Re-assessment help (mortgages, refinancing, lender) - Pittsburgh - Pennsylvania (PA) - Page 6 - City-Data Forum

XRiteMA98 · 03-12-2012, 02:41 PM

I guess that each person should get their house appraised by a professional appraser at his own expense (about $300). I heard that this is a decisive factor in getting one's assesment corrected. Unfortunately i found out too late. But if after my informal review or whatever is called they 'll get back to me and say no, the value of the house is still 50% the 2002 you can bet I'll hire an appraiser and re-appeal. I understand that would be the formal one when you go in front of a judge or something.

My guess is that they pulled numbers out of a hat with this so called "re-assesment".

algia · 03-12-2012, 03:06 PM

Form our past experience this is also where you can gather proof as to how different appraisers (independent, or with a company) appraise your property differently, and how their reports don't match (when they should, because the house doesn't change daily). But how many homeowners are truly willing to spend close to $1000 to get 3+ appraisers...THAT would upset a lot of homeowners, because this is how they'll realize that not only their house was reassessed the wrong way, but now they have to fork over money to get it appraised again, and again, only to find that every appraiser they bring in the house will give them a different estimate!

Quote:

Originally Posted by XRiteMA98

I guess that each person should get their house appraised by a professional appraser at his own expense (about $300). I heard that this is a decisive factor in getting one's assesment corrected. Unfortunately i found out too late. But if after my informal review or whatever is called they 'll get back to me and say no, the value of the house is still 50% the 2002 you can bet I'll hire an appraiser and re-appeal. I understand that would be the formal one when you go in front of a judge or something.

My guess is that they pulled numbers out of a hat with this so called "re-assesment".

XRiteMA98 · 03-12-2012, 03:56 PM

3 appraisers? I think that is a bit too much. In the end somebody was explaining to me that the huge burden of taxes I am paying is not from the house reassesmnet but from mt lebo school district.

algia · 03-12-2012, 04:16 PM

Of course it is. Technically, Only the buyers of a home should get an appraisal so that if the house is overpriced it can be determined "at" the appraisal. Usually the appraisal is done to determine the "true" value of a property.

In Florida RE's would bribe appraisers during the bubble years to appraise homes ABOVE their value. This was a HUGE part of the problem, and was what eventually burst that bubble. You can only inflate the price so much for a 3 bedroom house...you know? these people would take a home valued at $150k and appraise it at $350k....one of our last homes that we sold for $200k sold after us at $400k, and then came back down to $189!!!!! soooooo.....

I said 3+ appraisals so an average homeowner can see just how uncontrolled the appraiser business really is.

The reassessment seems to have been done mostly to see who they can charge more taxes. Because if they did such a ****ty job with it, it is definitely not for "database" purposes. Who is going to re-search that database? REs? I doubt it. Most likely like you said, the school district wanted to see how can they get more money, because you know what? I went and saw a few homes around my kids school and they are NOT worth the asking price by a long shot....on the contrary.

Quote:

Originally Posted by XRiteMA98

3 appraisers? I think that is a bit too much. In the end somebody was explaining to me that the huge burden of taxes I am paying is not from the house reassesmnet but from mt lebo school district.

Copanut · 03-12-2012, 04:29 PM

Quote:

Originally Posted by XRiteMA98

I guess that each person should get their house appraised by a professional appraser at his own expense (about $300). I heard that this is a decisive factor in getting one's assesment corrected. Unfortunately i found out too late. But if after my informal review or whatever is called they 'll get back to me and say no, the value of the house is still 50% the 2002 you can bet I'll hire an appraiser and re-appeal. I understand that would be the formal one when you go in front of a judge or something.

My guess is that they pulled numbers out of a hat with this so called "re-assesment".

I don't follow, was the increase since 2002 50%? Not too shabby, if you could get that price. What evidence are you taking to the informal?

algia · 03-13-2012, 05:16 AM

Ok, here is why this doesn't work:
X home looked the same in 2002 as it does now, no upgrades were done of any sort, and the outside has not been maintained well either, and it sits on the same very busy street it sat in 2002. Two properties next door; both with their properties redone, the interiors have been updated, both kitchens have been updated, both homes show very well. Now one is listed for $121k, the other for $99k reduced from $125...if the property that has not been maintained is listed for sale above these other two "just because" it was reassessed at a higher value, it will sit on the market for years, and then its price will have to be reduced several times in order to finally sell it for what it is truly worth.

So now, the homeowner (and not the buyer like it is normal) has to get an appraisal to get the house reassessed at what is worth, and not what it "supposedly" appreciated at, because the house was not modified in any way since 2002, so how can it be valued more than the two who have been modified considerably, and which sit on the same busy road?

PS: The over-assessed home goes on sale for say...$126k, a buyer makes an offer of $118 (unaware of its true value), let's assume the offer is accepted, then the Buyer brings in the appraiser to confirm the price (for mortgage purposes), and the appraisal comes in at $98k! There are 8 options here:
1. The seller accepts that and moves on (loosing some money)
2. The seller does not accept that and continues to market the home for sale
3. Another buyer comes in, another appraisal happens, the home is appraised the same (or as in FL the appraiser tempers with the results and the house appraises at a higher value = game over)
4. The buyer who doesn't want to overpay - walks.
5. The house remains for sale (indefinitely, as the game above can be played for a while)
6. The house is rented (hopefully)
7. ....a lot of time has passed where a seller wants to making two mortgage payments, or is underwater...whatever the case may be....
8. The house finally finds a buyer and sells for what is worth....

A lot of time(& money) could have been saved on both sides if the property was appraised correctly, and sold for what it is worth, and not for what it is not.

Quote:

Originally Posted by Copanut

I don't follow, was the increase since 2002 50%? Not too shabby, if you could get that price. What evidence are you taking to the informal?

Copanut · 03-13-2012, 05:27 AM

Is the house in question larger than the other 2? Is it a superior grade?

algia · 03-13-2012, 05:34 AM

All brick, all 3/2's.

Almost the same exact configuration inside.

Actually, if you look on trulia.com you can see the differences there. There is also a property at the edge of Mt Lebanon with Dormont, 4/2, that has had the kitchen completely updated (granite/stainless, the works) yet the outside awnings are destroyed, there is barely a back yard, and except for the kitchen the rest of the home is in shambles...yet they think they'll sell it in the $300k's! Not going to to happen...

Quote:

Originally Posted by Copanut

Is the house in question larger than the other 2? Is it a superior grade?

Kippy · 03-13-2012, 06:55 AM

Do interior upgrades and finishes affect the assessment? In Westmoreland County the assessors are not allowed inside the homes. They ask basic questions about the home for informational purposes only, and the assessment is based purely on the square footage.

I know that Allegeny County gives each house a grade, but I thought that was just a grade for the overall quality of the structure itself.

algia · 03-13-2012, 07:15 AM

No, they don't. Which will cause part of this problem IMO.
Because if it doesn't, and someone has updated their home for resale purposes, then how can that be a fair reassessment when you're comparable's have no updates? and vice-versa.

In Allegheny county the square footage of a home is not even listed when a home goes on sale. Not sure why that is, but we ran into this problem a lot.

Quote:

Originally Posted by Kippy

Do interior upgrades and finishes affect the assessment? In Westmoreland County the assessors are not allowed inside the homes. They ask basic questions about the home for informational purposes only, and the assessment is based purely on the square footage.

I know that Allegeny County gives each house a grade, but I thought that was just a grade for the overall quality of the structure itself.