[RP TownTalk] assessments....

[David Michailof]

"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."

We did a refi in October 08.  Our current assessment is over $60K higher than the appraisal.  That's not right......

and of course you can't get through to the assessors office on the number they have provided.....






      
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