Unsellable Property Assessments

[ericlp]

they won't tell you jack on the phone, what you have to do is fill out the "dispute" form on the back. I will be doing, since that is the only way to get them to lower your tax rate, for reason, just put "unmarketable property".


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[terracore]

Just playing devil's advocate here... let's say that a person "owns" a home and land that is "unmarketable" and their mortgage is $1000/month. So the family sends their bank $12,000/year to live in the home while the lava leaves them with an uncertain future. The fact that they are willing to accept the value of $1000/month means that the unmarketable real estate still has a value. It is valuable. Valuable real estate is taxed. I'm not saying it's right or that the amount due shouldn't be reduced, just presenting an argument that the tax people will likely consider. Lots of things cause real estate to be "unmarketable". Like you bought a house for a million dollars and the market tanks, and its suddenly worth only $250k but you can't sell it for less than your bank note. No lava involved, just wall street insiders tanked the market and the gubbermint bailed them out. But you can't put your house on the market. It's unmarketable. Unmarketable doesn't always mean it has no value, and value is what's really taxed.

ETA more content.

[pbmaise]

Kapohokat wrote

Title insurance is off the hook if you switched from your name to your name as a Revocable living trust. (I got the denial letter to prove it).

I initially agreed, however, later found it depends upon which policy you were issued. See my recent post in Lava Insurance thread and links to article written by senior vp of First American.

Kapohocat may be able to challenge that denial letter. Remember.... they will always deny your first request.

[ironyak]

quote:

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Originally posted by Nancy Fryhover

Ironyak, what about propertys just north of this current flow? With breakouts that could go north, it seems those propertys just north for a mile or so could see the same fate of unmarketable.

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We havee friends who build houses for a living. They had to set aside a lot they had started on near Maku'u as it was unclear if they could sell it when complete. Although they said it differs a bit for each insurance company there is a line south from around Paradise that defines the uninsurable area. This makes sense given the possible decent paths through Ainaloa and down Maku'u.

This was from a conversation a couple months back - things may have changed. They moved onto safer projects well north of the area.