- This topic has 18 replies, 5 voices, and was last updated 17 years ago by
Chance the Gardener.
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October 30, 2007 at 7:36 PM #10767October 30, 2007 at 8:36 PM #93404
Bugs
ParticipantAn “arm’s length transaction” is not synonymous with “market value”, especially when a seller is compelled to sell no matter what.
Still, the assessment may not be correct, either. If the dataset used to come up with that value includes dated sales data then the assessment might be overstated.
You would need to come up with some sales data showing that the price you paid was typical and that you didn’t get a great bargain.
October 30, 2007 at 8:36 PM #93437ParticipantAn “arm’s length transaction” is not synonymous with “market value”, especially when a seller is compelled to sell no matter what.
Still, the assessment may not be correct, either. If the dataset used to come up with that value includes dated sales data then the assessment might be overstated.
You would need to come up with some sales data showing that the price you paid was typical and that you didn’t get a great bargain.
October 30, 2007 at 8:36 PM #93447ParticipantAn “arm’s length transaction” is not synonymous with “market value”, especially when a seller is compelled to sell no matter what.
Still, the assessment may not be correct, either. If the dataset used to come up with that value includes dated sales data then the assessment might be overstated.
You would need to come up with some sales data showing that the price you paid was typical and that you didn’t get a great bargain.
October 31, 2007 at 9:23 AM #93596bubba99
ParticipantProp 13 states:
“The maximum amount of any ad valorem tax on real property shall not exceed One percent (1%) of the full cash value of such property. ”
Until now the assessors have been using the last sale value as “cash value”. It will be difficult for them to claim the sale does not constitute actual cash value.
October 31, 2007 at 9:23 AM #93629ParticipantProp 13 states:
“The maximum amount of any ad valorem tax on real property shall not exceed One percent (1%) of the full cash value of such property. ”
Until now the assessors have been using the last sale value as “cash value”. It will be difficult for them to claim the sale does not constitute actual cash value.
October 31, 2007 at 9:23 AM #93639ParticipantProp 13 states:
“The maximum amount of any ad valorem tax on real property shall not exceed One percent (1%) of the full cash value of such property. ”
Until now the assessors have been using the last sale value as “cash value”. It will be difficult for them to claim the sale does not constitute actual cash value.
October 31, 2007 at 10:02 AM #93684betting on fall
ParticipantDoesn’t the first property tax bill often still reflect the old assessment on a property?
I know when I bought some years back, we got a very small property tax bill based on the old owners base, then get a large supplemental bill.
You may be getting a bill based on the old assessment since they haven’t put your new purchase price into the system yet.
October 31, 2007 at 10:02 AM #93674ParticipantDoesn’t the first property tax bill often still reflect the old assessment on a property?
I know when I bought some years back, we got a very small property tax bill based on the old owners base, then get a large supplemental bill.
You may be getting a bill based on the old assessment since they haven’t put your new purchase price into the system yet.
October 31, 2007 at 10:02 AM #93640ParticipantDoesn’t the first property tax bill often still reflect the old assessment on a property?
I know when I bought some years back, we got a very small property tax bill based on the old owners base, then get a large supplemental bill.
You may be getting a bill based on the old assessment since they haven’t put your new purchase price into the system yet.
October 31, 2007 at 11:38 AM #93706djrobsd
ParticipantThis could be interesting. I wonder what happens if the supplimental tax bill is NEGATIVE… Do they send you a check? This could be the first one in ages.
October 31, 2007 at 11:38 AM #93739ParticipantThis could be interesting. I wonder what happens if the supplimental tax bill is NEGATIVE… Do they send you a check? This could be the first one in ages.
October 31, 2007 at 11:38 AM #93750ParticipantThis could be interesting. I wonder what happens if the supplimental tax bill is NEGATIVE… Do they send you a check? This could be the first one in ages.
October 31, 2007 at 11:43 AM #93709Chance the Gardener
ParticipantI definitely have been assessed $100K more than the purchase price. I received a supplemental assessment and talked to the appraiser to confirm that the assessment was not a clerical error. For purposes here, lets assume I paid $500,000 and the assessment was for $600,000. The previous owner’s assessment was $650,000.
You are right, however, that my current tax bill is based on the prior owner’s assessed value. That is not what I am worried about, as I know that if I pay based on the $650K assessment that I will get a refund on the next supplemental roll.
When I spoke with the assessor’s appraiser, he told me that he looked into comparable sales in my building because I had gotten such a good deal and because I purchased the property out of foreclosure. I did not purchase the property out of foreclosure, I purchased the property from a bank who purchased the property from another bank who bought the property at auction. The property was listed on the MLS in excess of 30 days when I made my offer at asking. I was represented by an agent, and so was the bank.
October 31, 2007 at 11:43 AM #93742ParticipantI definitely have been assessed $100K more than the purchase price. I received a supplemental assessment and talked to the appraiser to confirm that the assessment was not a clerical error. For purposes here, lets assume I paid $500,000 and the assessment was for $600,000. The previous owner’s assessment was $650,000.
You are right, however, that my current tax bill is based on the prior owner’s assessed value. That is not what I am worried about, as I know that if I pay based on the $650K assessment that I will get a refund on the next supplemental roll.
When I spoke with the assessor’s appraiser, he told me that he looked into comparable sales in my building because I had gotten such a good deal and because I purchased the property out of foreclosure. I did not purchase the property out of foreclosure, I purchased the property from a bank who purchased the property from another bank who bought the property at auction. The property was listed on the MLS in excess of 30 days when I made my offer at asking. I was represented by an agent, and so was the bank.
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