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Just got my assesement


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2012 Jan 3, 11:25pm   4,158 views  20 comments

by zzyzzx   ➕follow (5)   💰tip   ignore  

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?

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1   everything   2012 Jan 4, 7:38am  

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.

2   thomas.wong1986   2012 Jan 4, 8:17am  

zzyzzx says

I assume that this should be appealed?

Maryland, needs something like CA's prop 13.

3   FortWayne   2012 Jan 4, 12:19pm  

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.

4   elliemae   2012 Jan 7, 12:41am  

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.

5   zzyzzx   2018 Aug 9, 11:43am  

Update:
I did appeal it, and my assessment was reduced. My actual property taxes didn't go down until my bill for this year which now reflects less than peak prices.
Actual bill went from $1430 to $815. Assessment is now 38K, down from 65K.
7   zzyzzx   2018 Aug 9, 12:04pm  

Tenpoundbass says
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).
8   🎂 Tenpoundbass   2018 Aug 9, 1:25pm  

zzyzzx says
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).


Still that's more like RE should be. Although I paid $160K for my house and Zillow now says it's now worth $350K.
Since I never plan on selling it in my lifetime. Nothing would make me happier than if it crashed in value to only $120K.
That way my all of my Kids and Grand Kids wont all have to share this one house and be lucky to have somewhere to call home when I'm dead and gone. And will be able to afford houses of their own.
9   SunnyvaleCA   2018 Aug 9, 2:17pm  

zzyzzx says
Assessment is now 38K, down from 65K.


That's a huge decrease in assessment; congrats.
10   MrMagic   2018 Aug 9, 3:08pm  

SunnyvaleCA says
zzyzzx says
Assessment 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.
11   🎂 Tenpoundbass   2018 Aug 9, 3:22pm  

MrMagic says
Unfortunately, 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.
12   Evan F.   2018 Aug 9, 3:51pm  

Tenpoundbass says
MrMagic says
Unfortunately, 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.
13   🎂 Tenpoundbass   2018 Aug 9, 3:53pm  

Evan F. says
Yeah not really.. if someone needs a loan, the bank will only give them a loan based off the assessed value, nothing more.


Kid, we all here at Patnet watched the City approve what ever the NAR said the house was worth. Realtors send out the appraisers and 90% of every city never went outside the appraised price. Especially after RE crashed after 2008. That's how the market "Recovered" so fast. That is if you consider unrealistic prices a Recovery.
14   Evan F.   2018 Aug 9, 3:59pm  

thomas.wong1986 says

zzyzzx says


I assume that this should be appealed?



Maryland, needs something like CA's prop 13.



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.
15   🎂 Tenpoundbass   2018 Aug 9, 4:28pm  

I just got my Ass... sessment handed to me.
And the City worker said me and my hole... family were invited to the Hot Dog pic nic.
16   ForcedTQ   2018 Aug 9, 4:52pm  

Evan F. says
Tenpoundbass says
MrMagic says
Unfortunately, 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.


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?
17   ForcedTQ   2018 Aug 9, 4:58pm  

Evan F. says

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.
18   Evan F.   2018 Aug 9, 5:54pm  

ForcedTQ says
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.
19   lostand confused   2018 Aug 9, 7:15pm  

Where I live, the county does assessments by some weirdo formula. It is not by sale price-so if prices go down, they increase tax rates, if you buy your home in a low market, you get hit by the "formula" and not by the purchase price. My friend bought a 275k home and pays 12.5k in taxes and just got hit with another tax increase. he got mad and complained and they said he should live in a different neighborhood-I mean wtf???
20   just_passing_through   2018 Aug 9, 7:46pm  

I'm not sure it's available in your state but I used Resolute Property Tax Solutions for my 3 Texas rentals. I live in CA, they do the fighting for me and so far have always been able to get reductions on at least one property. Sometimes all of them.

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