[quote=Blogstar][quote=briansd1][quote=Blogstar]
I was only asking if the assessor is really in compliance when raising the assessment in obviously falling markets?[/quote]
Yes I believe they are on the properties with low assessment purchased a long time ago.
But I think their IT system is old so they sometimes forget.[/quote]
That’s a good point about the long ago purchases. I can see that as being reasonable.
In my case,the property gradually went into over assessed territory in 2008/2009 due to construction valuation increases without adjustments for the falling market.Then they kept adding value to the assessment in a falling market 2010,2011,2012. Could just be a glitch, as you say…but it did work out in the tax collector’s favor. I may want to go back and talk to them about it in case it would be beneficial to have the historical high assessment valuation changed…or something like that.
Thanks for letting me sound it out.[/quote]
Actually, brian, in some parts of the county, a property owner could have purchased as early as late 2000 and STILL received an assessment for FY 08/09 and later that is too high.
This happened to me, because, even though there are dozens of “luxury” properties situated on large lots close by (urban ChulaV), not very many of them “turned over.” What DID turn over were the many <1200 sf older 1-4 unit properties investors bought up for rentals during the millenium boom. These (tidy but numerous) properties are mixed in with hundreds of larger remodeled owner-occupied homes (like mine). When their easy-qual mortgages reset, these investors stopped paying their mortgages and in most cases, collected rent for as long as they could before succumbing to foreclosure.
Even though the bulk of these formerly "distressed" properties were not in any way comparable to their surrounding (mostly very well-maintained) owner-occupied homes, their recent sold-comps were so numerous that they had the effect of decimating the values of ALL surrounding properties.
In Chula Vista, there is also a problem (not yet completely resolved) of competing listings for *newer* SFRs (w/ small-lots and heavily encumbered with HOA/MR) located in adjacent zip codes (6-12 mi away) which, in the last few years, due to massive distress, have been selling for 50-85% off their original (sold as new) prices. I believe that, even with the additional heavy encumbrances, these *newer* areas are siphoning off younger would-be buyers from the established South County communities, where even ten years ago, there would not have been all these buying choices.