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Old 12-29-2011, 01:10 PM
 
733 posts, read 981,995 times
Reputation: 683
Quote:
Originally Posted by juniorv130 View Post
I just don't know what to do. It seems like the safe move is to withdraw the offer and see where the assessment goes. However, our closing isn't until March, so we may know before then.

Further, i have relatives in Washington County saying "this assessment mess is annual" It ALWAYS happens.

Can an actual resident elaborate and let me know the TRUTH?

Thanks!
Does your relative mean the assessment mess in Allegheny is annual? I don't think that's fair to say. Our last one was in 2002, and this one is only happening by order of the Supreme Court.

Maybe you should talk with your agent about the issue. If I were selling my house, I would understand this being a concern for a potential buyer. Maybe your seller will be similarly minded, and you folks can work something out since your closing isn't until March.

Or maybe you (or your agent...or the seller's agent) could try contacting the property assessment office to get the information early for this particular property. After all, if the place is assessed to your liking, then you can rest easy.
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Old 12-29-2011, 01:11 PM
gg
 
Location: Pittsburgh
26,137 posts, read 25,777,749 times
Reputation: 17378
Quote:
Originally Posted by UKyank View Post
The assessed value used with the comparables for calculating the new assessment were their 2002 values, not the new values
I missed that little word, "prior" on that one. What is the new assessment?
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Old 12-29-2011, 01:16 PM
 
5,894 posts, read 6,840,242 times
Reputation: 4107
Quote:
Originally Posted by h_curtis View Post
I missed that little word, "prior" on that one. What is the new assessment?
$289,700 was the new assessment for the subject property which I have no idea how that conclusion was made given the comparables used & the fact the subject property had just sold in 2010.

If there is a formula for how new assessments are calculated out there somewhere I wish someone world point me towards it so I could try to make sense of the gross discrepancies around me.
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Old 12-29-2011, 01:17 PM
gg
 
Location: Pittsburgh
26,137 posts, read 25,777,749 times
Reputation: 17378
Quote:
Originally Posted by UKyank View Post
How about rather then the sale price you use the appraisel at the time of sale. While I'm not a fan of penalizing someone for getting a good deal, using an appraisel for the base tax amount would eliminate any if the feared fraud. 99% are going through a bank anyways that requires an appraisel, for the remaining 1%, they could be required to get an appraisel through a list of county approved appraisers to eliminate an fraudulent appraisers.

How's that?
These days this could work. A few short years ago appraisals would come in way off base because if the buyer was super strong, they would just push the home through because the risk was low. This practice probably still goes on to an extent believe it or not, but things are tighter now after the bank bailouts and people getting upset at the taxpayers money being used for lavish parties and huge CEO salaries.

Anyway, sales prices are the best measure most of the time. Then if there is a red flag let the school districts take the homeowner to court. That is how it is done in Fox Chapel and Mt. Lebanon. You buy a home and if it looks a little off, they come after you. Most of the time a sales price is a very strong argument in court unless you are buying from a family member, then those sales can be looked into.
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Old 12-29-2011, 01:19 PM
gg
 
Location: Pittsburgh
26,137 posts, read 25,777,749 times
Reputation: 17378
Quote:
Originally Posted by UKyank View Post
$289,700 was the new assessment for the subject property which I have no idea how that conclusion was made given the comparables used & the fact the subject property had just sold in 2010.

If there is a formula for how new assessments are calculated out there somewhere I wish someone world point me towards it so I could try to make sense of the gross discrepancies around me.
I don't even know what to say about that? The only other city properties I know of are way off as well, so I have a feeling the whole thing is going to be the biggest mess ever!
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Old 12-29-2011, 01:20 PM
 
17 posts, read 42,855 times
Reputation: 12
[quote=greg42;22313229]Your closing is in March? What kind of deal is that? New construction? Or you just made the offer this week? Normally there's only 60 days between offer and close.
[\quote]

Got lucky actually. we agreed to the terms with the seller. they are building and we are waiting on student loan consolidation...lots of fun!
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Old 12-29-2011, 01:23 PM
 
17 posts, read 42,855 times
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And yes, they say this happens all the time in Allegheny. I know that the last county wide and court ordered mandate was in '02. I just am hearing it all the time from relatives. It's just made us nervous.
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Old 12-29-2011, 01:25 PM
 
11,086 posts, read 8,497,471 times
Reputation: 6392
When are the taxes due for the first time on homes with the newly assessed values?

This sounds like it will generate lots of sales activity as that time approaches.
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Old 12-29-2011, 01:33 PM
gg
 
Location: Pittsburgh
26,137 posts, read 25,777,749 times
Reputation: 17378
Quote:
Originally Posted by Goinback2011 View Post
When are the taxes due for the first time on homes with the newly assessed values?

This sounds like it will generate lots of sales activity as that time approaches.
The big school tax bill is around July I think. That is when you need to get out. The taxes will be prorated at closing, so you will just be on the hook for that calendar year. I suspect the new assessment will be in effect right away.
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Old 12-29-2011, 01:41 PM
gg
 
Location: Pittsburgh
26,137 posts, read 25,777,749 times
Reputation: 17378
Just wanted to apologies to the board here. I have great concern about what I have seen so far. It looks like a complete crap shoot. The city assessments are on the computer for all to see. Public record. The only properties I know well enough to give a fair appraisal on, are so out of whack it is very scary to me. Then UK posted some compatibles. I am in shock over his post. I am squirming over here!!! SQUIRMING!

Hope all is well with everyone. I know many are going to lose their homes and it will be a huge shack down. I might look for a second job and just be a non existent father for the remained of my son's time at home.
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