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Old 03-21-2018, 10:45 AM
 
146 posts, read 116,209 times
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Quote:
Originally Posted by jackmichigan View Post
If the tax assessor feels that the selling price was merely an aberration and, based on comparable sales, you merely got a good deal then, yes, they may choose to keep the assessment at the higher level. However, if it's listed on MLS, the number of days on the market would be a good indication that the property was exposed to a broad market and that there were no takers at the higher price level. Note that if you're getting financing and an appraisal is done for the property (which includes both the house and the land), that would be some of your best ammunition.
Thanks. This is really good to know. And the example I'm basing this question on has been on the market for a couple of years now, with several price drops. The house appears to be in pretty good condition but, of course, a home inspector would have to make the final determination as to condition/issues.
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Old 03-21-2018, 10:46 AM
 
Location: Raleigh NC
7,803 posts, read 6,160,374 times
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you can file a grievance at "any time for any reason" (basically)

you might have a friendly tax office employee who will tell you the circumstances which often lead to successful grievances, and whether the simple matter of paying (and having an appraisal for the purchase) < tax value is generally successful.
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Old 03-21-2018, 10:52 AM
 
6,363 posts, read 7,351,780 times
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Quote:
Originally Posted by BoBromhal View Post
you can file a grievance at "any time for any reason" (basically)

you might have a friendly tax office employee who will tell you the circumstances which often lead to successful grievances, and whether the simple matter of paying (and having an appraisal for the purchase) < tax value is generally successful.
In Michigan, property owners typically have a three day window each year to file an appeal. Miss that chance and you're out of luck until the next year. So...it's good for everyone to know their local appeal procedures.
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Old 03-21-2018, 11:31 AM
 
Location: The Triad (NC)
26,914 posts, read 58,045,364 times
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Quote:
Originally Posted by CT356 View Post
How does square footage and lot size come into play?
They don't.

Quote:
...can I still make the case for...
That depends on how recently the house was appraised.
Every County does the mechanics differently.
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Old 03-21-2018, 02:50 PM
 
Location: Saint John, IN
10,647 posts, read 3,336,843 times
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Quote:
Originally Posted by jackmichigan View Post
Don't confuse the tax assessment amount with market value. Sometimes they may be relatively close, but sometimes they are way off. The tax assessment is generally an unreliable figure for determining market value.
Yes, and don't assume that the assessor will automatically lower the assessed value either. Sometimes they don't! At theat point you could get a lawyer to fight it but again not a sure thing.
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Old 03-21-2018, 03:06 PM
 
226 posts, read 78,263 times
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In Westchester, there are lawyers who only focus on lowering property taxes I google Westchester lawyer lower property taxes and several names came up. Call them up and see what they say.
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Old 03-21-2018, 06:43 PM
 
5,689 posts, read 7,286,194 times
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Quote:
Originally Posted by jackmichigan View Post
Don't confuse the tax assessment amount with market value. Sometimes they may be relatively close, but sometimes they are way off. The tax assessment is generally an unreliable figure for determining market value.
This. OP, where did you get the term "full market value"? A recent sale should be pretty close to the market value, but a tax assessment may or may not be.

If your real estate agent couldn't explain this, get a new one.
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Old 03-21-2018, 08:13 PM
 
146 posts, read 116,209 times
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Quote:
Originally Posted by GoPhils View Post
This. OP, where did you get the term "full market value"? A recent sale should be pretty close to the market value, but a tax assessment may or may not be.

If your real estate agent couldn't explain this, get a new one.
"Full market value" is the term on the town's tax roll. If I look up a specific property, they will have both "full market value" and "assessed value" in the entry for that property.
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Old 03-21-2018, 08:51 PM
 
5,689 posts, read 7,286,194 times
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Interesting. This link may have some of what you’re looking for:

https://www.tax.ny.gov/pit/property/learn/eqrates.htm

If I’m reading correctly, basically it’s saying some municipalities will purposely tax properties at some % of the “full market value.” But it’s still possible the “full market value” could be inaccurate, which can be contested. The link above has another link to that process (although that’s a state site, there may be more steps for your town too).
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Old 03-21-2018, 08:57 PM
 
Location: Cary, NC
31,660 posts, read 55,447,685 times
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Quote:
Originally Posted by rrah View Post
...

Call the town or county assessor/treasurer and ask the question.
There it is in a nutshell.

Make the call.
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