Real estate tax reassessment?

targa911S · 02-23-2010, 05:01 PM

At this time is it wise to have my property tax value reassessed? Values are down, I own the joint. What are the pros and cons?

TechnoViking · TechnoViking's Garage

About 6 months after I closed on my house, the gubmit sent me a notice saying my property was worth about 15% more than I paid for it. This was in a down market, so of course I disagreed.

I followed the process for disputing valuations and they lowered the number and the amount of tax due. Typical gubmint process...filled out a form, and then waited. Took about 90 days total.

I don't buy the argument that it may make your house worth less if you get the tax valuation down. It's worth what someone will pay you for it..not a penny more or less. Get that tax down, however you can.

rfaust6024 · 02-23-2010, 05:19 PM

Is it worth it? Oh yeah and how, just look at this one:
$3 million tax cut on Larry Ellison's estate
County OKs his appeal based on falling value of his sprawling 23-acre estate in Woodside
March 27, 2008|By James Temple, Chronicle Staff WriterLarry Ellison, ranked 12th on the Forbes 500 list with a net worth of $25 billion, has bagged a $3 million tax break after arguing that his flamboyant Japanese-style estate in Woodside is functionally obsolete.
The chief executive officer of software giant Oracle Corp. will be paid from San Mateo County property taxes collected this year, which otherwise would have gone to schools, the county general fund and cities, among other things, Deputy Controller Kanchan Charan said. The hit to schools alone will be nearly $1.4 million.

red-beard · red-beard's Garage

Quote:

Originally Posted by targa911S

At this time is it wise to have my property tax value reassessed? Values are down, I own the joint. What are the pros and cons?

Next year, they will base your new assessment starting from this year. Contest it every year. We contest ours every year.

targa911S · 02-23-2010, 06:08 PM

really. interesting.

Gogar · 02-23-2010, 06:28 PM

I can contest every two years, and I do, as James has suggested.

Last time they valued my house at $438.5k, and I protested with 3 comps all in the high $200s.

And I WON!!!!!!!!!!!!!!

They reduced my value from $438.5 to $437K. Gee Thanks!!!!!!!!!!!

targa911S · 02-23-2010, 06:43 PM

hmmmm.

Aurel · Aurel's Garage

I contested the last evaluation, and got it down $40k, which saves me $700/yr in taxes. Was worth it.

TechnoViking · TechnoViking's Garage

Quote:

Originally Posted by Gogar

I can contest every two years, and I do, as James has suggested.

Last time they valued my house at $438.5k, and I protested with 3 comps all in the high $200s.

And I WON!!!!!!!!!!!!!!

They reduced my value from $438.5 to $437K. Gee Thanks!!!!!!!!!!!

Would getting an appraisal help? That sounds crazy.

rnln · 02-24-2010, 12:13 AM

:lol: :lol: big victory. I thought you could be able to get it down to at least $250k.

Quote:

Originally Posted by Gogar

I can contest every two years, and I do, as James has suggested.

Last time they valued my house at $438.5k, and I protested with 3 comps all in the high $200s.

And I WON!!!!!!!!!!!!!!

They reduced my value from $438.5 to $437K. Gee Thanks!!!!!!!!!!!

berettafan · 02-24-2010, 04:51 AM

our county does assessments on a 3yr schedule. recently did ours and the drop in assessment will save us about $900/yr.

targa911S · 02-24-2010, 05:58 AM

Ok this is worth a shot. I'm gonna do it.

john70t · 02-24-2010, 06:09 AM

I'm still waiting for the State of Mi to respond to last summer's tax protest on the rental....(still waiting).....Comp's were down by at least 1/3.
-The city recently sent an occupancy re-certification inspection notice: Not to me(listed soley on the deed), but to the management company.
-They also sent notice my winter taxes are overdue. Seems they lost my check and/or didn't cash it(labeled "paid under protest").

It's all on todays agenda.

Gogar · 02-24-2010, 07:15 AM

Quote:

Originally Posted by Martin Smith

Would getting an appraisal help? That sounds crazy.

I don't think so; when you protest you just have to use their method, which relies on using comps.

targa911S · 02-24-2010, 07:26 AM

Well if they use comps, I may be in trouble. I own the smallest and cheapest house in my area. This house was built in the late 50's as a retreat for a wealthy PGH business man. In the 90's they built Mac Mansions around here as land was cheap and the area is beautiful. Also very close to the interstate system. That may hurt me.

flatbutt · 02-24-2010, 08:04 AM

my entire street contested the last revaluation and our house values were adjusted down....but our tax rate went up.

red-beard · red-beard's Garage

Quote:

Originally Posted by flatbutt

my entire street contested the last revaluation and our house values were adjusted down....but our tax rate went up.

Cause they love you!

rvanderpyl · rvanderpyl's Garage

Quote:

Originally Posted by flatbutt

my entire street contested the last revaluation and our house values were adjusted down....but our tax rate went up.

Ah, that is the rub, they still need the same amount of taxes, so if assessed values fall, they just raise the rates. Only way you win is if you manage to have just your own assessed value reduced.

berettafan · 02-25-2010, 06:54 AM

run for council then get in there and start cutting out the fat!

red-beard · red-beard's Garage

When i lived in Albany NY. They "full value" assesed all of the houses, then changed the tax rate every year

(Tax Dollars needed + some % (for those that don't pay) ) / (Total tax base) = new yearly assessment.

I hate the fact that they took what they wanted, but at least the "taking" was fair.