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Posted: 3/15/2011 9:33:23 AM EST
[Last Edit: 3/15/2011 9:34:18 AM EST by mjohn3006]
According to what it is now it is only worth 70K less than I paid for it!

Progress.

2 more jumps like that and I will be able to sell.
Link Posted: 3/15/2011 9:35:21 AM EST
and you only thought you were done renting.
Link Posted: 3/15/2011 10:23:04 AM EST
Same boat here. Went up this year, but it's still way below what I bought at.
Link Posted: 3/15/2011 10:24:37 AM EST
Link Posted: 3/15/2011 10:26:28 AM EST
House appraisal for taxes this year was 60,000 more than we paid for it

House appraisal for refinance was less than we owe...

Gotta love it
Link Posted: 3/15/2011 10:29:11 AM EST
The game that my locality plays is the annual setting of the rates. Assessments don't mean a whole lot when they just vary the rate to get their desired revenue.
Link Posted: 3/15/2011 10:30:26 AM EST
The county has to make up for lower tax revenues somehow. Homeowners are an easy target.
Link Posted: 3/15/2011 10:32:27 AM EST
first rule of sales, it's only worth what someone is willing to pay for it.
Link Posted: 3/15/2011 10:32:40 AM EST
We just got a check for one of our restaurants that we appealed our property tax on.

We got them reduced from about 32k to 28k. It was about a two year process because of the backlog.

Link Posted: 3/15/2011 10:34:35 AM EST
Ours are still going down.

Substantially
Link Posted: 3/15/2011 10:35:12 AM EST
The wife and I were talking about this the other day, since they say our house's are worth 60% less than they use to be ......seems fare we pay 60% less in taxs.......
Link Posted: 3/15/2011 10:42:45 AM EST
Bad news Sparky. The assessed value has nothing to do with your ability to sell in MANY markets.
Link Posted: 3/15/2011 10:49:12 AM EST
On the other hand, I am looking to buy.

I have an offer out on a house, It has dropped 30% in the past 3 years according the the tax assessment.

I still only offered about 85% of the asking price, which is less then the tax assessment.

It is a short sale, we should know this week if the bank accepts our offer.

If they do, we will buy the house at 59% of the assessed value in 2008.
Link Posted: 3/15/2011 11:10:50 AM EST
Around here the appraisal goes down, the taxes go up.

it's fuckin magnets.
Link Posted: 3/15/2011 11:13:10 AM EST
My house dropped another $10k. But for some reason my tax assesment went up. How the hell does that work again?
Link Posted: 3/15/2011 11:17:02 AM EST
I protested my assessment each year for 3 years.

Each time they knocked it down by a good 10% as a result of my appeal.

I'm saving better than $1000 per year on property taxes as a result.

Most people I know who have went before the county board to protest their assessment came out with some kind of reduction. I don't see why everyone wouldn't at least give it a go every few years. It's a good way to lock in some tax savings for the future.
Link Posted: 3/15/2011 11:19:45 AM EST
way things still are in major markets, you ought to appeal that sucker, instead of seemingly being glad that you are getting gouged for more property taxes. 'upside down' doesn't mean shit if you were planning to stay in the home for a number of years anyway.
Link Posted: 3/15/2011 11:33:17 AM EST
mine is about even for what I have into it with the recently finished basement.
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