Little confused, thought people were complaining that taxes were going up because of an inflated value on their homes.
Guess as long as you plan on staying long term it would be good to have a low house value (less taxes). But if you're in the market to sell that would suck. I'm guessing a lot of homes are being undervalued because there are so many people leaving. I went for a drive to Marble head a weekend or so ago, and I was shocked at how many homes are for sale from Toledo to Port Clinton.
posted by jshriver at 02:13 P.M. EST on Tue Jul 24, 2007 #
I guess that it's all a matter of timing. We aren't planning to move, so we want the property tax value of our home reasonably low.
posted by paulhem at 02:34 P.M. EST on Tue Jul 24, 2007 #
I'm guessing a lot of homes are being undervalued because there are so many people leaving.
Not if you're talking in terms of property taxes. Its not like your property taxes are automatically re-assessed when the market shifts.
If your assessment was done awhile ago while the market was still booming, then you're still being taxed at the higher rate...even though you wouldn't have a shot in hell of actually putting your house on the market for that figure.
That's the purpose of challenging your property value with the auditor's office...to make sure that the value you're paying taxes on is closer in line with your home's true market value. I'd suspect a pretty good percentage of people are paying property tax on an overvalued figure.
posted by mom2 at 05:01 P.M. EST on Tue Jul 24, 2007 #
FWIW - I have challenged the assessment of my home and feel that I have valid grounds.
Several comparable homes on our street have been sold this year, all in the $200-$220K range. We're being taxed at a value of approximately $240K, and there's no way we'd be able to sell our home for that - not when very similar homes on the same street are averaging about $215ish. Call me biased, but I don't think its unreasonable to feel that my property should be listed at $220 or below.
I'd recommend to anyone who is considering challenging their own property value to use AERIS or other methods to compare what other comparable homes in your area are selling for - what better way to estimate fair market value than to see what the market for homes like yours is actually bearing right now?
posted by mom2 at 05:37 P.M. EST on Tue Jul 24, 2007 #
www.zillow.com also has a feature to help estimate the value of your home, by showing comparable sales, something which is taken into consideration in valuation.
posted by lloyd at 07:07 A.M. EST on Wed Jul 25, 2007 #
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