Taxes and real estate in Melbourne area
Posted 08-26-2008 at 03:47 PM by travelmen
Is anyone concerned that the home values have fallen over 50% but the valuations, for tax purposes are still high? Homes that are valued at $400,000 are selling for $150,000.
Assuming the government will not do it automatically how do you get the correct valuation.
Assuming the government will not do it automatically how do you get the correct valuation.
Total Comments 1
Comments
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Simply hire a Licensed appraiser and take that value to the Tax office. This will show the value of your home in the current market, but it may also increase your tax if the appraisal shows a high market value. If the appraisal is lower than the appraisal the city did, then they will be forced to lower your taxes. Being that values have dropped due to so many homes on the market in Texas, appraisals are based on the comparables that have recently sold, but it will also be based on any improvements done that the other homes do not have. I assume the appraisal will be lower than the original value due to the market. This should lower your taxes, but remember...The city appraisals are generally lower than what you can actually sell your home for. My home, the city appraisal says $155K, but my Realtor says they would market my home at $220K due to improvements. So if you can get your own appraiser to appraise it solely by comparables that have sold within the last 6 months, and not the improvements, you may get a lucrative appraisal for tax purpose. I know the comps they use to appraise my home come no where near the value of my home built 1999 and the comps do not have all the new stuff my home has, such as a custom built patio room, a new custom fence with pillars, and all new flooring throughout, and more. I would never let the tax people know what I've done to my home or my tax would go way up. So I would say just have an appraiser appraise your home based on Comps. Have you done any real improvements compared to the comps? If not, then the appraisal should come in at whatever comparable homes have sold for.
The one good thing about California is whatever amount you buy you house for, the taxes remain the same forever until the house is sold again. CA tax rate is only from 1% to 1.3% and your tax never changes regardless of appraisals. Personally, I would prefer to pay state taxes and have my property tax remain stable at 1% than not having a state tax and continuous property tax hikes and never knowing the exact amount you have to cme up with every year for property tax. Property Taxes here in Texas not only suck, but it is one reason many people lose their homes here Texas, unable to pay the high property taxes.
Retired Loan Officer.Posted 08-27-2008 at 09:17 AM by suzy2008
