property taxes

doobnVA

doobnVA

Well-Known Member
You're taxed on the "assessed value" of your home for TAX purposes, which is completely independent of the price it could potentially fetch on the market if you were to put it up for sale today.

In a nutshell, because the government is greedy and wants your money.

"tax assessed value" = some arbitrary number made up by a government worker, regardless of the market value of the home

"actual market value" = whatever someone is willing to pay to buy your home, regardless of the tax assessed value
 
Lil Czr

Lil Czr

Well-Known Member
Because tax receipts are falling and the politicians are still stealing the same amount of money.
 
southern homegrower

southern homegrower

Well-Known Member
doobnVA said:
You're taxed on the "assessed value" of your home for TAX purposes, which is completely independent of the price it could potentially fetch on the market if you were to put it up for sale today.

In a nutshell, because the government is greedy and wants your money.

"tax assessed value" = some arbitrary number made up by a government worker, regardless of the market value of the home

"actual market value" = whatever someone is willing to pay to buy your home, regardless of the tax assessed value
Click to expand...
how often do they do a assessed value on the property
 
Lil Czr

Lil Czr

Well-Known Member
Just whenever they want to raise taxes. I guess that every state would have a different law as to how often they can legally raise them.
 
hanimmal

hanimmal

Well-Known Member
Yeah Doob hit it on the head.

Usually the 'tax' value is far lower than what the house sells for in a normal market, but today who knows. If you have a house chances are you cannot sell it for near what you bought it for (if within the last 10 years you bought it).
 
southern homegrower

southern homegrower

Well-Known Member
thanks . i dont want to sell it. i dont think i could sell it now if i wanted to. i just dont under stand if the value has dropped every year for the last 2 or 3 years why i still pay the same or more for the property taxes
 
jeffchr

jeffchr

Well-Known Member
you can protest the increases
i did (Ohio)
find your county (or parish) web site and download their protest or petition for re-assessment.
you need a reason - just telling them that property values have not risen might work but it's better if you have recent sale data on like properties.
i told my county that my house was in ill-repair (furnace, roof, driveway, air conditioning all needed replacing)
they lowered my assessed value about 15%, which was very cool
the petitions in our county can only be filed at certain times (about 3 months before the new appraisals come out from the county)
don't put up with that bs!
 
southern homegrower

southern homegrower

Well-Known Member
jeffchr said:
you can protest the increases
i did (Ohio)
find your county (or parish) web site and download their protest or petition for re-assessment.
you need a reason - just telling them that property values have not risen might work but it's better if you have recent sale data on like properties.
i told my county that my house was in ill-repair (furnace, roof, driveway, air conditioning all needed replacing)
they lowered my assessed value about 15%, which was very cool
the petitions in our county can only be filed at certain times (about 3 months before the new appraisals come out from the county)
don't put up with that bs!
Click to expand...
thanks i will try this
 
MuyLocoNC

MuyLocoNC

Well-Known Member
I had the assessed value of my home go up by 25k at the same time they raised the actual rate. My home has actually dropped about 10k in value since last year so I sent in a petition and they lowered it by 30k. Woohoo!! Of course the tax rate still increased but at least it wasn't based on some fictitious figure pulled out of a hat. And just as an aside, assessed values are RARELY lower than the realistic selling price of a home or vehicle, only happens if values increase dramatically in a very short period within the same year and they just haven't caught up yet. At least that's been my experience with it.
 
cph

cph

Well-Known Member
I'm about to have mine re-evaluated. I got a letter from my county (OH) saying my house is worth 71,000 not the 120,000 I paid for it less than 2 years ago.:wall: They are offering (it seems) to lower it on their own.
 
hanimmal

hanimmal

Well-Known Member
And just as an aside, assessed values are RARELY lower than the realistic selling price of a home or vehicle, only happens if values increase dramatically in a very short period within the same year and they just haven't caught up yet. At least that's been my experience with it.
Click to expand...
That may be why then. I have had my home for about 7 years and it has always been about 25% lower than the price I got it for.
 
ViRedd

ViRedd

New Member
Beware of letters you receive in the mail offering to lower your property taxes. These are from fly-by-night companies that will charge you a substantial fee for doing exactly what you can easily do on your own.

Go to your county's website and download the necessary form. It should be in the tax assessor's section. Just fill it out and send it in. You may need some comparable sales figures from a Realtor. No problem there either. Go to a Century 21 office and ask an agent to help you out. Just remember him/her by referring a friend who needs to sell or buy a house. Any good agent should be very willing to help you with the figures for free.

Here's a sample from my county assessor:

http://assessor.countyofventura.org/TaxSavings/Declineinvalue.html

Here's the form for my county:

http://portal.countyofventura.org/pls/portal/docs/PAGE/CEO/DIVISIONS/COB/RESPONSIBILITIES/ASSESSMENTAPPEALS/AAB_APPLICATION-POSTMARK.PDF

Good luck ... :)

Vi

 
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