 posts, read 18,109,914 times
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Assessments are increased to reflect improvements that were done with permits, if a previous owner did some upgrades, and took out permits that would raise the value and taxes. A simple kitchen remodel could account for that kind of difference.

On the other hand $10,000 in assessed value may only translate to about
$100/year higher taxes so not worth worrying about.
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Old 01-31-2012, 10:52 PM
 
Location: The Triad (nc)
17,614 posts, read 23,836,334 times
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Quote:
Originally Posted by Teebyrd86 View Post
My condo is assessed at $10,000 more than comparable condos in my development.
I just don't understand why.
1) Rest assured that your neighbors shall be caught up with.
2) It's easier to raise and/or hold assessments high than to raise tax rates.
One way or another the State/County/Town will get theirs.
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Old 02-01-2012, 10:36 AM
 
2,861 posts, read 4,016,755 times
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Other owners or their reps have probably appealed their assessment and had the value lowered. Just because the assessor lowered their values doesn't mean he'll change them all. You should file an appeal.
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