Tax Assessment
 

Our county recently went to 100% for tax assessment, as opposed to
whatever they were previously assessing at. We just recently purchased
a house for about $3,000 under what the county has us assessed at.
Should I dispute this? Is there anything that could go wrong or bad
because I've asked to have my recorded value of my house at the county
dropped? Besides paying less taxes... if I would ever go to sell the
house, would I possibly not get the additional funds?

In article ,
Matt wrote:

Our county recently went to 100% for tax assessment, as opposed to
whatever they were previously assessing at. We just recently purchased
a house for about $3,000 under what the county has us assessed at.
Should I dispute this? Is there anything that could go wrong or bad
because I've asked to have my recorded value of my house at the county
dropped? Besides paying less taxes... if I would ever go to sell the
house, would I possibly not get the additional funds?

Tax assessment is only an estimate. So is your likely selling
price. In contrast, market value is a specific number that
is determined when a willing seller and a able buyer agree on
a sale price. As a result, the two are not directly connected.

There is no problem in contesting your assessment. It will
not impact your future sales. After all, the way values
are going up, if the tax assessment is done in January,
the market value will be different by the time a potential
sale happens in August.

-john-

--
================================================== ====================
John A. Weeks III 952-432-2708
Newave Communications http://www.johnweeks.com
================================================== ====================

John A. Weeks III wrote:
In article ,
Matt wrote:


Our county recently went to 100% for tax assessment, as opposed to
whatever they were previously assessing at. We just recently purchased
a house for about $3,000 under what the county has us assessed at.
Should I dispute this? Is there anything that could go wrong or bad
because I've asked to have my recorded value of my house at the county
dropped? Besides paying less taxes... if I would ever go to sell the
house, would I possibly not get the additional funds?


Tax assessment is only an estimate. So is your likely selling
price. In contrast, market value is a specific number that
is determined when a willing seller and a able buyer agree on
a sale price. As a result, the two are not directly connected.

There is no problem in contesting your assessment. It will
not impact your future sales. After all, the way values
are going up, if the tax assessment is done in January,
the market value will be different by the time a potential
sale happens in August.

-john-


Yeah values going up on houses is always a good thing.. we purchased an
older house in town and are fixing it up.. putting new kitchen floor in
(wood)... insulating (can you believe the previous owner had little to
no insulation in the house?)... and putting in replacement windows...

Matt wrote:
Yeah values going up on houses is always a good thing.. we purchased

Values going up is good, but assessed value and taxes going up may not
be. In many areas of the country those on fixed incomes (seniors, in
particular) are still being taxed out of their homes. In Florida we're
fortunate enough to have a State Constitutional Amendment that caps the
rate of increase for assesed value of homesteaded property at 3% or the
consumer price index, whichever is less.

Very true.. of course where I live they have also upped the Occupational
Tax from $10 to $52/year.. guess the city is near bankrupt.. eek!

Travis Jordan wrote:
Matt wrote:

Yeah values going up on houses is always a good thing.. we purchased


Values going up is good, but assessed value and taxes going up may not
be. In many areas of the country those on fixed incomes (seniors, in
particular) are still being taxed out of their homes. In Florida we're
fortunate enough to have a State Constitutional Amendment that caps the
rate of increase for assesed value of homesteaded property at 3% or the
consumer price index, whichever is less.

"Matt" wrote in message
...
Our county recently went to 100% for tax assessment, as opposed to
whatever they were previously assessing at. We just recently purchased
a house for about $3,000 under what the county has us assessed at.
Should I dispute this? Is there anything that could go wrong or bad
because I've asked to have my recorded value of my house at the county
dropped? Besides paying less taxes... if I would ever go to sell the
house, would I possibly not get the additional funds?

At 100% assessment, plus or minus 5% is considered close enough. As long as
your property assessment is in line and stays in line with similar
properties you are fine.

"Matt" wrote
Our county recently went to 100% for tax assessment, as opposed to
whatever they were previously assessing at. We just recently purchased
a house for about $3,000 under what the county has us assessed at.
Should I dispute this? Is there anything that could go wrong or bad
because I've asked to have my recorded value of my house at the county
dropped? Besides paying less taxes... if I would ever go to sell the
house, would I possibly not get the additional funds?

In my county, if it's a newly acquired property, they go by something called
"arms length" ( I believe that's the term they use). If you paid over/under
the assessed value, they go by the purchase price for tax assessing.

