Assessed value has little to do with what you pay in property taxes. Trust me.
It directly determines what you pay along with the rollback values (set by state) and the mill rates.
Assessed value has little to do with what you pay in property taxes. Trust me.
It directly determines what you pay along with the rollback values (set by state) and the mill rates.
Close to the same for me... Paid 235k in July 2014, assessed @ 263k in '15, raised to 291k in '17. 24% in 2.5 years.Mine is up 30% since buying 3 years ago.
If your property increases in value more than what the State thinks the taxing jurisdictions need they may rollback the valuations even more. Your "mil rate" could go up and if the rollbacks are increased your taxes could go down, even with increased valuation!! The mill rates are determined by tax asking and total property values after the state has set rollbacks. It is an 18 month process. Weird deal, if a tornado wipes out your home you pay property taxes on that home that just disappeared. Until it is caught up to in valuations.
Challenged assessments 3 different times over the years. Probably had 15 comparables each time. Looked like at least a 15% difference overall. Even had the assessor's house as one of the comps. No luck at all getting it changed.Anybody have experience fighting this type of increase?
Challenged assessments 3 different times over the years. Probably had 15 comparables each time. Looked like at least a 15% difference overall. Even had the assessor's house as one of the comps. No luck at all getting it changed.
That's only because of the antiquated system they put in place. These values were created for a Jan 1, 2017 date but won't be paid until Sep 2018. A long lag time. The assessed value is the only difference between what you will pay and all of your neighbors pay. Either way, they've created a system as best they can where they can raise rates steadily pretty much every year because government always needs MOAR, MOAR, MOAR. IMO anything where yearly property taxes are >2% of the market value means you are just renting from the government. They are getting ridiculous. The entire Roman Government was built on taxes of 1-3%. Well that and taking the spoils of conquering other territories.
The Grade thing might be it. Ours is 3-5, their's is 3-10. Another guy on our block has even higher costs than ours, and his grade is 3+5.
We live in northwest Iowa. House assessment went up ~$20,000 (~9%) and I'm totally cool with it. We (potentially) plan on moving within the next year or so. I could put the house on the market and sell it for $30,000-$40,000 more than what we bought it for two years ago. I will take that equity and finish off our student loans!
We will be upgrading, for sure. We are in an unique financial situation right now. Selling and upgrading will be in our favor. I am okay with the increased value of the next house.Do you plan on downgrading? Essentially, depending where you move to or what you move into next, will likely have an increased value too. People aren't really gaining anything, especially if they are wanting to upgrade and will still have to come up with the difference. Loan values will just increase on average.
Mine went up 15%, but a friend across Ames went up 60%
I have my meeting with the board coming up this week on Wednesday morning. I'm not going to have a list of comparisons to use to explain why my property value isn't what they claimed. I can't do that because everyone saw a massive increase so its hard to find a comparison. Instead I'm going to review with them their history of assessing my house. In the 13 years leading up to the this most recent assessment my house went up a combine total of $18,000 in assessed value. Now in 1 year the assessed value jumped $12,500 (13.5%). This tells me one of two things, either the county grossly underestimated my homes assessed value for 13 years or they suddenly grossly overestimated my homes assessed value? I'm going to go with the ladder because the first would indicate vast negligence by the county for 13 years. Also, no major improvements have been done to our house since it was noted several years ago that the basement was finished. The roof is original and therefore each passing year the roof alone decreases in value. I'm also going to ask why for the sudden increase that came unexpectedly.
If the plan is to catch up with market trends then lets do that over the course of several years, as this will be a possible large increase in monthly mortgage payments without warning. The could've included that with the letter sent and stated that property taxes were based upon current rates and that they are subject to change due to local issues. So they messed up trying to do this all in one swipe and they should've had better communication with the public.