Fed has been increasing the rate, but by less and less so regardless of what they are saying, one would think this is getting close to the end of the increases.Quote:
Originally Posted by simple
Attachment 458038
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Fed has been increasing the rate, but by less and less so regardless of what they are saying, one would think this is getting close to the end of the increases.Quote:
Originally Posted by simple
Attachment 458038
Increases over the limit must be approved by the voters of the taxing district.Quote:
Originally Posted by zion zig zag
The money has got to come from somewhere. Cap the property tax and you'll just end up paying more in sales tax and/or state income tax. Of course, the proportions can be skewed in favor of a certain constituency.Quote:
Originally Posted by californiagrown
Why do you think so many rich people pretend to be residents of Wyoming? Its simple, really. It's all about the taxes. No state income tax and rock bottom real estate tax on that $25M Jackson mansion. Let the Poors make up the difference when they buy groceries! Which is why Colorado's property taxes are going to be high; it's got one of the lowest sales taxes.
I hope not. I'm enjoying having an actual savings account again. Let the fed keep making money on their loans. Maybe buy less missiles and fix more roads ok? PigsQuote:
Originally Posted by altasnob
TL/DR; it’s a pain but it can be successful if you are arguing about basic facts for the properties. Appealing because you feel the cost is too high based on comps or the fact that it’s a lot higher than it was seems to rarely be successful.Quote:
Originally Posted by joeshek
Sweet blog version: It all depends on how the reevaluation was done and what you want to appeal. We just went through this a couple of years ago in BTV. In our case the city hired a firm to reassess all properties in the city, commercial and residential. They used existing tax data, GIS, and permit histories for the evaluations.
For our house I noticed that the square footage they used was higher than it should be. We added dormers to the upstairs of 1 1/2 story cape house and they just doubled the 1st floor space when a good portion of the space is attic/eave space. I marked up the drawings and took photos.
We first had a chance to meet with a rep from the company doing the work. In a zoom meeting he reviewed, agreed, and said he would submit the change to the group doing the assessments. He also said that most of the time they never bother to correct and we’d have to deal with the city. He was right, the final submission to the city was still incorrect. Guess it’s more profitable to pass along the problem without fixing.
Once the city got the results they set up a limited window to sign up for appeals. I requested a time slot to appear before the local board. A couple of days before the meeting the city assessor reached out as he was reviewing the evidence I submitted. He agreed and we settled on what the final sf would be. The tax was less than what I was expecting based upon a prorated deduction of the size so we agreed.
While it was a pain in that it wasn’t corrected by the vendor when it should have been, in the end no we ended up with a tax amount we felt was fair. We also had a strong factual case and weren’t trying to argue that it was overpriced based upon comps or condition. Based upon comments on our Front Porch Forum, those that tried to argue about comps,condition, or that the increase was just too high were not successful.
It's weird that you say that arguments based on comps are somehow doomed to fail, as I have succeeded on those arguments more than once (and if your location is VT like it shows, my experience in Colorado may be more relevant to joeshek). Back when I owned a house, I appealed the valuation almost every time, and got my valuation reduced more than half of those appeals. The assessor should provide to you the comps they used, as well as a database of all the comps they have. If the comps they used are actually the best comps you may be SOL, but if you can find better comps or can make a good argument for why they should have picked your suggested comps you can be successful. After I did a permitted remodel, it did seem to affect how successful I was (because arguing that the shitty condition comps were the best comps became harder).
Your high yield savings account isn't even keeping up with inflation. You are loosing money in the bank each month.Quote:
Originally Posted by simple
Blasphemy! Don't you know everyone on TGR is actually a little old lady living on fixed income. So what they bought their house for 200k eight years ago and now it's worth a million. The government needs to find other ways to fund everything, like taxing tourists and short term rentals. Everyone should have to pay taxes, except for me.Quote:
Originally Posted by neckdeep
Rates are going to go up until wages come down.Quote:
Originally Posted by altasnob
The Fed believes inflation is being caused by wage/salary costs. Basically, Labor has too much power over Capital. The Fed's intent is to push us into a place where workers are simply grateful to find employment. If that causes a recession and layoffs, so be it.
The political calculus is that extraordinary inflation has higher political consequences than a recession. A recession is something most people see as cyclical and thus easier to accept. Also, recessions typically fall hardest on the politically weakest. Inflation hits retirees and those folks vote in large numbers.
