Property Reappraisals

[Garufa]

Just wondering what everyone's new assessment via appraisal is looking like. I only know that Knox Co. and Memphis/Shelby are reappraising this year. What about the rest of the state?

Here in Knox, the statements have just been going out. Today I spoke with at least 4 people who were "readjusted" 100%! The tax man doubled the value of their property! What's going on everywhere else?

[mcurrier]

Yeah, got mine on Saturday and was confused. I thought the real estate market was in the crapper due to property values being in the toilet, hence the desperate need for a mortgage industry 'bailout'. That's all we've been hearing about, right? Yet they decided that my house which has been appraised at the same value for 2005, 2006, 2007 and 2008 has suddenly increased in value by $40,000. This with no improvements whatsoever, inside or out. WTF?

And then they say you have until May 1 to appeal (about two weeks) and that any appeal can not be based on the sole desire to reduce your taxes. WELL...the whole reason that you are jacking my value is to get more taxes out of me, but I guess that's ok if it's your motive and not mine.

As I saw someone else say, it's pitch fork and torches time!

[Raoul]

Part of the problem is that most localities are on a 4 year cycle. Values have certainly increased over the last 4 years, even accounting for the last 12 months. However, a 100% increase seems a bit optimistc. State law does require that the tax rate be lowered when assessments values go up. FWIW

[56FordGuy]

Got our reappraisal today. Taxes went up (as expected), but not terribly.

[Garufa]

Part of the problem is that most localities are on a 4 year cycle. Values have certainly increased over the last 4 years, even accounting for the last 12 months. However, a 100% increase seems a bit optimistc. State law does require that the tax rate be lowered when assessments values go up. FWIW

State law requires that reappraisal years are revenue neutral. This year the tax rates must go down or adjusted for the increase in assessment so taxes are not increased.

It's what happens next year that is of concern.

I encourage everyone to file an appeal and question the assessors on their methodology. Ask exactly why and what data was used to come up with that number. Challange what they say.

Property assessors for the county are often not professional property appraisers. That's good and bad.

Edited April 15, 2009 by Garufa
spelling!

[Trekbike]

I thought the real estate market was in the crapper due to property values being in the toilet,

Yea, that's what I thought too...It makes no sense.

Maybe they are blaming the property appraisal increase on global warming.

[Fadex]

Part of the problem is that most localities are on a 4 year cycle. Values have certainly increased over the last 4 years, even accounting for the last 12 months. However, a 100% increase seems a bit optimistc. State law does require that the tax rate be lowered when assessments values go up. FWIW

The rate ONLY decreases if the $$$ spent stays the same or goes down. If the County/City/Municipality increases spending the rate may stay the same or even go up. Sounds like they are jacking the values up so you won't realize they increased their budget for 09-10.

[Raoul]

The rate ONLY decreases if the $$$ spent stays the same or goes down. If the County/City/Municipality increases spending the rate may stay the same or even go up. Sounds like they are jacking the values up so you won't realize they increased their budget for 09-10.

LOL, did you EVER see taxes go down...

[Fadex]

Nope...just somewhat familiar with the tactics. It ticks me off to watch Comissioners use the "but we'll save x dollars by spending 6 million NOW!!!"

[TripleDigitRide]

My rent dropped $101/month.

[Guest mustangdave]

My value had gone UP over the past few years...now with this appraisel I'm back at ground zero...value is the same as the day I bought the place.

[Raoul]

Ouch!

[Guest nraforlife]

OK, if this is BS. Reappraised by Knox County for X but X is 20% higher than what houses are now selling for.

[Guest oldbs]

Appraisal nor taxes will ever go down - you can bet on it. By the time the tax morons realize property values are actually down HALF, expenditures will be up DOUBLE, so they will have to get the money from twice the rate = heads you loose, tails I win!

[Rightwinger]

Apparently I'm RICH !!! I own much more house than I thought!

Sumner County bringing it strong

[Volzfan]

I got mine today. Appraised value went from 140,500 to 156,000. No way.

I have fought mine the last two times and won. I guess that I'll try to make it 3 for 3.

[Fadex]

The mass appraisal system that most, if not all, counties use isn't perfect by far. In addition, the "appraisal" of your house may have been conducted 3 years ago (takes that long to appraise all of the property in the county).

If you're going to appeal your value to the board make sure to bring documentation of the property value. Just saying "it ain't werth dat much, me naibors house sold last month fer less" won't cut it. Neither will bringing in list prices from the newspaper or a real estate agents opinion. An actual independent appraisal is always best. But the easiest thing may be to look for inaccuracies in the informaiton. Square footage, quality (above average, etc.) number of bathrooms, anything that could throw it back in your favor.

[Guest Matchguy]

You fellows should Google a California fellow named Howard Jarvis and his Proposition 13 from the mid-70's and read about what he did to keep property tax rates reasonable. They were financing the whole darn state with property taxes and he floated an initiative ballot essentially freezing the percentage of tax rate until the house sells. It might just work here too.

My reappraisal jacked up my appraised value ten grand. I live in Sullivan County.

[Magiccarpetrides]

Mine went from 104k to 128k. But when I refinanced last year the house did appraise at 130k so im not real upset....just kinda stinks to know the taxes are increasing as the pay is decreasing but what else is new.

[mcurrier]

OK, if this is BS. Reappraised by Knox County for X but X is 20% higher than what houses are now selling for.

Agreed. That was my point. Where's the reasoning in that?

[mcurrier]

I got mine today. Appraised value went from 140,500 to 156,000. No way.

I have fought mine the last two times and won. I guess that I'll try to make it 3 for 3.

Details please. What documentation or figures or reasoning did you use to win?

[G27]

Mine increased substantially, but is still a good bit below real market value of the house, so be careful - it's a double-edged sword.

[Guest Matchguy]

Mine increased substantially, but is still a good bit below real market value of the house, so be careful - it's a double-edged sword.

+1. Mine too.