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Of course, if you are staying, by all means fight and get what you can. Don't waste any money on lawyers if you don't have to. I sold my house because of assessments, the home ended up being worth about 60% of assessment at sale.
Absolutely appeal it. In CA I believe you can use comps as far as 10 miles away (someone correct me if I'm wrong). There is probably something like that in MD as well.
Cash strapped bureaucrats like to screw everyone on taxes.
check with your assessor's office - some of them require actual appraisals ($400+/-) while others take comps. Some of them won't do anything until they reappraise every few years.
Condo?
Townhouse (called rowhouse in Baltimore and some other places). I do have a front and back yard (back yard is big enough to fit any car too, so I have parking).
zzyzzx saysAssessment is now 38K, down from 65K.
That's a huge decrease in assessment; congrats.
Unfortunately, he just lowered the price he's going to resell it for too.
MrMagic saysUnfortunately, he just lowered the price he's going to resell it for too.
People will pay what the are willing to pay the market has not set the price in over two decades. Idiots emotions and manipulated inventory has.
Yeah not really.. if someone needs a loan, the bank will only give them a loan based off the assessed value, nothing more.
I assume that this should be appealed?
Maryland, needs something like CA's prop 13.
Tenpoundbass saysMrMagic saysUnfortunately, he just lowered the price he's going to resell it for too.
People will pay what the are willing to pay the market has not set the price in over two decades. Idiots emotions and manipulated inventory has.
Yeah not really.. if someone needs a loan, the bank will only give them a loan based off the assessed value, nothing more. So sure, some idiot might overbid, but it's on them to come up with the additional capital.
38k assessed value. Jesus. Homes here in LA are literally 20-30x that.. for your run of the mill starter.
How about FUCK NO? Prop 13 is one of the reasons CA real estate is so stratospherically high. It's also patently unfair. I pay about $4500/year property taxes for a 2br townhome in Pasadena that I've owned for about 14 years. On that same street, there is a house worth roughly $4 million that pays about $1200/year.. been in their family for decades.
Disneyland pays practically pennies per acre in property taxes. It's horseshit. If property taxes exist, everyone should pay at market rates and leave it at that.
In short, fuck Prop 13.
Agreed. Prop 13 was an answer to a symptom, not a solution to the problem of CA's drunk spend fest ways.
Yeah, fuck Prop 13 and "Keep your home California" as well. Do you think property values would be increasing as much as they have if people had to pay taxes on assumed valuation? Fuck no. They'd move once the taxes got too onerous. They'd find a nice house in their price range and yearly tax liability that they could afford. And by virtue of that, values would be held in check, to a point, as a certain percentage of an areas population would turn over when tax liability outstripped their payment ability. Helps balance the demand/supply curve. What's wrong with that? They could then sell and get the equity they built up, albeit at a lower value than with Prop 13 hopefully.
AbsoFuckingLutely INCORRECT! A bank will only loan someone value based off the assessed value? What fucking hole have you been living in? Last year, assessed $158,000, loan for $278,00, appraisal of $298,000 value. Did you mean appraisal?Gah, fuck all, you're right. I'm mixing my terms up. Apologies.
And of course, Baltimore City is assessing my house at peak values when recent sales are well below my assessment. I assume that this should be appealed?