I received a voluntary adjustment in the mail from Riverside County. It did reduce the value of the structure, but the the value of the land increased by 50%, i.e. from $100,000 to $150,000? Figure that one out. I can’t understand how land value in a declining market with short sales, 200 plus homes in foreclosure or soon to become REOs and a New Homes still under construction (excess inventory), would be rising at such a rate.
Regards,
renshen
PS I will be appealing the assessment, with comparable values.
