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property/ tax values ?s.

Discussion in 'The Lounge' started by RaindogT, Feb 21, 2008.

  1. RaindogT

    RaindogT Monkey

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    Across the street is a house that is FSBO.
    I got nosy/ curious and checked the sale price.

    Got on the county appraiser's office website to check appraised value against sale price-- to my surprise, MY house increased in value the typical 3%, while theirs (the one for sale) dropped in value almost 3%.

    They take good care of it, trim the shrubs, keep things clean and tidy, nice neighborhood, I helped him put a new roof on this last autumn......

    What gives, should I be concerned????

    I know very little about real estate nuances....
     

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  2. LordOpie

    LordOpie MOTHER HEN

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    City probably raises values across the board, neighbors probably challedged it recently and won.

    Unless you're talking about the sale price, which is what they're selling it for, not the value. They may be discounting it as it's FSBO.

    Get the final sales prices for houses in your neighborhood that are similar in size. If it's substantially different then yours, challenge.
     
  3. RaindogT

    RaindogT Monkey

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    That thought crossed my mind, they possibly challenged it, in the name of paying lower taxes. Is that a good idea?

    Here's my thought process-- This is my first house, won't stay more than 4 more years-- been here 1.5 yrs already.

    If I contest the 'value' will I screw myself at sale time?

    ex. County has my house valued @ 10.00, 4 years from now, the value is 14.00 Easy to justify a 14.00 price tag at sale time.

    I contest and now my house is only worth 8.00. Four years from now, house is valued @ 11. or 12.00-- harder to justify the 14.00 price tag, just for lower taxes the next few years...????

    sound reasoning?
     
  4. LordOpie

    LordOpie MOTHER HEN

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    Don't worry about future value... the market will detemine that regardless.

    It's all about comps.
     
  5. douglas

    douglas Chocolate Milk Doug

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    Shut up and Ride
    it wont effect the sale price of your house, but going up just 3% doesnt seem worth challanging.
     
  6. Brian HCM#1

    Brian HCM#1 MMMMMMMMM BEER!!!!!!!!!!

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    If you have your taxes reassessed and get them lowered, from what I understand is the state/federal can raise them back at anytime, plus charge you for the time it was lowered. We looked into it and found it's better to ride it out.
     
  7. RaindogT

    RaindogT Monkey

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    It's all relative, 3% on my house (3.3 Mil.) is a lot of $$$....

    Did I also mention that I just bought more bikes than DavidMakalaster!!!

    Disclaimer-- everything in this post is complete and total bull feathers.
     
  8. RaindogT

    RaindogT Monkey

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    good to know-- I think I will just stay put, douglas is right, 3% is nothing to get uppity about.
    Thanks
     
  9. r464

    r464 Turbo Monkey

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    Someone found out that they were slaughtering hobos in the basement.
     
  10. amishmatt

    amishmatt Turbo Monkey

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    Apples and oranges anyway. If you're talking about the city/county assessed value, that's not the same a the fair market appraised value.

    Appraisals are based on sale prices of current (or recent anyway)market comps., and usually only a few of the most comparable sales are used. Appraisals are generally more accurate, because they're more specific and more timely.

    Assessments are based on sale prices of everything in your neighborhood (the geographic area is determined by the city/county), and only the values at the time of the last reassessment are used. So, if the last assessment was in 2005, and there was a sale in 2006, that 2006 sale had no impact on the neighborhoods assessed values. Assessments are much more general estimates of value.

    Assessments are hard to challenge, and you usually need an appraisal to do so. It's usually only worthwhile if there's a big disparity between the increase of your property's assessed value and the average increase of your neighborhood's assessed value.