Appealing a Property Value Assessment

[faterikcartman]

[quote=bearishgurl][quote=joec]This is pretty interesting. Out of curiosity, do they do the higher assessment to raise more revenue or is it a power trip thing for the assessors?[/quote]

None of the above, joec, it’s automatic in keeping with Prop 13. Your assessment will be raised 2% per year unless you fight it (or unless the assessor has automatically lowered it [temporarily]) as they have many in hard-hit areas.[/quote]

Um, I’m guessing the amounts the OP is talking about have nothing to do with 2% a year.

[joec]

That’s what I was wondering since 350k of high 6 figures is more like a 30% increase…I could understand assessing at what it sold at to keep things simple for everyone, but don’t they use the original 1st purchase price and the new owner has to file for temporary decreases each year it’s under the original (1st) purchase price for resales?

[joec]

That’s what I was wondering since 350k of high 6 figures is more like a 30% increase…I could understand assessing at what it sold at to keep things simple for everyone, but don’t they use the original 1st purchase price and the new owner has to file for temporary decreases each year it’s under the original (1st) purchase price for resales?

[joec]

That’s what I was wondering since 350k of high 6 figures is more like a 30% increase…I could understand assessing at what it sold at to keep things simple for everyone, but don’t they use the original 1st purchase price and the new owner has to file for temporary decreases each year it’s under the original (1st) purchase price for resales?

[joec]

That’s what I was wondering since 350k of high 6 figures is more like a 30% increase…I could understand assessing at what it sold at to keep things simple for everyone, but don’t they use the original 1st purchase price and the new owner has to file for temporary decreases each year it’s under the original (1st) purchase price for resales?

[joec]

That’s what I was wondering since 350k of high 6 figures is more like a 30% increase…I could understand assessing at what it sold at to keep things simple for everyone, but don’t they use the original 1st purchase price and the new owner has to file for temporary decreases each year it’s under the original (1st) purchase price for resales?

[EconProf]

Not sure what you mean here Joec.
Basically, the assessor should not value any property higher than its market value. If they are too high, you can appeal and get it lowered. You have to justify your appeal with comps, etc. and make your case. If you just bought a property in a free and open market transaction, that should be a pretty convincing argument. Once the assessed value is lowered, the assessment should stay low if the real market value stays low.
However, once the market demonstrably recovers, the assessor has the right to “catch up” by raising it accordingly, even if by more than 2% a year.
The limitation of 2% a year increases under Prop 13 uses as a benchmark your original assessment. Once the catching up phase is done and the assessor hits the 2% per year limitation, Prop 13 will protect you from big annual increases.

[EconProf]

Not sure what you mean here Joec.
Basically, the assessor should not value any property higher than its market value. If they are too high, you can appeal and get it lowered. You have to justify your appeal with comps, etc. and make your case. If you just bought a property in a free and open market transaction, that should be a pretty convincing argument. Once the assessed value is lowered, the assessment should stay low if the real market value stays low.
However, once the market demonstrably recovers, the assessor has the right to “catch up” by raising it accordingly, even if by more than 2% a year.
The limitation of 2% a year increases under Prop 13 uses as a benchmark your original assessment. Once the catching up phase is done and the assessor hits the 2% per year limitation, Prop 13 will protect you from big annual increases.

[EconProf]

Not sure what you mean here Joec.
Basically, the assessor should not value any property higher than its market value. If they are too high, you can appeal and get it lowered. You have to justify your appeal with comps, etc. and make your case. If you just bought a property in a free and open market transaction, that should be a pretty convincing argument. Once the assessed value is lowered, the assessment should stay low if the real market value stays low.
However, once the market demonstrably recovers, the assessor has the right to “catch up” by raising it accordingly, even if by more than 2% a year.
The limitation of 2% a year increases under Prop 13 uses as a benchmark your original assessment. Once the catching up phase is done and the assessor hits the 2% per year limitation, Prop 13 will protect you from big annual increases.

[EconProf]

Not sure what you mean here Joec.
Basically, the assessor should not value any property higher than its market value. If they are too high, you can appeal and get it lowered. You have to justify your appeal with comps, etc. and make your case. If you just bought a property in a free and open market transaction, that should be a pretty convincing argument. Once the assessed value is lowered, the assessment should stay low if the real market value stays low.
However, once the market demonstrably recovers, the assessor has the right to “catch up” by raising it accordingly, even if by more than 2% a year.
The limitation of 2% a year increases under Prop 13 uses as a benchmark your original assessment. Once the catching up phase is done and the assessor hits the 2% per year limitation, Prop 13 will protect you from big annual increases.

[EconProf]

Not sure what you mean here Joec.
Basically, the assessor should not value any property higher than its market value. If they are too high, you can appeal and get it lowered. You have to justify your appeal with comps, etc. and make your case. If you just bought a property in a free and open market transaction, that should be a pretty convincing argument. Once the assessed value is lowered, the assessment should stay low if the real market value stays low.
However, once the market demonstrably recovers, the assessor has the right to “catch up” by raising it accordingly, even if by more than 2% a year.
The limitation of 2% a year increases under Prop 13 uses as a benchmark your original assessment. Once the catching up phase is done and the assessor hits the 2% per year limitation, Prop 13 will protect you from big annual increases.

[ljinvestor]

thanks everyone for the input. I will let you know how it goes.

[ljinvestor]

thanks everyone for the input. I will let you know how it goes.

[ljinvestor]

thanks everyone for the input. I will let you know how it goes.

[ljinvestor]

thanks everyone for the input. I will let you know how it goes.

[Author]

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