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We just got our home assessment for a house we bought 'New' in November. We paid 286,300, now they are appraising it at $300,100. This is Cabarrus County by the way. I am appealing it. Am I waisting my time sending in an appeal? We have done no improvments on it yet. We don't even have our fence up yet. I see no reason in todays market for it to have gone up that much. If anything it should have gone down. I know they are listing our home model cheaper than it was listed when we bought ours. Only thing I can think of is this is how we are paying for Mr. Fancy Pants' racetrack improvements.
b/c I thought down here appraisal didn't mean anything..mine is much lower then what I paid.
back in PA you would take the tax assessment double it and that is what you could sell your house for... it must be different down here.
I guess if you are not selling anytime soon you would not want the high tag for taxes but if you are selling and this is how the housing prices are calculated then maybe I need to appeal b/c mine is really low.
b/c I thought down here appraisal didn't mean anything..mine is much lower then what I paid.
back in PA you would take the tax assessment double it and that is what you could sell your house for... it must be different down here.
I guess if you are not selling anytime soon you would not want the high tag for taxes but if you are selling and this is how the housing prices are calculated then maybe I need to appeal b/c mine is really low.
In Oregon we got a tax appraisel that was a percentage of what the actual market value is. It also showed what the actual market value was. Our tax rate was based on the assessment not the actual market rate. Here your taxes are based on that assessment which is "supposed" to be in the neighborhood of its actual market rate. There is no way I could sell this house for $300,000 dollars right now, no way. If your is less than what you paid for it, that is bad and good. Your taxes will be lower, but you probably would not be able to get your money back, at least if you sold right now.
In Oregon we got a tax appraisel that was a percentage of what the actual market value is. It also showed what the actual market value was. Our tax rate was based on the assessment not the actual market rate. Here your taxes are based on that assessment which is "supposed" to be in the neighborhood of its actual market rate. There is no way I could sell this house for $300,000 dollars right now, no way. If your is less than what you paid for it, that is bad and good. Your taxes will be lower, but you probably would not be able to get your money back, at least if you sold right now.
Not to scare you, but lenders will usually not lend money to buyers if they try to buy a house for more that it apraises for. If there is any chance of you needing to sell soon, I would appeal
We just got our home assessment for a house we bought 'New' in November. We paid 286,300, now they are appraising it at $300,100. This is Cabarrus County by the way. I am appealing it. Am I waisting my time sending in an appeal? We have done no improvments on it yet. We don't even have our fence up yet. I see no reason in todays market for it to have gone up that much. If anything it should have gone down. I know they are listing our home model cheaper than it was listed when we bought ours. Only thing I can think of is this is how we are paying for Mr. Fancy Pants' racetrack improvements.
Think this one through. Your local government has just decreed your property is worth more than you thought it was. Hmmmm. What does that mean? An increase in your taxes of what? $70 - $6.50/mo? How much did your tax bill actually go up?
Just because we are seeing a blip w/ house sales and prices right now, do not panic over an increase of this small of an increment. I suspect to build your house right now it would cost more. Just hold on. By 2010, things will have adjusted w/ the market on housing prices and your house valuation will be totally in line. And really - what did that increase your bill by? We're talking less than $15,000 here . . .
Think this one through. Your local government has just decreed your property is worth more than you thought it was. Hmmmm. What does that mean? An increase in your taxes of what? $70 - $6.50/mo? How much did your tax bill actually go up?
Just because we are seeing a blip w/ house sales and prices right now, do not panic over an increase of this small of an increment. I suspect to build your house right now it would cost more. Just hold on. By 2010, things will have adjusted w/ the market on housing prices and your house valuation will be totally in line. And really - what did that increase your bill by? We're talking less than $15,000 here . . .
I haven't been here long enough to know how much it went up, so you are right, maybe I am getting my feathers ruffled over nothing.
Think this one through. Your local government has just decreed your property is worth more than you thought it was. Hmmmm. What does that mean? An increase in your taxes of what? $70 - $6.50/mo? How much did your tax bill actually go up?
Just because we are seeing a blip w/ house sales and prices right now, do not panic over an increase of this small of an increment. I suspect to build your house right now it would cost more. Just hold on. By 2010, things will have adjusted w/ the market on housing prices and your house valuation will be totally in line. And really - what did that increase your bill by? We're talking less than $15,000 here . . .
Anifani, I think what bothers me is not the actual amount, but the point of the "increase".
The increase was about 5% for 6 months.
Did UC increase 5% over the past 6 months? Absolutely not. Unless someone has a better explanation, this is just a typical fleecing by the local gov't's part...
Anifani, I think what bothers me is not the actual amount, but the point of the "increase".
The increase was about 5% for 6 months.
Did UC increase 5% over the past 6 months? Absolutely not. Unless someone has a better explanation, this is just a typical fleecing by the local gov't's part...
Jack, Jack. <shaking head> You are one of the best sources on this board when it comes to property investment, valuation, etc. I am so surprised that you would not see the direct correlation b/n increasing taxes and the infrastructure improvements needed in UC. Does everyone really feel he/she is not consuming enuff to justify a tax increase???
I wanna talk more w/ you about this. Tell me what you are thinking. Everyone is complaining about roads, water, schools . . . and yet no one wants to ante up?
we put about 35-40 into our house with just uprgades and I don't think too many others did so maybe that is why ours is way off base too.
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I am so confused
