[RP TownTalk] taxes

[bruce.wernek at mindspring.com]

All

You can have your property values adjusted by going to zillow.com and getting a list of recently sold comparables in the area.  Setup a hearing with the county and show them the list.  The county will adjust your assessment accordingly since it's based on fair market value.

Lower assessed value does not necessarily mean lower taxes.  To give you an example, the assessed value on my home is $235K (I fought long and hard with the county to get this assessed value, but it was a waste of time), and I pay $4087 in property taxes (ridiculous isn't it).  Do the math, it's right on your tax bill.  My neighbor's home, also in Riverdale Park, is assessed at $349K and she pays $4072 in property taxes, $15 less than I pay.  The difference is that she gets a $2508 homestead tax credit while I get $772.

This says a lot about the property tax system in general.  It doesn't matter what your home is worth.  Consider a family with both parents working just getting by, liviing in a small home, paying the same property taxes as the family down the street making much more money, being much better off, with a property assessed $100K more.  It's a disgrace.

Bruce

-----Original Message-----
>From: Lou King <lking at knob.com>
>Sent: Jul 23, 2009 5:18 PM
>To: towntalk at riverdale-park.org
>Subject: Re: [RP TownTalk] taxes
>
>ABragg7393 at aol.com wrote, On 7/23/2009 2:43 PM:
>> I'm not a tax expert, but I believe that properties are assessed every 
>> 3 years.
>As was explained to me by another jurisdiction this years tax assessed 
>value seems "really high" because of when assessments are done and when 
>the real estate market tanked.  In that case assessments were done 1st 
>quarter of the 08-09 fiscal year (Sep-Dec 08); the market dropped 
>Jan-Feb 09; now the tax bill arrives Jul 09 reflecting the Sep 08 value 
>of the house.
>
>Of course if you tried to refinance after the drop, the value the bank 
>sees is much lower than the tax value which is based on last years 
>market.  With a 3 year cycle the difference is even more pronounced. The 
>assessment could have been done in 07, with the 08 and 09 taxes based on 
>the 07 value, all of which has nothing to do with what the market did 
>the end of 08 or in 09.
>
>Now does anyone want to guess what will happen if the market goes backup 
>quickly? You would think the tax value would lag a year on the way up 
>just as it did on the way down.  We will see, but I wouldn't bet on it.
>
>Lou King
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