Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
You misunderstood what i was trying to say.
I didn't say it the new fair market value does not make sense, its been somewhat fair, i am saying comparing your old number at 0.0014 makes no sense. Since everyone values changed so much, that the tax rate it gets multiplied against would shift, and we can no longer figure it would be less or more based on 0.0014 of old values.
Comparing the 0.0014 of the old value to 0.0010 of the new value at least gives homeowners some semblance of an idea of where they stand. Because, if there is a 10% increase, you can take an educated guess that your taxes may go up (probably less than 10%, though). Of course it would be helpful to know how much everyone else's taxes went up in the County (in aggregate, for the purposes of calculating how the new assessment will affect your County taxes) and in your particular school district (for calculation of school tax impact).
By way of example, my assessed value went up by about 10% but I live in a school district where about 75% of homeowners file grievances, so I would guess that I will probably at-worst break even on my county taxes, but could even be in line for a overall tax cut because I suspect that most of the homes in my SD are under-assessed by much more than 10%. Its purely an educated guess, but its better than nothing.
My assessment went up 24%. I guess the party is over for me. I did a dormer seven years ago and finally starting to catch up.
What annoys me though is one of my neighbors did the same thing. He did his dormer two years ago. Was already assessed for his dormer. I pulled his 20-21 letter, his assessment went DOWN 24%. So he added 900 square feet, and his taxes are going down 24%. He only has 200 less square feet than I have, yet his FMV is over $200,000 less than mine.
So how do I use his house to get mine lowered. I know he was using my house as part of his grievance every year.
I wonder if it's worth an appointment with the assessor's office and I print his letter and prognose report.
My assessment went up 24%. I guess the party is over for me. I did a dormer seven years ago and finally starting to catch up.
What annoys me though is one of my neighbors did the same thing. He did his dormer two years ago. Was already assessed for his dormer. I pulled his 20-21 letter, his assessment went DOWN 24%. So he added 900 square feet, and his taxes are going down 24%. He only has 200 less square feet than I have, yet his FMV is over $200,000 less than mine.
So how do I use his house to get mine lowered. I know he was using my house as part of his grievance every year.
I wonder if it's worth an appointment with the assessor's office and I print his letter and prognose report.
There is an 8 year property tax exemption that decreases annually. Your neighbor if he had it inspected is only in his 2nd or 3rd year of the exemption, you are in the final year or close to it so you exemption is much less. Forget about your neighbor in terms of being annoyed.
There is an 8 year property tax exemption that decreases annually. Your neighbor if he had it inspected is only in his 2nd or 3rd year of the exemption, you are in the final year or close to it so you exemption is much less. Forget about your neighbor in terms of being annoyed.
The 8 year does not apply to me. In my case I went over double square footage so couldn't apply for it. Grieved after got first FULL tax increase. Grievance company got over $5000 knocked off taxes. My assessed value hasn't changed since (until 20-21 now).
The 8 years maybe applies to him. I don't think he doubled. But even with the 8 year thing, isn't that out the window with this new reassessment?
Has a word been established regarding the 5%/yr or 20% over 5yr rule? My taxes have gone up ever year regardless so capping at 5% per year it will take a while to get to a 24% total increase. I would imagine the county will get a lot of push back from people who are facing huge increases if they don't apply the previous 5% per year rule.
Part of the issue with my FMV is they are using comparables to new construction houses. Mine was a dormer but not a total knockdown. Kept the footprint.
On my comparable sales reports, they are putting total knockdown and foundation expansions on that report. New construction always sells for more than dormer/renos. These homes sell for 100-200k more than mine would, easy. Square footage even being equal.
I think this is going to favor those with alot of cash.... if you have lets say all cash for a million dollar home, and over the seller 250k cash on the side and to record the sale as 750k. or to say that the 1M includes the furnishings and the home value is 750, you are likely going to be taxed as if the home value is 750k, but if your getting a mortgage for 800k of it, i dont think that kind of stuff will fly with the bank so you will be taxed with a 1M home.
I think this is going to favor those with alot of cash.... if you have lets say all cash for a million dollar home, and over the seller 250k cash on the side and to record the sale as 750k. or to say that the 1M includes the furnishings and the home value is 750, you are likely going to be taxed as if the home value is 750k, but if your getting a mortgage for 800k of it, i dont think that kind of stuff will fly with the bank so you will be taxed with a 1M home.
Why would the seller want to do this. The seller can sell the house and make a 500k gain and pay no taxes so why would the seller want to deal 250k cash on the side. Now the seller has to find a way to launder the money or make small deposits into the bank and open himself up to scrutiny from the IRS and bank. You would also need to find a seller that is willing to commit or be an accomplice in tax fraud and most likely the lawyers will also know that something shady is going on. Don't really see this happening.
just curious, a few houses on my blocks are new constructions, they all bigger, newer than mine, but on "my nassau property" website, the new FMV on those houses were still based on their old houses before the constructions, so all of their values were lower than mine... I am already paying the highest property taxes on my block, if they use the new FMV, I will still continue to pay the most... I just don't think this is fair
just curious, a few houses on my blocks are new constructions, they all bigger, newer than mine, but on "my nassau property" website, the new FMV on those houses were still based on their old houses before the constructions, so all of their values were lower than mine... I am already paying the highest property taxes on my block, if they use the new FMV, I will still continue to pay the most... I just don't think this is fair
It generally takes 2 years for the new taxes to kick on the tear downs. The reassessment might speed that up.
just curious, a few houses on my blocks are new constructions, they all bigger, newer than mine, but on "my nassau property" website, the new FMV on those houses were still based on their old houses before the constructions, so all of their values were lower than mine... I am already paying the highest property taxes on my block, if they use the new FMV, I will still continue to pay the most... I just don't think this is fair
Check under the prognose tab, it does usually take 2 years for new tax to hit, but when i was doing my research, it was updated sooner now if you check prognose tab, unless they are mid construction it will be not updated, but if they are near completion or as soon as they receive their CO.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