See also: Nevada. There's a big fancy golf golf course development about a mile from me that basically exists for people to shelter their ducats. Houses go for $6-13M. The website splashes "No State Income Tax" right across the home page.Quote:
Originally Posted by neckdeep
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^with all that you need to have a domicile vs residency status. Some states make it more difficult.
South Dakota can be lumped in with Wyoming and Nevada having no individual income, estate, inheritance, cap gain, and corp income. Pretty crazy really.
NH rates pretty high as a tax haven also.
The Fed releases a ‘dot plot’ showing how they expect to adjust rates in the future. No new plot was released yesterday (it wasn’t scheduled), but the previous dot plot showed one single increase forecasted for 2023, and that increase happened yesterday.Quote:
Originally Posted by neckdeep
Just going by what I saw for complaints amongst our neighbors. None were successful. Of course this reassessment was after a decade of price increases and during the spike of people moving to Burlington during Covid. Current comps were at all time highs. Also most of the neighbors don’t have your lawyering skills. 🤣Quote:
Originally Posted by Danno
Well, if you base your arguments on the comps, you will lose if the comps back the valuation the assessor made! I don't know that it requires lawyering skills at all, but it does involve logical thinking and data analysis. The valuation is based entirely on comps, so if the comps are correct (as in they are the best comps for your property and they support the valuation made) you will lose. But how they pick comps is sometimes a little random (or at least seems random) so if you can find other good comps that support a lower valuation, and make a colorable argument why those comps are more representative of your property, you may "win" by getting your valuation reduced to reflect using those comps.Quote:
Originally Posted by Flounder
Wealthfront account is 4.55%, and inflation is at 3.55% annual rate over the past 6 months, so it is possible to keep up now.Quote:
Originally Posted by altasnob
Same here. I’m $25k under the current Zillow estimate, but I’m still going to pull comps and run the numbers.Quote:
Originally Posted by skaredshtles
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Instead of comps, what if I have an actual certified appraisal from with a couple months of the target date?? I had the place appraised 7 months prior to the assessor's target date while the assessment is 30% higher than the appraisal.Quote:
Originally Posted by Flounder
Certified appraisals, like any appraisal, can be manipulated. Contact your county and ask for the "how do I challenge my property tax appraisal" packet. It will tell you exactly what you need to do, what type of evidence is allowed, and all the applicable laws and procedures (it varies in every state). It is written for all the anti-government, anti-tax, people who repeatedly challenge their appraisal every year.
I'm curious for those who have successfully challenged their appraisal how much money they saved and whether they thought it was worth the effort?
https://www.summitcountyco.gov/382/Appeals
I couldn't tell you for sure, but I don't think the appraisal itself will be enough, though I assume that you can submit it as some evidence in your appeal. But the appraisal relies on comps, so you should compare the comps your appraisal used and the ones the assessor used. Assuming they are different and the comps the appraisal used are reasonable, you might have a good case. And the fact that the appraisal was done for your specific property and thus was less automated and more personal, may make using those comps more persuasive.Quote:
Originally Posted by summit
The assessor's office should have plenty of easy to understand info about appealing. As I already stated, I have done it a number of times and it doesn't take that much time. You could appeal in just a few minutes, though to be successful you do have to dig into the data a little bit. I saved a few hundred dollars each time I was successful.
The "first" appeal is super easy, but if you lose and want to appeal to the board, that takes more time. I never went through all the way with that, but did try once and had the assessor settle with me on a middle amount before the hearing.
In some counties you can get a senior discount if one of the owners is over 65. One reason I added my 90 year old parents on Title.
There is a lot of bad information and guidance in here on how to appeal property taxes...
It's not hard, especially if you've been doing it professionally for 12 years like I have.
If anyone is interested in appealing your taxes in CO, PM me. This is what I do. We should all pay our fair share, but not a cent more than that!
^^
I might hit you up when I get home next week and see how much it’s increased.
The first two rounds of appeals are pretty easy. It’s the last one, where professional representation can really help.
I had a historically designed Victorian,
that we had to determine the value of the encumbrance,which the assessor didn’t take into account.
