Oneida County Assesment Increase Question (Washington, Vilas: sales, real estate, assessor)

[sdeweese]

I plan on talking to the Assessor concerning this increase, however I would like to hear from knowledgeable folk in the area concerning the assessed increase combined with a decreased tax rate because of the added overall value of the area (lakefront). That is, I have an assessed increase of almost 300%. But, I am told that because the area has increased in value the tax rate will decrease thus leading to a property tax increase of about "only" double from last year.
No lots have been sold anywhere near the assessment. Doesn't fair market value come into play here?

I realize this a generic real estate question but would still like local responses.

[fxsts]

Vilas County, Town of Washington re assessed last year. Lake frontage doubled. The unfortunate part of this is were entering a down market. It would appear, that our elected officials are aware, that next years sales are going to minimal and prices are due for a 20% haircut. So they assess now and assess at the fools prices for comparables. Washingtons tax reate went from 14.00 to about 8.50 per thousand, but....my home doubled in value...so bend over! Typical tax tax tax.

[sdeweese]

Appreciate the response fxsts. I think it's cruelly humorous that the small print says that if I think the assessment is unfair I should call or make an appointment with the assessor. Fat chance there-I'm bracing myself for a runaround conversation. What determines prices in a free market? What the market can bear, of course. And there is no way the assessed value reflects what the market can bear at this time. It appears to be an arbitrary number, as you infer, determined by politicians to fund shortages of oversight on their part. Again, I ask, why doesn't the price and frequency of sales in the area drive this assessment?

[Geechie North]

As homes are sold at lower prices, the assessments should likewise decrease. But, be advised that a single high sale can affect the market.

[sdeweese]

Originally Posted by Geechie North

As homes are sold at lower prices, the assessments should likewise decrease. But, be advised that a single high sale can affect the market.

Very true. And, understand, I am not trying to sell, just attempting to understand their basis. The nearest comparable lot has been asking 10k above the assessment for a year and has not sold. Unless I have missed a sale in the last year, this asking price certainly cannot be a premise for reassessment. Again, thank you for the information.

[Geechie North]

You're welcome.

My best guess as a former township treasurer is that they're still using selling price data, most of which from "pre-bust".

[sdeweese]

That is helpful. I will further research sales in my area. Perhaps I have missed something.

[fxsts]

I would think, that the current re-assessment will be made based upon sales in the past 12 months.. Unfortunateky, that means sales at the inflated prices. Your new assessmentwill be in the nature of 1.05% of value, which will save them a couple of years till assessed values reach below 85%. If you can locate a recent sale of same property, at a lower assessment, you might have a chance with the board of review. If you want to spend some money, like $300.00, you can have an appraiser assess your property, based on comps. It just might come in lower than the new assessment. In any case , to reduce the assessment, you will need comps and actual documentation to take to the board of review. Your township should have an open book time published, where you can look at all your neighbors assessments and compare.

[sdeweese]

Originally Posted by fxsts

In any case , to reduce the assessment, you will need comps and actual documentation to take to the board of review. Your township should have an open book time published, where you can look at all your neighbors assessments and compare.

"Open book time published". Never heard that phrase before. Is it a term I can shoot out to my "Town of Little Rice Treasurer" and she will understand?

[fxsts]

Hi,
Call your town chairman or town supervisor for your property and ask him or her when the town will be having an open book on evaluations. You can go there and check all the assessments around you, by looking up the addresses.
They usually call it open book review of assessments. Hope this helps. Just remember, the board of review will want to see documentation of your claim for lower value. Comparables.