How to argue a tax evaluation on real estate?

[13COBRA]

The taxes on my house went up $4000 or so. Curious to if anyone has ever been successful in lowering theirs?

I have a few things against me:
1.) I purchased the house in 2016 and the purchase price was above what it was accessed for.
2.) I recently had it appraised in May of 2018 and the appraisal was above what it was accessed for.

BUT, there are no comparable houses within 20 miles. Thoughts?

 

[DAVESVT2000]

That’s what happens when you have the nicest house on the block and nothing to compare it to.

Is the house completely finished including the basement?

How big is the lot compared to your neighbors lots ?

Is there any separate detached sheds, barn, garage, in ground pool, etc that would increase the value compared to your neighbors?

Best you can do is go to city hall assessors office and fill out an abatement form with your explanation, turn it in, and hope for the best.

Not to diminish your hopes but I’ve done this many times over the years with our commercial properties and only had one successful abatement, but then it went back up two years later.

Good luck

 

[13COBRA]

That’s what happens when you have the nicest house on the block and nothing to compare it to.

Is the house completely finished including the basement?

How big is the lot compared to your neighbors lots ?

Is there any separate detached sheds, barn, garage, in ground pool, etc that would increase the value compared to your neighbors?

Best you can do is go to city hall assessors office and fill out an abatement form with your explanation, turn it in, and hope for the best.

Not to diminish your hopes but I’ve done this many times over the years with our commercial properties and only had one successful abatement, but then it went back up two years later.

Good luck

Completely finished. 3 acres, which is comparable to my close neighbors (four or five of them). In-ground pool.

My hopes aren't all that great, so no worries. I just hate taxes...especially ones that are perceived to be a judgement call haha

 

[Dr. Gonzo]

How are property taxes calculated in your area?

An appraised value will always be above the assessed value. Assessed value is 70% of appraised value, at least in CT.

 

[13COBRA]

How are property taxes calculated in your area?

An appraised value will always be above the assessed value. Assessed value is 70% of appraised value, at least in CT.

Really? I'm not sure how the assessed value is determined to be honest, it's currently 96.7% of the appraised value.

 

[Mojo88]

Man, I've done this MANY times, on commercial and residential property. The appeal process is different for each area, so first thing is to make sure you follow their specific appeal rules exactly.

Comparable sales are the most heavily weighted in factoring assessments, so go look at the Assessor's card and see what kind of comps they are using to determine value.

The biggest 'problem' I see is that your assessment is actually LESS than what you actually paid, so that's an issue. However, assessments typically are below actual market value somewhat.

Might be worth talking to a local tax lawyer. I have done that a couple of times. They were able to get my assessments reduced even when I thought it was unlikely.

Good luck!

 

[Dr. Gonzo]

In CT property taxes are calculated from the assessed value and the town's MIL rate. I would confirm how your property taxes are calculated.

 

[nickf2005]

You should feel fortunate that they've only raised that much. Ours have gone up $30,000 in 3 years. New construction. Like others have said, I believe our assessed value is much less of market value. Haven't had it appraised, so not 100% sure what it's actually worth.

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[13COBRA]

You should feel fortunate that they've only raised that much. Ours have gone up $30,000 in 3 years. New construction. Like others have said, I believe our assessed value is much less of market value. Haven't had it appraised, so not 100% sure what it's actually worth.

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$4,000 what I pay... it went up $47k in two years lol

 

[03Sssnake]

My brother is a lawyer, so I have him fight, protest my property taxes every year. You have to dig in like a tick or these ****ers will raise your taxes every year.

 

[13COBRA]

My brother is a lawyer, so I have him fight, protest my property taxes every year. You have to dig in like a tick or these ****ers will raise your taxes every year.

Luckily, here they only do it every odd year then it takes effect for the following even year.

It's just extremely frustrating.

 

[Booky]

$4,000 what I pay... it went up $47k in two years lol

Just out of curiosity (I am poor), what is the appraisal value on a home with a $47K property tax?

 

[lOOKnGO]

My house value dropped 40k after I built a 10x20 chicken coup and had different color metal panels on roof. I have since moved into the neighbors. Let's see what happens.


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[13COBRA]

Just out of curiosity (I am poor), what is the appraisal value on a home with a $47K property tax?

I must be confusing you guys.

The Assessor's said my house is worth $47k MORE than it previously was, which raised the amount of my taxes to be paid on it by a little over $4k.

 

[_Snake_]

I must be confusing you guys.

The Assessor's said my house is worth $47k MORE than it previously was, which raised the amount of my taxes to be paid on it by a little over $4k.

I just assumed you lived in a $3m home.

 

[03cobra#694]

Mine are low, as it's based on the purchase price. Paid $103, and maybe worth $350 now. If I replaced it I'd get jacked, but not as bad as some of you guys.

 

[13COBRA]

I just assumed you lived in a $3m home.

Negative lol My hopes for that are now paying 4 figures in child support.

Mine are low, as it's based on the purchase price. Paid $103, and maybe worth $350 now. If I replaced it I'd get jacked, but not as bad as some of you guys.

That's awesome, and unique that they county would let that happen. Most counties, or other government tax collectors, like to leave it open ended with the ability to increase them over time.

 

[Weather Man]

I am expanding my shed and the assessor was out and disappointed we hadn't broken ground yet!

 

[03cobra#694]

Negative lol My hopes for that are now paying 4 figures in child support.



That's awesome, and unique that they county would let that happen. Most counties, or other government tax collectors, like to leave it open ended with the ability to increase them over time.

I think mine are $2,100 a year. They are, just looked.

 

[nickf2005]

I must be confusing you guys.

The Assessor's said my house is worth $47k MORE than it previously was, which raised the amount of my taxes to be paid on it by a little over $4k.

So, you're paying upwards to 9% property tax? Holy crap. We would not have build our house if taxes were that much. We're down at 1%, so that $30,000 increase in assessed value is only $300 more paid in taxes.

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