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Old 08-22-2009, 04:42 PM
 
Location: america
324 posts, read 794,890 times
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Hopefully this is in the right forum.

Quick question.
I bought my first place a few months ago and at the closing I prepaid some of my taxes which was added into the closing costs. In addition my current mortgage includes my taxes. I just got my tax info from the city asking me to pay up $~900 . They appraised my home for $40,000 more than I paid for it. Where did this come from? Do I speak to the lawyer that drafted this info or just take all my documents directly to the City office. I will call on Monday, but curious if this is normal.
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Old 08-22-2009, 07:11 PM
 
1,465 posts, read 4,737,718 times
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I don't know which state this is but in California, it is a county function not a city function. In particular, you would talk to the county assessor.

Around here, the assessors used to take purchase price as the new assessed values. These days they seem to recognize that many homes are being sold under value and they are reluctant to budge. Wouldn't it be nice if you could force the county to buy your property at the value they set? I can only dream
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Old 08-22-2009, 08:20 PM
 
44 posts, read 24,830 times
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The assessor may be using older data, (pre-purchase pricing) of surrouding comparables to value your home. I would check with the assesors office on how to appeal your assessment. Bring a copy of the purchase contract showing what you paid. Let them know this was an arms-length transaction - not a deal between family, friends, or other business interests.
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