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Originally Posted by gcretro I recently refinanced in October and have the appraisal from that. It was 295k. While wake county has 312k. Is it worth appealing?
Quote:
Originally Posted by BullCity75
Yes. Depending on where you live, that is probably about $1300 difference in taxes over the next 8 years.
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So my home is in Morrisville @ kittscreek. Home is 2006 built. Previous wake county value was 318K, reduced to 312k now. Wondering if I should still appeal based on my appraisal of 295k?
Few newbie questions:
1. How does one go about appealing?
2. What data should I present other than my appraisal from Oct 2015.
3. Any down sides to appealing? And much time should I expect to spend after I submit the appeal?
In Wake County, an appeal form came in the mail with the new tax notification. I got mine last week. You are given 30 days to appeal. And you can send in a recent appraisal, but I don't know if that means they will use that exact value. The Wake Co. number includes a lot of stuff the appraiser might have not known about relative to the location of the property.
In Holly Springs we bought our house in June 2015, appraised value was $258,500 and the Wake assessment came in at $260,592. I don't think I have a leg to stand on if I appeal, since the numbers are so close.
In Holly Springs we bought our house in June 2015, appraised value was $258,500 and the Wake assessment came in at $260,592. I don't think I have a leg to stand on if I appeal, since the numbers are so close.
You will save around $21 per year if you appeal and get the value adjusted to your purchase price. That $21 is an itemized deduction.
Just skip one trip to Starbucks every 6 weeks. You will save more.
Originally Posted by gcretro I recently refinanced in October and have the appraisal from that. It was 295k. While wake county has 312k. Is it worth appealing?
----
So my home is in Morrisville @ kittscreek. Home is 2006 built. Previous wake county value was 318K, reduced to 312k now. Wondering if I should still appeal based on my appraisal of 295k?
Few newbie questions:
1. How does one go about appealing?
2. What data should I present other than my appraisal from Oct 2015.
3. Any down sides to appealing? And much time should I expect to spend after I submit the appeal?
If the rates do not change (and they likely will) you are looking at a savings of $170 per year if you successfully appeal and the value is reset to your appraisal value.
It is entirely possible that the rates will adjust slightly downward and reduce your tax bill by $170 per year without appealing.
I personally wouldn't pursue that kind of savings. $15 per month in the form of an itemized deduction is insignificant to me. I would wait until the rates are released and reevaluate at that point in time.
Some people will make the argument that tax value has little to do with a sale price, but it is something that definitely comes up in negotiations between buyers and sellers.
If the rates do not change (and they likely will) you are looking at a savings of $170 per year if you successfully appeal and the value is reset to your appraisal value.
I personally wouldn't pursue that kind of savings. $15 per month in the form of an itemized deduction is insignificant to me.
Yeah, that is on the edge of the bubble, but if a guy has time?
$170/year x 8 = $1360 over 8 years for a few hours work up front.
Yeah, that is on the edge of the bubble, but if a guy has time?
$170/year x 8 = $1360 over 8 years for a few hours work up front.
Not trying to minimize the fact that there may be savings as much as I am trying to keep things in perspective.
I also have a hard time with the concept of campaigning for a lower value reference for my home. I might be completely wrong on this, and you can say that tax value is not a driver for a listing/sale price, but it still seems like a questionable strategy unless the savings is way more significant than $170/yr.
FYI, they now have a button on the main page linked from page one that will show you your current and past values. I guess they got some feedback or saw such a huge load on the database looking at the old tax bills they figured it was needed. Responsive government at last! Now if they will just get the iMaps app working again.
Not trying to minimize the fact that there may be savings as much as I am trying to keep things in perspective.
I also have a hard time with the concept of campaigning for a lower value reference for my home. I might be completely wrong on this, and you can say that tax value is not a driver for a listing/sale price, but it still seems like a questionable strategy unless the savings is way more significant than $170/yr.
Well, actually, in 8 years, the county will rebound an appealed value to what they calculate as the current market value.
And, there is creep along the way.
The tax savings is real money. Even though I got my valuation reduced about 8% 8 years ago, I would have been glad to sell at the assessment at any time since, and at the current assessment. But, over that period, I got to keep about $2500 in my pocket.
Low assessment? My spiel: Your buyer is getting a break on the taxes.
But, low SF? I usually recommend an appeal of that at listing time.
You are right though. No matter how hard we work, people still relate irrelevancies like tax assessments and Zestimates to market value. If I plan to sell within a year or so, I would not appeal a tax value, as it may affect my Zestimate.
It's a Crazy World of misinformation out there....
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Just giving you a hard time, thanks for your response.
