Quote:
Originally Posted by starflyte1
This may show how little I know about real estate taxes, but isn't the assessed value just a percentage of the market value?
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Yes and in alot of the states it is now 100% of market value. What we have been complaining about is the way they figure market value. The appraisals for loans (new mortgages) are only going back 3 months so into the worst of the selling history and it pulls up all the loan defaults short sales and does not take into account the major differences )alot of times) between the houses they use as comps and the house they are appraising. The appraisals for taxes depend on the state and local regulations in the area. In some states they have to go back a year in others only 6 months in others it is a complicated % of change formula that is done by district. I have never lived in a place that has done it the same twice. And I have appealed my evaluation when it went up, 11 times in my 31 years of home ownership. (won 8) The tax appraisers often don't even look at the houses they are appraising they just go by the square ft of house and lot and age of home. or they just up it to match the neighbors. I live in a town of some very expensive houses and I often get raised for no reason other than someone paid 3 mil a mile away. Can you tell this is a sore point with me sorry I ran on.