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Got my CO assessments yesterday. Still one of the cheapest property tax rates in the Country. Road improvement projects all over the place and more and more bike lanes. Just finished a bridge rehabilitation construction project locally that gives people access to the creek. Take it and spend it CO because the rate of folks moving here isn't gonna slow down.
What specific bad guidance was posted? How much do you charge and how much do you win? Seems like a lot of work for save a couple hundred bucks a year. And I am curious how many people are actually successful, because around here, assessments are almost always less than market value.Quote:
Originally Posted by Tips^Up
Our place has always been assessed at a value well under what it is actually worth. So how do you figure out if it is worth the effort to appeal?Quote:
Originally Posted by Tips^Up
Tax assessment is relative to other properties in your taxing district. Not necessarily what the property is worth.Quote:
Originally Posted by Name Redacted
In my town, assessments rarely happen so the town applies an equalization ratio against appraised value to calculate assessed value.
https://www.taxmypropertyfairly.com/...y-tax-websites
Best comparison is against recent sales of similar properties. It you can prove your home would sell similarly (possibly with an appraisal by a certified appraiser), and the comps have lower assessments, then you have a case to be “brought in line”.
…Quote:
Originally Posted by Name Redacted
Attachment 458252
I might have to start doing that. Spoke too soon and jinxed myself. Our assessed value went up $450k this time. Damn!Quote:
Originally Posted by frorider
43% assessed value increase here. Fack! Appeal time.
It is pretty impressive if the closed sale comps support a 40% increase from 2022, as my house is down at least 10% in value from last year (all time high).
Portland, ME rents. The only filter is for 2+/1.5+.
Attachment 458412
https://thumbs.gfycat.com/CleanPlain...restricted.gif
I believe you're in SMV if memory serves which means your assessed value increased somewhere between 2-3x.Quote:
Originally Posted by Shredhead
I sent in my dispute form this morning, I'm sure in some cases these huge increases are real and justified but in my case it's comical how far off they are. Took me two minutes on the MLS to pull the only three relevant comps in my neighborhood which sold during the assessment period. Should knock hundreds of thousands of dollars off of my value.
IIRC, the assessed values are *as of* June 2022... not since June 2022. So they're showing an increase from mid-2020 until mid-2022, which is totally realistic. Mine went from $580k to $925k, which is fucking nuts. But if I listed our house last summer for $925, we would have had 30 offers within the first hour on the market so I can't really argue (our neighbor sold their house for $1.2mm during the peak).Quote:
Originally Posted by liv2ski
^^ Yeah, they really nailed the peak in June '22. (although I think most CO markets have been flat since then, and not dropping significantly). I just got mine and it was up almost 50%, but it's also way under what I would list it for today (probably by 25%). I should probably thank my neighbor for taking a cash offer despite having several offers for a lot more money but they stupidly didn't think it would appraise. It's an identical unit so that probably helped me a lot.
Lots. Depends. Every time. The breakeven is actually very low, lots of people value their time, don't understand the complexities, just want someone to handle it.Quote:
Originally Posted by altasnob
If you think your house is worth less than the assessment, don't appeal! In every other case, it's probably in your favor to at least try. The only consequences are potentially raising (if you ignored the first part of this paragraph) and wasting everyone's time.
That's here as well. I really want to challenge our assessment on the basis that it contains factual errors (an extra bathroom that doesn't exist for starters) but based on comps it could go the other way.Quote:
Originally Posted by goldenboy
Only first class bathrooms and none for coach?Quote:
Originally Posted by Ted Striker
Again, this is based just on my experience in BTV so it may vary. I would absolutely get factual errors corrected because it will impact not only this but also future adjustments. For us the city reassessed all properties at the same time so they used “overall comps” to set the algorithms for determining value of all properties. They didn’t compare each house to a set of comps.Quote:
Originally Posted by Ted Striker
We got them to adjust the size because it was 15% over and they had assessed it at $450k, up from $280k. Based upon my pro rata calculation I asked that it be reduced to about $410k. When the city assessor ran it through the algorithm he came back with a value of $398k. Comps didn’t play a role, just size, beds, baths, lot, and condition that he plugged into his computer.
I’m in Melton Ranch. 130% increase.Quote:
Originally Posted by JaytaeMoney
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https://www.theguardian.com/us-news/...ces-increasing
With infographics! ;)