03-17-2008, 03:25 PM
I got my assessment today.
The property sold in July of 2006 for 340K, and even though it sold,
the assessed value for 2007 was 226.5K.
For 2008, the assessment is at 419.5.
The land went from 141.8 to to 230.8
The building went from 141.8 to 230.8.
This with no new building permits pulled since it was built in the early 90's.
I can't appeal it because I did pay more than the assessed value. I paid more because it had been totally refurbished. BUT the property tax office can't see that kind of increase in value without actually coming to the property. On paper it's the same as it ever was.
I'm not complaining that it's over-valued, I'm just pointing out there was a jump from an assessment that was far under what the property would sell for to a value that's closer if not on the money.
By the way, the Market Value and Assessed Value are listed on the notice and they're exactly the same. The market value is defined as "the price a willing buyer will pay for fee simple ownership." Which as far as I can tell is the same definition one would use in pricing real estate for sale.
Note to John Dirgo: you probably know my property because David listed it. Jeff Edwards' place. It's a great piece of property so I truly have nothing to complain of except that it's going to be hard to find the money for the new taxes!
The property sold in July of 2006 for 340K, and even though it sold,
the assessed value for 2007 was 226.5K.
For 2008, the assessment is at 419.5.
The land went from 141.8 to to 230.8
The building went from 141.8 to 230.8.
This with no new building permits pulled since it was built in the early 90's.
I can't appeal it because I did pay more than the assessed value. I paid more because it had been totally refurbished. BUT the property tax office can't see that kind of increase in value without actually coming to the property. On paper it's the same as it ever was.
I'm not complaining that it's over-valued, I'm just pointing out there was a jump from an assessment that was far under what the property would sell for to a value that's closer if not on the money.
By the way, the Market Value and Assessed Value are listed on the notice and they're exactly the same. The market value is defined as "the price a willing buyer will pay for fee simple ownership." Which as far as I can tell is the same definition one would use in pricing real estate for sale.
Note to John Dirgo: you probably know my property because David listed it. Jeff Edwards' place. It's a great piece of property so I truly have nothing to complain of except that it's going to be hard to find the money for the new taxes!