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Cruiser's avatar

Anybody know much about property tax re-assessment?

Asked by Cruiser (40421points) September 8th, 2011

With the dropping like a rock property values my new property tax assessment was way higher than my market value. I went to the assessors office and gave them a recent appraisal on my house and they said they will notify me of their decision. 45 minutes later I get a call at my office and they said the agreed with the appraisal and lowered my taxes right over the phone!! This seems completely unusual to me as they prepared me for a lengthy process and a hearing in front of a review board. I feel like I am missing something here?? Has this happened to anyone else? Is this normal procedure?

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12 Answers

JLeslie's avatar

Wow. I was just thinking of challenging my property tax for next year. With your story I definitely am going to do it. In my county you have to put itinerary writing before a certain date of the year. Not sure how long it takes for it to come back with a decision. Where I live they assessed write up to the real market value at the time, and now properties have dropped. When I lived in Palm Beach County FL, they never assessed to the tippy top of the market.

Coloma's avatar

Hmmm..well, all I can say is don’t look a gift horse in the mouth. :-D

Rascals they can be.

SpatzieLover's avatar

It’s not normal here @Cruiser. For my village, you need the appraisal and you must go present your case in front of the board. Luckily ours has been fair the past couple of years so we haven’t had the need to fight it. I’ve known several to fight and lose.

You’re a lucky one…Go buy a lotto ticket tonight-hey?

tom_g's avatar

I live in the tiny shack surrounded by normal homes, yet my house was assessed higher than many of them. They also said I had 7 bathrooms (in a 1100 sq ft house) – I really only have 1 bathroom. Anyway, after some fighting, I had the guy come out and get a tour. Two weeks later, he agreed to drop it by $50k.

Cruiser's avatar

@JLeslie and everyone else, I called on this a week ago and they gave me a huge laundry list of forms and paperwork and I expected nothing less than total push back on the work their assessor had just done especially when they said IF I met their criteria, then MAYBE I would be granted a hearing in 2–3 months. I mean I spent 4 hours getting everything together and when I went to the office, the very nice lady said we only need the appraisal and we will call you after our initial review maybe by tomorrow and gave me back all the other papers I worked so hard on. 30 minutes after I got back to my office phone call and just like that she told me they will adjust my valuation to the appraisal.

I get the feeling though maybe I could have pushed for a bigger reduction and they just wanted me out of their hair?? I can’t wait till next year when knowing this was that easy, I should be able to get an even bigger chunk reduced since I was only allowed to use 2008 and 2009 property sales and using 2010 and 2011 sales then I will be where I think I should be.

marinelife's avatar

@Cruiser Don’t look a gift tax assessment in the mouth. Take it and run!

Cruiser's avatar

@marinelife I know but it is still A LOT higher than I paid for the house! I want it all!! lol!

Coloma's avatar

Now, now, temper your greedy side…hahaha ;-)

Coloma's avatar

You know what I think?

I think that when we are preparing for a “battle” of some sort and things turn out so amazingly EASY, we are in shock! lololol

Cruiser's avatar

Aww @Coloma I am not greedy I just don’t think I should have to pay all those taxes on a home I paid 30% less than the assessed value! It is not my fault the housing market is in the dumper and I certainly am not going to simply grab my ankles when I can prove such a disparity exists. Hell they only gave me 10% back and next year I will get 10% more and the next I will get the final 10% and then after that, I will prepare to really grab my ankles when the market rebounds! X0

JLeslie's avatar

@Cruiser I think @Coloma is just pointing out you are going through a psychological thing akin to sellers remorse. Sometimes when something sells easily the seller thinks they should have asked for money for instance. Your regret in not asking for a larger discount is similar, because it was so easy.

Cruiser's avatar

@JLeslie Hardly and just the opposite. I am very aware of the “rules” at play. The assessor only allows comparables from 2009–2010. I put the offer in on my house in late Dec 2010 and had an appraisal from Jan 11, 2011 which contained 2 comps from 2011 and 2 from 2010. I bought the house at around 30% less than it’s original asking price from Dec. 2009 which was 10% MORE than the assessors valuation. So I knew I was up against the rules as to how much I ultimately will be allowed. I just will have to wait until the extremely depressed prices of the 2011 real estate market will be allowed to be submitted as comparable sales and I am pretty confident I will get further reduction in my real estate tax bill. No buyers remorse at all. HS I got my dream house I would not have been able to afford had this market not taken this nose dive. I ma grateful and at the same time not gonna just sit back and pay more taxes than I have to.

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