Explain market vs. assessment value (moved from CLT) (garage)

[looneytoon]

Thank you sir.....................

Just curious, my new tax value is very, very close to the value on Zillow.com.

Shouldn't the tax value be considerably less......by around 25%??

[anifani821]

Originally Posted by looneytoon

Thank you sir.....................

Just curious, my new tax value is very, very close to the value on Zillow.com.

Shouldn't the tax value be considerably less......by around 25%??

You are very welcome, but please know - this is my own methodology and opinion. I am a writer/researcher and so others may disagree w/ my overview.

Also, since I only work w/ raw data . . . I don't use Zillow. Perhaps your property is worth more than you or Zillow realize, LOL.

Are you in Union Co? In my opinion, taxes need to go up substantially in UC to provide the tax base needed for infrastructure development and maintenance.

Should you feel your taxes are too high . . . there is an appeal process one can go through w/ any county.

Here is a link to Union County detailing the tax rates. Please note the differences b/n towns - Marvin at .05/100 and Waxhaw at .34/100, for ex.

http://www.co.union.nc.us/Portals/0/...Rates07-08.pdf

And it is Miss Ani, Looney. I am very much a Southern GIRL, LOL!!!!

[looneytoon]

Originally Posted by anifani821

You are very welcome, but please know - this is my own methodology and opinion. I am a writer/researcher and so others may disagree w/ my overview.

Also, since I only work w/ raw data . . . I don't use Zillow. Perhaps your property is worth more than you or Zillow realize, LOL.

Are you in Union Co? In my opinion, taxes need to go up substantially in UC to provide the tax base needed for infrastructure development and maintenance.

Should you feel your taxes are too high . . . there is an appeal process one can go through w/ any county.

Here is a link to Union County detailing the tax rates. Please note the differences b/n towns - Marvin at .05/100 and Waxhaw at .34/100, for ex.

http://www.co.union.nc.us/Portals/0/...Rates07-08.pdf

And it is Miss Ani, Looney. I am very much a Southern GIRL, LOL!!!!

So sorry, Miss Ani...........................thanks for the link. I thought I saw a breakdown where around 45cents of the 71cents in the county was for education. Being a senior and having never used or having a use for those services, do I still have to pay 100% of that portion. Would anyone listen if I appealed on that basis?

[anifani821]

Originally Posted by looneytoon

So sorry, Miss Ani...........................thanks for the link. I thought I saw a breakdown where around 45cents of the 71cents in the county was for education. Being a senior and having never used or having a use for those services, do I still have to pay 100% of that portion. Would anyone listen if I appealed on that basis?

HECK, NO - they won't listen! The cost for educating the children of the community is a shared tax expense for all. The infrastructure serves all, for the greater good, and even if you don't use the library, the fire department, your local parks, etc . . . your taxes are a shared responsibility that you have w/ the rest of the members of any community where you live.

Tax "breaks" and exemptions vary from jurisdiction to jurisdiction. If you are disabled or a Senior, sometimes there are exemptions or incremental exemptions.

For example, in Union County, there is a "tax exclusion" you can apply for if you qualify.

What is the Elderly/Disabled Exclusion?

The first twenty-five thousand dollars ($25,000) or fifty
percent (50%) of the appraised value of a permanent
residence owned and occupied by a qualifying owner is
excluded from taxation.

Who can qualify for this Exclusion?

Property owners that are at least 65 years of age or totally
and permanently disabled as of January 1 of the tax year,
and have an income from the preceding year of not more
than twenty-five thousand dollars ($25,000) may apply.

Here is the link to that info to see if you qualify:

http://www.co.union.nc.us/Portals/0/...20Brochure.pdf

Check that info out - there is contact info on that website.

[looneytoon]

Over 65 and not more than $25K in previous year??????????

Isn't that living on the edge of poverty?

I guess I am out of luck...........retired and no pension, but SS alone in more than that.......how out of touch can these people be?

[TheEmissary]

Originally Posted by looneytoon

Over 65 and not more than $25K in previous year??????????

Isn't that living on the edge of poverty?

I guess I am out of luck...........retired and no pension, but SS alone in more than that.......how out of touch can these people be?

looneytoon - Most of those senior tax discounts are aimed at the elderly poor who might have SS only and be getting $10,000 to $15,000 in benefits. I'm in pretty much the same boat as you. I took early retirement (a rare event) from the Post Office and retired at 51, four years ago. Since I retired with 25 years of service and was under 55, I also had a penalty of 2% for each year under the age of 55. My pension is about 20K a year. All the years I worked for the Post Office, I did not pay into Social Security so currently I only have about 28 quarters in, from previous work experience. Even if I worked long enough to get the 40 quarter minimum, if I tried to collect it, that amount would be taken out of my Civil Service pension thanks to that @sswipe Reagan. I guess that union pension from Hollywood and his government pension didn't constitute "Double Dipping" in his feeble mind! Thanks to judiciously saving and investing my ML and Smith-Barney accounts kick in another 10K. One of the reasons I moved to NC was that it didn't tax federal pensions unlike NJ which would not tax SS, but treated my pension as income, even though I'll probably never be eligible for SS. Disparate treatment of "so-called" retirement money and the much lower taxes convinced me moving here was in my best economic interests.

I suspect you and I will always be "just above" the minimum requirements to get any tax abatement. We're "too rich" to be poor and "too poor" to be well off!

[anifani821]

Originally Posted by looneytoon

Over 65 and not more than $25K in previous year??????????

Isn't that living on the edge of poverty?

I guess I am out of luck...........retired and no pension, but SS alone in more than that.......how out of touch can these people be?

LOL! I think that exclusion is fairly standard in most jurisdictions that offer it.

Maybe you should consider FL and the homestead advantages (and no state taxes) that are offered there. However, I think you will find that the property taxes and hurricane insurance will keep it from the bargain it may appear to be on the surface.

[TheEmissary]

Originally Posted by anifani821

LOL! I think that exclusion is fairly standard in most jurisdictions that offer it.

Maybe you should consider FL and the homestead advantages (and no state taxes) that are offered there. However, I think you will find that the property taxes and hurricane insurance will keep it from the bargain it may appear to be on the surface.

I have about 10 families on my block that can attest to the bargain status of FL. If you think that $4000 to $20,000 for homeowners insurance is cheap, you'll love Florida!

[jerry.shilling]

assesed value has no bearing on what a home can sell for. Market value is what buyers use, in other words what did other comparable homes sell for in the recent past

[DawnW]

Also, as I understand it (correct me if I am wrong, I am not even close to an expert on this sort of thing) is that the assessed value is the value of the home itself only. If you have land that is not included in the assessment.

Or wait, is that for insurance purposes?

I have the flu, I can't think today.

Dawn