18% increase in house appraisal. They're kidding, right? (Boise, Sandpoint: mortgage, credit)
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Appeals are usually only successful if you can make a case showing comparable sales. That can be difficult in low density areas like we have in Idaho. But I would not rule out 20% appreciation in a year. Looking at sales in my neighborhood in Sandpoint, that likely did happen in the last year or so.
Don't be so sure. I mistakenly believed that for years and paid huge lawyer fees to get my assessment down. Only when it went up 42% did I make it a point to learn how our system worked. In my area, market values have little to do with anything. You appeal based on 'lack of uniformity' meaning how your assessment compares to your neighbor's. If yours is way higher, you can get it reduced if you know what you are doing. They try to make it as hard as possible but I have made it a point to learn the system. So don't assume it's based on market value. Go to your county's website and learn how it works.
Don't be so sure. I mistakenly believed that for years and paid huge lawyer fees to get my assessment down. Only when it went up 42% did I make it a point to learn how our system worked. In my area, market values have little to do with anything. You appeal based on 'lack of uniformity' meaning how your assessment compares to your neighbor's. If yours is way higher, you can get it reduced if you know what you are doing. They try to make it as hard as possible but I have made it a point to learn the system. So don't assume it's based on market value. Go to your county's website and learn how it works.
That approach may work in some areas, but it's hard to understand how that would work in many rural areas where finding similar homes/properties is a challenge, let alone finding them in your neighborhood.
The Canyon County appraisal of our home went up 11%. Idaho is a non-disclosure state. However, there are buyers (most likely from another state) who were not aware of this fact, and disclosed the sale price like our new next door neighbor. Zillow listed the sale price of his home but not ours after the sales.
It's likely that the appraiser also checks real estate sale statistics (listing prices, real estate market trend etc.) in addition to disclosed sale prices for their annual assessment.
Our neighbor house was bought for 97% of our 2018 assessed value. The house size is 56% of ours. We also have a 2,800 sq. ft shop and a 3-car breezeway vs. their small 2-car garage. So we really have no basis for an appeal!
We did successfully appeal the assessed value of our previous home in NY back in 2007. We had a very competent real estate agent doing a fantastic comparative analysis. She also had the town removed one bedroom from the house (it did not meet the current definition of a bedroom). The assessed value went down 25% and saved us quite a bit of property tax money.
On one hand, it is kind of upsetting to see your property assessed value and the corresponding property tax go up. On the other hand, if the increase in the assessed value is in line with real estate appreciation rate, I think this is not a bad thing providing that one can afford to pay the taxes!
Note that just because your assessed value goes up does not mean your property taxes will go up. The county sets a budget, and then once the total assessed value of all property in the county is known the mil rate is determined so the desired amount of money is collected. So if your property value increase is in line with the average increase in the county you shouldn't see much change unless your county increased their budget for some reason.
We just got our assessment notice today, and it actually went down by a couple percent. Still well under what I think we could sell the place for.
My appraisal went up about 19.5%, but it's hard to complain. Since the appraisal value now, is almost the same as the price I paid for the house when I bought it last April (the price was not publicly disclosed). And now about a year later, the Zillow estimate is over $60,000 higher than that!
My monthly mortgage payment went up by around $30 a month this year (well, starting last month), but I'm honestly not sure if it's because of property taxes, or something else (insurance or something), there were a lot of numbers so it wasn't clear what exactly changed, and I'm not going to lose sleep over $30.
So what does this turn out to be in real dollars? The dollar amount you paid in the previous year to the dollar amount you had to pay this year? I realize it’s going to be different amongst all of you above. Just needing to have a heads up on this issue as I am used to prop 13 protection in California. We are getting in depth info on about 5 states we are looking at to retire to in a year and a half. Thank you.
Just needing to have a heads up on this issue as I am used to prop 13 protection in California.
Not that protection here. However, my property tax is less than half what it was in SoCal. Sure, I have half the house, but it is my retirement house and I don't need anything as large as when I was in the working world.
Appeals are usually only successful if you can make a case showing comparable sales. That can be difficult in low density areas like we have in Idaho. But I would not rule out 20% appreciation in a year. Looking at sales in my neighborhood in Sandpoint, that likely did happen in the last year or so.
That's true. And the tax appraisals are rising all over the state, not just in NID.
Here in Idaho Falls, I bought my home for $112,000 in 2004, and it's now appraised at $209,000 only from comparable sales in the neighborhood. The valuation price has doubled in 16 years.
I haven't been watching my tax increases because I have no plans to sell the house, but I am going to pay a lot more attention to them this year.
It's our explosive growth that's fueling everything. As a county and city grow, their service demands increase and that means we will all pay more taxes to meet the demand, but knowing everyone is paying more is always cold comfort when someone has grown used to paying a far smaller amount of tax.
How can you stop someone from moving here? That's the problem. No one can. 10 years ago, this neighborhood's home prices were flat. It was only the new construction that was selling first and foremost. Not so nowadays!
There's an upside to this for me, as my house is keeping up with replacement value, so if I was to sell it, another house wouldn't be so much up-front cost as this one was, but for those on a fixed income, the tax increases are always a worry.
It the perfect world, these property taxes improve roads, fix those persistently irritating issues, improve safety. puts in some new sidewalks, improves city beach, and pays for things used by locals.
In the real world, budgets will get pushed out and new needs are discovered, "merit" pay bonus are paid those with the last remaining pensions, and some monument to greed is erected. And the case for larger budgets from now are on is made by a beneficiary of the highway robbery.
I wish I could say Idaho and North Idaho is immune from this, but they are not.
S.
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