On 2012-05-07, Joseph Gwinn wrote:
In article ,
Ignoramus11847 wrote:

On 2012-05-06, Joseph Gwinn wrote:
In article ,
Ignoramus11847 wrote:

[snip]

Regarding end mills, I agree with you, more or less. It is cheaper to
buy new end mills, or buy them at auctions, for cash, or have Bob
sharpen my endmills.

Bob is the guy who does T&C grinding and who sold me my warehouse
building. He could not own this building due to real estate taxes. His
2011 tax was raised to $49,000 PER YEAR, and the only thing he could
do is sell the building for whatever he could get. He sold it to me,
and due to purchase price, my real estate tax was lowered to $21k per
year.

He was already behind on taxes and could do nothing.

I strongly feel that it is unfair, but at least I am on the better
side of this unfairness.

Sounds like there is an interesting story here. Why couldn't Bob get
the reduction without selling?

I am not a RE expert. Here's what I understand. The county "thought"
that his building was worth $670k. He could not prove to the county
that it was not worth that much, without actually selling the
building.

Were there no other comparable sales nearby? That's the usual approach.

It is very possible that there were not any comparable sales. Plus, it
is easy for the county to dismiss them during hearings.


Since I bought it in an arms length transaction, I could easily prove
that the building is worth the purchase price ($280k), because this is
what I paid for it. The county accepted the price of the transaction
as estimated value, and my taxes were reduced proportionally.

At this point, the County is legally cornered by state law. So sad.


Of course, I had to pay 1/3 of the first year's reduction to the
lawyers that I retained.

This may be the key. Bob may have been unwilling to hire a mean-enough
lawyer: 49000/3= $16,333. It sounds like a lot of money, but was repaid
in the first year. But, this should not have been necessary.

As far as I know, and I do know, he did hire a lawyer every
reassessment, and was not successful. That info is publicly available,
that is how I know.

This is why I strongly feel that it is unfair.

i