That's ridiculous lol
It's terrible. I plan on building a 3000-3500 square ft detached garage in the next few years...can't wait to see what that does.
How to argue a tax evaluation on real estate?
- Thread starter 13COBRA
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That's ridiculous lol
It's terrible. I plan on building a 3000-3500 square ft detached garage in the next few years...can't wait to see what that does.
Time to pull out the code and start studying. I had to do this a few years ago for various reason. Got a pretty good reduction after it was all over. The biggest thing that helped me is there is a percentage limit on how much the increase can be each year.
Hm. I may have to look in to this or at least send it over to my attorney. Thanks Travis.
I cant say for sure about your state, however in NC, Tax assessments have nothing to do with the market value of your home. I mean absolutely nothing. It gets rather confusing at times explaining this to my clients who dont understand what property taxes are and mean. Here, your property tax value can go up or down, depending on the counties budget and needs. Property taxes are what funds the counties budget. If budget needs decrease, the tax value can also decrease. This rarely happens. I get asked all the time when im representing a buyer, or representing a seller..."but the tax value is $XXXXX." I have to explain, and sometimes email them a link to the county gov website so they can read it for themselves. The annual tax value attached to my car is a little over one hundred dollars a year. That doesnt mean its market value is one hundred dollars. Tax Value and Market value are completely opposite of each other and one has no bearing on the other.
This year, all residents of my county were hit with a tremendous real property tax increase. 50% in some areas. We had a county manager, and several of her employees funneling money out of the county budget, with the use if buying gift cards, life insurance policies, then cashing them out. Nearly 5 million went missing. Lavish homes, vacations, cars, electronics. They were all caught and now facing serious federal charges. But, we the tax payers now have to re surplus the budget that was drained.
As far as how to fix it, call the tax assessors office, and ask them to come re evaluate. you have a good shot and winning your case if you present it reasonably.
I hired a firm to fight mine in the past. They protest every year and if they get it lowered I pay them a percentage of it.
Thanks for your insights!
Tax assessment appeals vary by area as previously noted. In my area the appeal if approved is not final until the school board agrees on the revaluation. They are purposely made difficult to appeal so most folks just give up.
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this is basically what Brad was referring to the way I understand it. You get a homestead exemption on your primary house. The tax amount can only increase a small amount every year no matter how much the value of the house goes up. His house is worth more than mine but my taxes are a little higher (different areas and assessment rates too), I've only had my house for 10 years or so so the purchase price was much higher
Why on earth did you have it appraised? For a loan purpose?
For a divorce purpose.
Ex-wife and her attorney were arguing it was worth $150k more than we had paid for it 1.5 years prior.
In most counties in Missouri, they take "their market value" multiple it by 17-25% and that becomes the taxable assessed value, then apply the rate.
For example our house/garage was built for 497k. The county says its worth 470k our rate is 19% of FMV. So my taxable base is $89,300 and our rate is like 8.9% so my tax is around $7,950 a year.
Last time I had to appeal it was on a townhome that was valued at 155k but we bought for 80k. I got them to agree to drop their value to 102k. I had to fill out a form and have them come out and look at it. It was a foreclosure so they wouldnt agree to go all the way down to the 80k purchase price.
For example our house/garage was built for 497k. The county says its worth 470k our rate is 19% of FMV. So my taxable base is $89,300 and our rate is like 8.9% so my tax is around $7,950 a year.
Last time I had to appeal it was on a townhome that was valued at 155k but we bought for 80k. I got them to agree to drop their value to 102k. I had to fill out a form and have them come out and look at it. It was a foreclosure so they wouldnt agree to go all the way down to the 80k purchase price.
i had to go down to my county tax assessor's office and argue pretty hard for them to lower mine. i brushed up on the law beforehand and brought photos and documentation to help argue my case.
what they originally did was automatically appraise my property using a comp down the street, even though i paid about 100k less than what that house had recently sold for (it was in much better condition than mine). here the law says that the base tax value should be based on what was actually paid, provided that it was a "regular" transaction. since mine was bank-owned, they were within their rights to appraise it higher, but not that much higher. so fortunately i was able to split the difference with them and dropped it down by about 50k
not sure if this example is directly applicable to your situation cobra13, but in my experience if you present your case and argue with the proper backup, they will adjust it. best of luck with it.
what they originally did was automatically appraise my property using a comp down the street, even though i paid about 100k less than what that house had recently sold for (it was in much better condition than mine). here the law says that the base tax value should be based on what was actually paid, provided that it was a "regular" transaction. since mine was bank-owned, they were within their rights to appraise it higher, but not that much higher. so fortunately i was able to split the difference with them and dropped it down by about 50k
not sure if this example is directly applicable to your situation cobra13, but in my experience if you present your case and argue with the proper backup, they will adjust it. best of luck with it.
Don't protest without an attorney, just bring facts and be reasonable and you'll likely have it reduced. My county is absolutely freaking ridiculous, no doubt the highest property increases in the state of Texas. They based the property value on mine from houses that are 9 miles away, not any house anywhere near, but 9 miles away. Why? They can't say. My neighbor retired from the appraisal district and she can't even explain how they get their numbers.
We're talking 40-70% increase in value in one year, so it'll increase by 10% a year forever.
We're talking 40-70% increase in value in one year, so it'll increase by 10% a year forever.
Correct Jerry. We all almost get a $25,000 homestead exception if we’ve live in the house long enough and are a full time resident. If I sold this for $300k, and replaced it with a $300k my taxes would at least double. In other words, I paid $103 for the 23 years ago, and get the exception I mentioned. I pay taxes on $78k. Our proposal for next year raises it $50. Thank you tourism.
So present facts, or get an attorney to do it?
So glad I don't pay taxes. Just wish I had my body back.
OK Bozos, stop clowning around.
OK Bozos, stop clowning around.
I've appealed tax appraisals twice in 30 years and had them lower the home's accessed value in both cases. Two different houses in two different states.
But in both cases the way they arrived at the values were idiotic. I pointed out said idiocy in an objective fashion, pointing out the tax values of other comparable properties in my 'hood and they adjusted them.
But in both cases the way they arrived at the values were idiotic. I pointed out said idiocy in an objective fashion, pointing out the tax values of other comparable properties in my 'hood and they adjusted them.
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