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Old 02-02-2008, 09:46 PM
 
161 posts, read 724,096 times
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We are looking at a home for potential purchase in Durham and it appears that there was a $150,000 increase in the property's assessment for 2008.

The home is listed around 280K and tax value is quoted at 381K. 2007 taxes were $3300; 2008 projects to about $5200.

Honestly, is this really possible?

Has anyone else seen huge increases in their property assessments in Durham?
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Old 02-03-2008, 04:38 AM
 
Location: North Carolina
531 posts, read 1,879,716 times
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Yes, many of us have. Ours went up 40%. So did our neighbors. Further down the road, in a swankier part of town, another friend's assessment went up 70%. If my house sells for what the city says it's worth, I'll be very very happy. It won't.

I want some of whatever the assessors were smoking when they made these assessments.
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Old 02-03-2008, 07:15 AM
 
161 posts, read 724,096 times
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I do have to say that this is discouraging. We left NJ b/c of the high taxes (among other things) and quite frankly, these assessments are turning out to be not too far behind from where parts of Jersey is. In fact, the taxes on the home we just sold up there were $5000 for 2008. Go figure! Not sure what we are saving?

And in another 6-8 years when they reassess again, what happens then? I'd like to know what they are going to do with all this EXTRA money. If it's going towards appropriately controlled projects then OK, but seriously...this is a hard hit.
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Old 02-03-2008, 07:28 AM
 
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First of all, you should know that (as far as I know) the county has not yet announced the new tax rate that will coincide with the new tax assessment. So none of us really know how much we'll be paying in taxes, but it shouldn't be too much higher than what was paid last year.

Secondly, the tax assessed value of this particular home needs to be contested. There is an appeal process that allows the owner of the property to contest the new tax assesment value. Have you asked the owners if they are in the midst of the appeals process?

If I were you I'd contact the county tax administrator's office and find out about the deadline to file an appeal, as well as who may file an appeal and what proof you may need. Here's the contact info.
Tax Administration
Kim Simpson, Interim Tax Administrator
200 East Main Street
1stFloor, Old Courthouse
Durham, NC 27701
Phone: 919-560-0300
FAX: 919-560-0350
Hours: 8:30 AM-5:00 PM

And here's a link to a PDF document that explains the tax assessment.
http://www.durhamcountync.gov/depart...m_brochure.pdf


Edited to add: Just went to the website to check on tax rates & saw a chart listing the rates for the previous years as well as one for 2008.
Durham, NC - City of Medicine (http://www.durhamnc.gov/departments/eed/tax_rates.cfm - broken link)
Honestly, I'm a bit annoyed that the county did not send out any information regarding the tax rate. It wasn't even mentioned in my assessment papers. Grr. Guess I'll be making some phone calls of my own!

At any rate, the assessment on this property needs to be contested. No question about it.

Last edited by MrsSteel; 02-03-2008 at 07:55 AM..
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Old 02-03-2008, 08:20 AM
9/9
 
Location: Durham, NC
383 posts, read 510,523 times
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Quote:
Originally Posted by jerseygirlonthemove View Post

And in another 6-8 years when they reassess again, what happens then? I'd like to know what they are going to do with all this EXTRA money.
There should not be any extra money. The tax reassessment is supposed to be "profit neutral" (or some term like that), so the amount of tax money going to the city should be the same as before. So, if everyone's tax value went up, they will set the rate lower. If some people's went up by the same that some people's went down, then the rate will stay the same. If everyone's went down, the tax rate will go up.
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Old 02-03-2008, 08:24 AM
 
1,054 posts, read 3,027,690 times
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Do you guys have something like "Homestead", which is what we have in Florida.
Basically, you sign up for it, and they can only raise your home property taxes a certain percentage. We have Homestead on our place, and the taxes have hardly gone up in the 6 years we live here.
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Old 02-03-2008, 10:14 AM
 
3,155 posts, read 10,217,316 times
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Quote:
Originally Posted by MrsSteel View Post
Edited to add: Just went to the website to check on tax rates & saw a chart listing the rates for the previous years as well as one for 2008.
Durham, NC - City of Medicine (http://www.durhamnc.gov/departments/eed/tax_rates.cfm - broken link)
Honestly, I'm a bit annoyed that the county did not send out any information regarding the tax rate. It wasn't even mentioned in my assessment papers. Grr. Guess I'll be making some phone calls of my own!
Mrs.Steel, please let us know what you find out. Based on the 08 rate my taxes will go up about 27% for 08 (about $1000 more). My home is only 3 years old so it does not fall into the category of assessed 8 years ago. It was my understanding from talking to the tax people at the city of durham BEFORE I made an offer on our house, that when property values go up significantly the city and county typically lower their tax rates a bit so that the increase is not so drastic. But according to that web address the city & county rates went up instead of down.

I'm really interested in why, especially when assessments just went up.
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Old 02-03-2008, 10:25 AM
 
3,021 posts, read 10,489,103 times
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PDXmom, I was under the same understanding ... or, perhaps, misunderstanding!

If anyone out there can explain the situation, please do. In the mean time, we'll just have to wait until the office open tomorrow.
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Old 02-03-2008, 08:27 PM
 
27 posts, read 101,727 times
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Default Holly Springs taxes

Just wanted to add a bit on Holly Springs. My tax value assessment is listed for more than my house is worth and the taxes in Holly Springs are VERY high (compared to Raleigh, Apex and Cary). I researched my neighborhood for homes of comparable size and appearance and submitted an appeal. It was denied. Honestly most of the assessments I saw seemed to be lower than fair market value, but about one out of five was way too high. Too bad no one seems to want to be fair about this. (Even some recent sales were assessed for way more than the purchase price)
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Old 02-03-2008, 08:43 PM
 
Location: Raleigh, NC
12,451 posts, read 30,258,483 times
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Wake County (Durham County and Johnston County are the same, in this matter) RE assesses property every EIGHT YEARS.

Of course, property in this area has gone up in 8 years.

When the county re assesses, the tax rate goes down.

Assessments have been announced but will not be "written in stone" until June or July. Somewhere around that same time, the new tax rate will be announced.

IF taxes go up, it may be $100 per year.

No, they won't go up thousands of dollars per year.

Vicki
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