2012 assessments - is 2010 sale price a criteria? (2013, house)

[kate1048]

We got our 2013 assessment value. It's a big jump over the old assessed value but it is not the full amount that we paid for the house. We purchased the house in June 2010. The new assessed value is about $26K less than what we paid for it, but it's still 60 percent higher than the old value.

I wonder if they took the sale price from June 2010 into account? Or was that too far back to be a factor? (I heard if the sale was more than 18 months ago, it's not considered)

Do we thank our lucky stars that we didn't get assesed for the price we paid in 2010 or do we appeal (because the new assessed value still seems very high compared to sale comps in our area now, in 2012).

Also, the new assessment changed our living space by 300 sq feet even though no changes were made to the house and they changed the number of floors in the house, even though that also didn't change! I assume that those property characteristic errors can be fixed through the informal appeal process?

Thanks for your insights and advice.

[Bong477]

You can always try appealing but if it were me and the home was assessed for $26k less than I paid for it in the summer of 2010, I'd leave it alone and count myself lucky.

Has your area really lost that much value in the last year and half that you think you're over assessed despite being assessed at less than you paid for it?

[BrianTH]

I believe the comparables period started in 2009 and extended into 2011, so 2010 would be covered.

I sorta agree about leaving well enough alone, but I don't necessarily see any harm in fixing the property data, and it may prove important down the road for future assessments (if it lowers your assessment in this round, then that would be a bonus). Note I am assuming the old data was correct and the new data is wrong.

[Copanut]

Thank your lucky stars.

[jimmyev]

Originally Posted by BrianTH

I believe the comparables period started in 2009 and extended into 2011, so 2010 would be covered.

I sorta agree about leaving well enough alone, but I don't necessarily see any harm in fixing the property data, and it may prove important down the road for future assessments (if it lowers your assessment in this round, then that would be a bonus). Note I am assuming the old data was correct and the new data is wrong.

The comps must have started back in 2008 because that's how far mine go.

[Copanut]

The comps range from 2008 to 2010, and a few in 2011.

[gg]

Originally Posted by jimmyev

The comps must have started back in 2008 because that's how far mine go.

Thanks for the correct information.

[kate1048]

Yes, I think you all are right. We will try to correct the incorrect data regarding square footage, etc., doing our informal appeal but probably not take it any further than that lest we make the situation worse!

[Copanut]

Originally Posted by kate1048

Yes, I think you all are right. We will try to correct the incorrect data regarding square footage, etc., doing our informal appeal but probably not take it any further than that lest we make the situation worse!

If they have the sf LOWER than what it is, I wouldn't say a word. If it's higher, you might see an increase in value.

[Garvdog]

I would be quiet and count myself lucky- especially if you live in an area with a S.D. that is aggresive about appealing the assessments.