Washoe county thinks my property value increased by 30% (for sale, real estate)

[braindead0]

Has the R.E. market rebounded that much? I suppose it could be a lack of supply, I haven't been watching the market much lately.

30% just seems like a huge jump. I went over the valuation history for 1997-2013 and the only changes of this magnitude were 2009-2012 when the valuation was dropping. One of these was likely due to the land factor changing from 1.24 to 1 in 2008.

Things seem very slow here, figured maybe this is worth a discussion.

[MrWillys]

Interesting, my taxes have decreased since I bought my home in 2011. My assessed value for 2012 / 2013 is $34,753, and for 2013 / 2014 is shown as $34,567, so it is still declining. Taxes typically lag 18 to 24 months behind.

You can bring your house up on Zillow, and click on the county link to see your info. Unless you've made documented (permitted) improvements I don't see why it's going up?

[braindead0]

I've reviewed the assessors info (as well as the 2014 assessment spreadsheet), also checked my two immediate neighbors who have a similar increase. They've increased our land values from 16k to 22k (roughly). Structure values have depreciated a bit, I would imagine that's typical.

[MrWillys]

I may have spoken too soon. I just got the notice, and my 2014 / 2015 year has increased to $42,761 which is about 20%. Oh well, I knew they'd be going up, because the homes have been selling for quite a bit more.

[braindead0]

Well, it's good to know it's not just me ;-)

[mamacatnv]

Well the house we sold at the top of appraised value in August 2012 for $114,900 just sold in August 2013 for $173,000. Looks like it sold in less than a month for more than the asking price. I'm going to go throw up now, lol, we took a bath on that house. After watching it decline for so long, that kind of jump is really surprising but I have been reading a lot about shortages of supply which is driving up the values.

[braindead0]

Originally Posted by mamacatnv

Well the house we sold at the top of appraised value in August 2012 for $114,900 just sold in August 2013 for $173,000. Looks like it sold in less than a month for more than the asking price. I'm going to go throw up now, lol, we took a bath on that house. After watching it decline for so long, that kind of jump is really surprising but I have been reading a lot about shortages of supply which is driving up the values.

There are several houses for sale near us, but when we look them up they're asking ridiculous prices. I suspect the inventory of reasonably priced houses is very down and anyone selling is trying to maximize.

[mamacatnv]

Perhaps those ridiculous prices are what sellers are getting and one of the reasons you are seeing your tax assessments jump.
I'm just shocked at the increase in 12 months, the listing price was $169K and they got $173K in less than 30 days - that is a wow if you ask me.

[MrWillys]

Things seem to be picking up. About a year ago a house like mine sold for $8000 less than I paid in 2011. 2 months ago the same house went for $160,000 which is quite a jump from the $107,000 I paid.
After going through this though I don't have much confidence in real estate as an asset class. I'm just glad I've got a place to live. They can only increase our taxes 3% a year, so it's not too bad.

[braindead0]

I never considered real estate an 'investment', it's a place to live under your own rules (as much as possible). If it holds some value over time, that's fine.. as long as I'm getting use out of it.. that's worth something to me. Some people are perfectly happy renting forever, not me.