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So I received my new assessments for the year and apparently land values did depreciate, but the building assesment stayed the same....is that consistent with a down market especially with homes now in the market below market value and above current assement values?
how did you assessment compare to recent for sales in your area?
wanted to get an informal pole before i decide to contest this updated appraisal
noel
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Building assessment up -- way up, land assessment the same. Looking for a good local attorney for the appeal!
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Best bet is look at what they call "comps" or comparables. Look at recent properties similar to yours in the same neighborhood and then look at sale price (some times listed on public tax records). Property taxes don't automatically go down though :/
Glen must live in a really posh neighborhood.
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The assessment of my house increased! They lowered the land value but increased the building value. Interestingly, they did the same thing last year. I guess they want to make sure they still collect as much money as they did last year.
There is an article in the WHT today, the county said they expect a flood of appeals. Make sure you read to rules beforew you file an appeal.
Aloha,
John S. Rabi, GM,ARB,BFT,CM,CBR,FHS,PB,RB
808.989.1314
http://www.JohnRabi.com
Typically Tropical Properties
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My market value went down 10%, but the assessed value went up 3%. I think they can do this because there is a limit on assessed value increases year over year. Thus during the bubble, the assessed values lagged behind the skyrocketing market values. Now that market values have fallen, in many cases the assessed values still lag behind them. So even in a falling market one's assessed value can go up.
Perhaps our two forum real estate pros, either of whom I trust to explain this better than I can, will chime in and clarify or correct my assumptions. And FWIW, owner-occupant property taxes here are among the lowest I have heard of in the USA.
Cheers,
Jerry
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Building assesment increased. Land stayed the same. Still, it is nothing compared to California, especially as you "age".
Aloha au i Hawai`i,
devany
www.eastbaypotters.com
www.myhawaiianhome.blogspot.com
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quote:
Originally posted by JerryCarr
My market value went down 10%, but the assessed value went up 3%. I think they can do this because there is a limit on assessed value increases year over year.
The 3% cap applies only to the primary residence homeowner category. Please note, if you have a property in the county affordable rental program like I do, than it's in the same category too. I did a 10-year non-speculative dedication on my primary residence in 2002, so my tax assessment is still the same $133,000 on that property every year! [
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Aloha,
John S. Rabi, GM,ARB,BFT,CM,CBR,FHS,PB,RB
808.989.1314
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
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building assessment decreased by $3300
land assessment decreased by $4000
"chaos reigns within.
reflect, repent and reboot.
order shall return."
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"a great many people think they are thinking when they are merely rearranging their prejudices."
w. james
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Building went down & land stayed the same. Seems odd, since land prices are dropping like a rock, well I guess so is housing...
See you in the surf