On Mon, 07 Mar 2005 18:01:03 GMT, someone wrote:

... In Florida we're
fortunate enough to have a State Constitutional Amendment that caps the
rate of increase for assesed value of homesteaded property at 3% or the
consumer price index, whichever is less.

I wouldn't presume that is "fortunate", it just results in people
owning identical houses paying different tax on them. It cannot be
assumed that a person who has been there longer is actually poorer
than a person buying their first home.

The "seniors on a fixed income" argument is frequently used to justify
these schemes, but its really "welcome stranger" legalized. It also
subsidizes rich people with rising incomes not just the poor.seniors
on fixed incomes.

If its really to help poor seniors then it oughta be targeted that
way. Don't really poor seniors rent anyway.


Reply to NG only - this e.mail address goes to a kill file.

On Mon, 07 Mar 2005 11:55:23 -0500, someone wrote:

Our county recently went to 100% for tax assessment, as opposed to
whatever they were previously assessing at. We just recently purchased
a house for about $3,000 under what the county has us assessed at.
Should I dispute this? Is there anything that could go wrong or bad
because I've asked to have my recorded value of my house at the county
dropped? Besides paying less taxes... if I would ever go to sell the
house, would I possibly not get the additional funds?



Reply to NG only - this e.mail address goes to a kill file.

On Mon, 07 Mar 2005 11:55:23 -0500, someone wrote:

... if I would ever go to sell the
house, would I possibly not get the additional funds?

If you were going to buy a house, would you limit your bid to only
what the assessed value said? Or if you thought it was worth less,
and they would sell it to you for less, would you go ahead and pay the
assessed value anyway?

If it woulnd't stop you, why would it stop anybody else?


Reply to NG only - this e.mail address goes to a kill file.

v wrote:
The "seniors on a fixed income" argument is frequently used to justify
these schemes, but its really "welcome stranger" legalized. It also
subsidizes rich people with rising incomes not just the poor.seniors
on fixed incomes.

That's your spin on the subject. I never used the word poor in my OP.

Matt wrote:
Our county recently went to 100% for tax assessment, as opposed to
whatever they were previously assessing at. We just recently
purchased
a house for about $3,000 under what the county has us assessed at.
Should I dispute this?

You're bothered about only a $3,000 difference? When I bought our
condo, the county had us assessed at over 6% higher than I paid
for it, which never bothered me. However, a few years later, when
they jacked up my assessed value by 58%, *that* bothered me. :)
Especially considering that units like mine aren't selling at
anywhere near the assessed value. I appealed, but the initial
effort was denied, and I realized pushing further probably wouldn't
be worth the effort. I do, however, believe I would've won had I
carried it out further.

--
Otis

John A. Weeks III wrote:
snip for space
After all, the way values
are going up, if the tax assessment is done in January,
the market value will be different by the time a potential
sale happens in August.

In some parts of the country, values are actually dropping.
Go to http://clarkhoward.com/ and scroll down to "How risky
was your home purchase." Read from there.

--
Otis

Matt writes:

Our county recently went to 100% for tax assessment, as opposed to
whatever they were previously assessing at. We just recently purchased
a house for about $3,000 under what the county has us assessed at.
Should I dispute this? Is there anything that could go wrong or bad

The county assessor should just change the assessed value to match the
purchase price if brought to their attention. Assessments are supposed to
be a reflection of the market value.

I bought my house for $36,000 less than the assessed value. The assessor
just reduced the assessment to match the sale price when I talked to them.

Brian Elfert

On Wed, 16 Mar 2005 20:12:05 -0000, someone wrote:

Our county recently went to 100% for tax assessment, as opposed to
whatever they were previously assessing at. We just recently purchased
a house for about $3,000 under what the county has us assessed at.

The county assessor should just change the assessed value to match the
purchase price if brought to their attention. Assessments are supposed to
be a reflection of the market value.

If the 100% is accurate, the $3,000 is probably rather trivial in its
tax impact. However, many places that are supposed to be at 100%
actually come in a little lower on average for exiting homes (not
recently sold); this keeps people from complaining, because they think
they have a bargain that they want to keep quiet about.

So maybe the $3k over is really even more over. Anyway, unless there
is some reason the Assessor can claim it was a below market sale
(between relatives, distress of seller, etc.), an actual purchase
price should certainly be considered by the Assessor.


Reply to NG only - this e.mail address goes to a kill file.