Tax Reval Comps Now Online (Charlotte: sales, real estate, foreclosure)

[GCharlotte]

I don't want anyone to miss this. I'll absorb this stuff into my own site soon but as part of their transparency the tax department has published a list of comparable qualified sales for 2009/2010 which they used to figure out rations for particular neighborhoods. This is THE most important factor in the reval process:

2010 Mecklenburg County Property Revaluation - Qualified Sales

Plug in your address and you can view online or download into a spreadsheet.

It isn't 100% complete. In order to get the big picture you would have to have the tax values plugged in which you can get from Real Estate Lookup

Next, sort the spreadsheet low to high and grab the middle values. If there are an even number of values then average them together.

Next, divide the middle value by the middle sale price. That will give you the ratio.

If the number is greater than 1 then it shows a likely relative trend that values for that neighborhood will go down. If it is less than one then it is likely they will go up. A .5 for instance means you're likely to get hit with a 100% increase or so.

If the ratio is greater than 1 then there's a chance there is a foreclosure issue. There isn't a way that I know of without crunching raw data to get those percentages. I've done this on realmeck.com again with a sample neighborhood of http://realmeck.com/dir/Charlotte/Pr...S_FOREST_D111/

If the FC % is > 15% then it is factored in. I don't know what the scale is and hope to find out soon. But the ratio number and the math above that I mention is all you need if your number is less than 1.

Hopefully if you compare the County's numbers with what I had they will be similar or at least show the same trend. Eventually I'll build reports to compare them but it should give you an idea that it isn't 100% voodoo or a Jennifer Roberts conspiracy as another message board is repeating.

If the math above doesn't jive with your reval I'd be surprised but you would have a good case for an appeal. And remember these ratios are set per tax neighborhood as the main basis for your rate change. There will be minor fluxes on a particular street but probably not by much.

If there's something about your property that makes it worth less than the county is aware of then by all means appeal and let them know. For me the issue is with my entire subdivision and that can help too if the county isn't aware of a big factor that they can't measure by looking at sales.

Anyway, I hope this math helps people understand the numbers better and appreciate the transparency from the assessor's office.

[Suncc49]

thanks for this! will look at these numbers!

[flyingscotsman]

So I looked at this and took the true figures for my development, removed all the houses that were over a mile away and removed the plot sales.

What I was left with was a median home price that was $8500 less than the revaluation.

[GCharlotte]

Originally Posted by flyingscotsman

So I looked at this and took the true figures for my development, removed all the houses that were over a mile away and removed the plot sales.

What I was left with was a median home price that was $8500 less than the revaluation.

Though Shalt Not remove from thy spreadsheet without prior written permission

It's not distance that matters. Some of my comps are 4 miles away!

But if you can prove that the houses you took out shouldn't count because of another reason then you might have a chance.

But I'd say recalc based on the entire spreadsheet and see where that lands you.

[chapsme]

This is awesome, thanks!

Comps can be very useful to certain properties... neighborhoods where all the houses are similar, built by same builder with similar build quality and materials and options should be considered the most.

All of the comps for my house were in my neighborhood.

However, I own a condo uptown too and that place has comps from all over uptown, which is bogus. The sales in my building primarily drive my valuation... I haven't gotten this reval letter yet, so we will see

[flyingscotsman]

Originally Posted by GCharlotte

Though Shalt Not remove from thy spreadsheet without prior written permission

It's not distance that matters. Some of my comps are 4 miles away!

But if you can prove that the houses you took out shouldn't count because of another reason then you might have a chance.

But I'd say recalc based on the entire spreadsheet and see where that lands you.

Doing that basically has me within $100 of where I got to with my calculations.

Even though the house taxable value is now worth $8500 more and I could not hope to sell it for that price right now, the taxable value is still less than I paid for the house.

So looking at the bigger picture, I don't think I have anything to complain about.

[GCharlotte]

Originally Posted by chapsme

This is awesome, thanks!

Comps can be very useful to certain properties... neighborhoods where all the houses are similar, built by same builder with similar build quality and materials and options should be considered the most.

All of the comps for my house were in my neighborhood.

However, I own a condo uptown too and that place has comps from all over uptown, which is bogus. The sales in my building primarily drive my valuation... I haven't gotten this reval letter yet, so we will see

Well we're not talking neighborhood neighborhoods but TAX neighborhoods where they claim they are lumping in similar valued properties.

Condos are tricky and they are aware of it and that's why there was the delay and that's why I chased the tax assessor down after he announced at last week's board meeting

Would I earn points if I try to get the numbers ahead of time? Well I don't think that's possible with the empties. I think that's one reason they are stuck.

[GCharlotte]

Originally Posted by flyingscotsman

Doing that basically has me within $100 of where I got to with my calculations.

Even though the house taxable value is now worth $8500 more and I could not hope to sell it for that price right now, the taxable value is still less than I paid for the house.

So looking at the bigger picture, I don't think I have anything to complain about.

Foreclosure sales are going to get weird for my area. Banks set the bid at what the note is owed so it would be tens of thousands higher than my property value. Then they would buy it themselves to get it legal and put it on the market.

I plan on tracking this because it's going to be an interesting way to see how these numbers help or hurt. On the other hand I think a lot of it is already figured in by the market.