Homeowner's Property Value

[FerShizzle]

Willingly and unnecessarily letting the assessor know about your interior construction project is dumb. They will want to come back to see the finished product and raise your assessed value based on the re-model. They won't dock you for being in a temporary mess due to a re-model.

You are just asking for an assessment increase.

Not to mention that they will find a few permits that you have probably neglected to purchase.

 

[Incyte]

They have to figure out someway to get back the $500 million they are annually giving away in added tax cuts to large corporations since 2012. Got to create those jobs.

Non-sequitur. 0% of property taxes goes to the state.
.

 

[ripvdub]

Up 22k. Our assessent is still way under if we were to sell today, but c'mon.

 

[AmesHawk]

Willingly and unnecessarily letting the assessor know about your interior construction project is dumb. They will want to come back to see the finished product and raise your assessed value based on the re-model. They won't dock you for being in a temporary mess due to a re-model.

You are just asking for an assessment increase.

Good points.

 

[FerShizzle]

Non-sequitur. 0% of property taxes goes to the state.
.

It may not go directly to the state of Iowa, but it doesn't go to another state, right? It funds local maintenance and other various programs. The programs and maintenance it does pay for will probably need more or less funding from the state and fed based on property tax, correct?

 

[Incyte]

Property taxes fund: county/city government, school districts, your ag council, county hospital, community colleges, your local assessor office and some other odds and ends.

The only things jointly funded by the state and property taxes are schools and community colleges.

Statewide, the increase in your taxable value is limited to 3%. They were going to get 3% any way as residential taxable value is rolled back to 59% anyway.

 

[mapnerd]

To have them come I think it may cost you around $500 get an appraisal. That's what it cost here in Ames.

No, it doesn't cost anything for the city or county assessor to come to your house. The appraisal cost is if you wanted to refinance with your bank.

 

[Farnsworth]

Anybody have experience fighting this type of increase? We just purchased a home last year and it went up 20% from last year. However, it still 12% lower than we paid for it.

I'm in the same boat. Just bought a house last July, and ours went up almost 20% as well, now valued over 10k more than we paid for it. wtf.

 

[mapnerd]

Anybody have experience fighting this type of increase? We just purchased a home last year and it went up 20% from last year. However, it still 12% lower than we paid for it.

Sorry, you have no reason to complain. Residential values are based on market value. Sounds like yours needed to increase.

 

[Cycsk]

Anybody have experience fighting this type of increase? We just purchased a home last year and it went up 20% from last year. However, it still 12% lower than we paid for it.

So, you either got a great deal or your house is still under-assessed and you should expect another increase next year.

 

[BCoffClone125]

Real estate noobie here, but I've owned my home for almost 3 years now and this is the first time this has happened to me (went up about 6% this week) and I'm trying to figure out what this means.

Is this is a bad thing for most homeowners just because property taxes go up? My initial thought was it might be a positive because the market value would be higher when we decide to sell, but does this essentially get offset by the extra taxes you will pay?

 

[Entropy]

Our house value went up in CR, but not by nearly as much (we aren't in a part of CR that's growing like crazy).

I expect that metros are balancing out the loss of value and shrinking of the more rural and sub 50,000 areas that are losing population.

 

[Tailg8er]

Ours went up about 6% (in Johnston) to ~$178,000, but identical houses on my street are selling for $210,000 minimum.

Part of that discrepancy appears to be that Polk county doesn't know our basement is finished. I don't have any sort of legal obligation to tell them that the previous owner had it finished, do I?

 

[Schfinkter]

Ours went up $37,000 this year! It is now $25,000 more than what I paid for it 2 1/2 years ago. None of my neighbors went up more than $2,000 so not sure what the deal is.

 

[NATEizKING]

9%, went from assessed at 61% of the purchase value to 67%, I shall withhold my complaints.

 

[Cyclonepride]

Sorry, you have no reason to complain. Residential values are based on market value. Sounds like yours needed to increase.

I must have missed where my taxes went down after 2008.

 

[mdk2isu]

Ours went up about 6% (in Johnston) to ~$178,000, but identical houses on my street are selling for $210,000 minimum.

Part of that discrepancy appears to be that Polk county doesn't know our basement is finished. I don't have any sort of legal obligation to tell them that the previous owner had it finished, do I?

How did the appraisal when you bought the house not account for the finished basement?

 

[BillBrasky4Cy]

The only issue I have is that they are basing the increase off of a "sellers market." You can bet your *** that if the bubble bursts and values plummet again Polk County won't be reducing my assessed value by 20% in one shot like they just did with the increase.

 

[Incyte]

How did the appraisal when you bought the house not account for the finished basement?

I'm sure it did. Real estate appraisals and real estate assessments are not the same thing.

 

[ArgentCy]

I think it's more a response to decreasing farmland values. The state has to make up the difference somewhere.

The multi-family assessment rollback is more likely. Farmers already get a big break on land taxes. Those communities like Ames are going to be hardest hit because of how many large apartment buildings they have.