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Posted: 9/17/2009 11:35:41 AM EST
[Last Edit: 9/17/2009 11:36:36 AM EST by ARinKCMO]
Some quick info on my house:
I bought it in fall of 2003 for $104K. Over the past 6 years, I have taken about 10K off the principal, with a remaining balance of ~$95K.

I'm thinking about trying to get a home equity loan to pay off a couple high-interest debts. So, I called the county assessors office today to get their value. They said its assesed value is at $70,130.

So, what does this mean for me? Do I still need to get an appraisal before trying to get an equity loan? Or, does this mean that I am upside down in my mortgage and need to hope the gas lines fail in close proximity to an open pilot light, conveniently when I am away on vacation with most of my prized possessions with me?

(Oh, and for you financial guys, I'm needing about 15K to redo these debts, but have no money, terrible debt/income ratio, and an abysmal credit rating. What options do I have, other than a second job?)
Link Posted: 9/17/2009 11:41:06 AM EST
Originally Posted By ARinKCMO:
Some quick info on my house:
I bought it in fall of 2003 for $104K. Over the past 6 years, I have taken about 10K off the principal, with a remaining balance of ~$95K.

I'm thinking about trying to get a home equity loan to pay off a couple high-interest debts. So, I called the county assessors office today to get their value. They said its assesed value is at $70,130.

So, what does this mean for me? Do I still need to get an appraisal before trying to get an equity loan? Or, does this mean that I am upside down in my mortgage and need to hope the gas lines fail in close proximity to an open pilot light, conveniently when I am away on vacation with most of my prized possessions with me?

(Oh, and for you financial guys, I'm needing about 15K to redo these debts, but have no money, terrible debt/income ratio, and an abysmal credit rating. What options do I have, other than a second job?)


Tax assessments rarely reflect the actual market value.
Any lender will order an appraisal.
Link Posted: 9/17/2009 12:12:47 PM EST
I have also discovered that the % my county uses to determine the assessed value is 19%.

Does this mean an approximate market value is only $83,454? Or, am I worrying about the wrong numbers here?
Link Posted: 9/17/2009 3:31:39 PM EST
Originally Posted By ARinKCMO:
I have also discovered that the % my county uses to determine the assessed value is 19%.

Does this mean an approximate market value is only $83,454? Or, am I worrying about the wrong numbers here?


Stop worrying about what the tax assessor says about the value.

Do you want a higher assessment, and the taxes that would go with it?

Go talk to a lender.

If you want to get an idea about the value, try to find out what local comparable houses have SOLD for (not what was asked).
Link Posted: 9/17/2009 4:00:38 PM EST
Originally Posted By brickeyee:
Originally Posted By ARinKCMO:
I have also discovered that the % my county uses to determine the assessed value is 19%.

Does this mean an approximate market value is only $83,454? Or, am I worrying about the wrong numbers here?


Stop worrying about what the tax assessor says about the value.

Do you want a higher assessment, and the taxes that would go with it?

Go talk to a lender.

If you want to get an idea about the value, try to find out what local comparable houses have SOLD for (not what was asked).


Ah, okay. I do know a few houses on my block have sold recently, so there should be some good info. I'm planning on talking to the bank in the next couple of days. Thanks for the tips!
Link Posted: 9/18/2009 3:31:11 AM EST
I would be careful here. I have two houses (one is a rental), both of which are assessed for taxes a bit higher than the market value based on comps in the neighborhood. In one case it's because the county re-assesses real-estate every three years, in the other it's because the tax assessment value, while recalculated annually, lags the market by 12-24 months.

The suggestion to look at recent sales of "comps" was a good one as the bank will want to know what your house is worth today.
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