 Assessment vs reality (by NE [PA]) Oct 17, 2018 7:32 AM
 Assessment vs reality (by Adele [FL]) Oct 17, 2018 8:01 AM
Assessment vs reality (by JB [OR]) Oct 17, 2018 8:13 AM
Assessment vs reality (by S i d [MO]) Oct 17, 2018 8:15 AM
Assessment vs reality (by Ken [NY]) Oct 17, 2018 1:52 PM
Assessment vs reality (by WMH [NC]) Oct 17, 2018 2:05 PM
Assessment vs reality (by BobbyT [IL]) Oct 17, 2018 2:49 PM
Assessment vs reality (by Tony [NJ]) Oct 19, 2018 3:54 AM
Assessment vs reality (by Barb [MO]) Oct 19, 2018 5:45 AM
Assessment vs reality (by NE [PA]) Posted on: Oct 17, 2018 7:32 AM
Message:
Why appeal your taxes? Here's a perfect example of why! A foreclosure that I've been watching for 2 years just hit the market yesterday. It is 4 houses down from my personal residence.
This would be a flip house. It was listed at 89k yesterday and 99k this morning. Gotta love realtors!
We could fix and sell this for around 275k. It needs 150k rehab. We would need to get it for 30k to make it worthwhile. Not going to happen.
Anyway, it's assessed at a fair market $457,000!!!! Holy cow! The taxes are $8,600 a year! There's nothing in this neighborhood over $325,000.
Appeal appeal appeal!! Thanks to Dave Krulac from the convention for discussing the process on how.
If I bought this, I would certainly get an appraisal before closing to pay transfer tax on the appraised amount instead of the assessed amount. That alone would be a savings of $3,000+. It really justifies the cost of the appraisal.
--50.107.xxx.xxx |
Assessment vs reality (by Adele [FL]) Posted on: Oct 17, 2018 8:01 AM
Message:
My take is always appeal your property taxes. The taxing authority will always raise them if you don't speak up. Let them get to know you. Teach them the reality of the market. Your years of experience may help them grasp what a building will actually sell for in your area. Flippers love high assessments though. Buy and hold landlords get taken to the cleaners on taxes each year. Here the review is only $15 / building. So for a little bit of money you may have a big impact on the taxes you pay now and in years to come. You also help all your neighbors and other landlords on their tax bill when your properties are not assessed as high. --162.238.xx.xxx |
Assessment vs reality (by JB [OR]) Posted on: Oct 17, 2018 8:13 AM
Message:
Wow. I think I know the reason for the foreclosure. --24.20.xxx.xxx |
Assessment vs reality (by S i d [MO]) Posted on: Oct 17, 2018 8:15 AM
Message:
Glad to hear you're finding ways to save money, especially TAXES...which are one of my lease favorite expenses.
In my area, it's almost 180 degrees opposite. Most houses are appraised too low. For example, my personal residence is appraised about $50,000 less than what we've got it listed to sell, and comps in the neighborhood reflect that. It's even nuttier with cheaper houses. A house I buy for $30K appraises at $15K.
I'm afraid if I appeal, my bill would go UP! Not a bad problem to have, I suppose. ;-) --173.20.xxx.xxx |
Assessment vs reality (by Ken [NY]) Posted on: Oct 17, 2018 1:52 PM
Message:
I fight my assessment on almost every house I buy to keep,it is free here,sometimes the assessment is so high it is ridiculous.The smaller villages I can walk in and talk to the assessor casually and get it reduced informally,the cities I have to go through a formal process in may but regardless I do pretty good at it.I bought a house assessed at $60000 and the assessor reduced it to $32000,i was talking to a landlord friend who owns a lot of buildings and she said I don't have time for that,i have lots of work to do,i saved over $800 per year of ownership for half a day of effort,she could pay someone to mow the lawns from the savings --72.231.xxx.xxx |
Assessment vs reality (by WMH [NC]) Posted on: Oct 17, 2018 2:05 PM
Message:
Most of our houses are well UNDER what we could sell for.I don't argue. --50.82.xxx.xx |
Assessment vs reality (by BobbyT [IL]) Posted on: Oct 17, 2018 2:49 PM
Message:
Just amazing to hear these stories... the ones of UNDER assessment.
I'm in CROOK County, IL, the stories I could tell you!
There are a LOT of life-long politicians, their friends & family, and inefficient, ineffective bloat to pay/feed around here...
Honestly, if this doesn't get even the least bit cleaned up and put on the side of not blatantly criminal and absolutely ridiculous soon, there will be a revolt or worse. --69.174.xxx.xxx |
Assessment vs reality (by Tony [NJ]) Posted on: Oct 19, 2018 3:54 AM
Message:
I've done tax appeals in NJ and PA. PA has lots of local rules and customs that vary from county to county. Even the filing deadline varies. Start by asking your county assessor for documentation illustrating the current ratio to be applied for your upcoming appeal. Your "low" assessments might not be low at all. --73.215.xxx.xx |
Assessment vs reality (by Barb [MO]) Posted on: Oct 19, 2018 5:45 AM
Message:
Most of mine are well under. I have a couple above what I think they should be, but I don’t want them to look at the other that are way under so I don’t call attention.
I only call attention when I bulldoze a house, so that I’m assessed on vacant land rather than a lousy house. --64.251.xxx.xxx |
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