Property depreciation and Property tax

[donaldduckmoore]

I think I have got the answer from you guys but I have to initiate the move, the assessor won’t do it automatically.

[pencilneck]

Excellent thread.

How does this apply to fixers? I was looking at a property in the $350k range in a $600k neighborhood. Of course the propery is very run down and needs a lot of work.

If one improved the property I would assume the fair market value would be $600k? This doesn’t seem like any incentive to improve the property.

[pencilneck]

Excellent thread.

How does this apply to fixers? I was looking at a property in the $350k range in a $600k neighborhood. Of course the propery is very run down and needs a lot of work.

If one improved the property I would assume the fair market value would be $600k? This doesn’t seem like any incentive to improve the property.

[pencilneck]

Excellent thread.

How does this apply to fixers? I was looking at a property in the $350k range in a $600k neighborhood. Of course the propery is very run down and needs a lot of work.

If one improved the property I would assume the fair market value would be $600k? This doesn’t seem like any incentive to improve the property.

[pencilneck]

Excellent thread.

How does this apply to fixers? I was looking at a property in the $350k range in a $600k neighborhood. Of course the propery is very run down and needs a lot of work.

If one improved the property I would assume the fair market value would be $600k? This doesn’t seem like any incentive to improve the property.

[pencilneck]

Excellent thread.

How does this apply to fixers? I was looking at a property in the $350k range in a $600k neighborhood. Of course the propery is very run down and needs a lot of work.

If one improved the property I would assume the fair market value would be $600k? This doesn’t seem like any incentive to improve the property.

[Chance the Gardener]

pencilneck – the FMV would be the purchase price, not the price after “repairing” the home. If however, you build substantial improvements, such as added square feet or a swim pool, then the home is subject to reassessment – basically your purchase price plus the added value of the substantial improvements. If all you are doing is repairing damage and making improvements within the existing footprint of the home, your home is not subject to reassessment.

[Chance the Gardener]

pencilneck – the FMV would be the purchase price, not the price after “repairing” the home. If however, you build substantial improvements, such as added square feet or a swim pool, then the home is subject to reassessment – basically your purchase price plus the added value of the substantial improvements. If all you are doing is repairing damage and making improvements within the existing footprint of the home, your home is not subject to reassessment.

[Chance the Gardener]

pencilneck – the FMV would be the purchase price, not the price after “repairing” the home. If however, you build substantial improvements, such as added square feet or a swim pool, then the home is subject to reassessment – basically your purchase price plus the added value of the substantial improvements. If all you are doing is repairing damage and making improvements within the existing footprint of the home, your home is not subject to reassessment.

[Chance the Gardener]

pencilneck – the FMV would be the purchase price, not the price after “repairing” the home. If however, you build substantial improvements, such as added square feet or a swim pool, then the home is subject to reassessment – basically your purchase price plus the added value of the substantial improvements. If all you are doing is repairing damage and making improvements within the existing footprint of the home, your home is not subject to reassessment.

[Chance the Gardener]

pencilneck – the FMV would be the purchase price, not the price after “repairing” the home. If however, you build substantial improvements, such as added square feet or a swim pool, then the home is subject to reassessment – basically your purchase price plus the added value of the substantial improvements. If all you are doing is repairing damage and making improvements within the existing footprint of the home, your home is not subject to reassessment.

[svelte]

In the 1990s, the county automatically reduced our prop tax for a few years without us applying – I think they were getting swamped with requests and did it to free up their staff.

I haven’t heard of them doing such a thing again in this downturn, so I should get on with applying for a reduction myself this time.

Thanks for this thread – it is the kick in the rear I needed.

[svelte]

In the 1990s, the county automatically reduced our prop tax for a few years without us applying – I think they were getting swamped with requests and did it to free up their staff.

I haven’t heard of them doing such a thing again in this downturn, so I should get on with applying for a reduction myself this time.

Thanks for this thread – it is the kick in the rear I needed.

[svelte]

In the 1990s, the county automatically reduced our prop tax for a few years without us applying – I think they were getting swamped with requests and did it to free up their staff.

I haven’t heard of them doing such a thing again in this downturn, so I should get on with applying for a reduction myself this time.

Thanks for this thread – it is the kick in the rear I needed.

[svelte]

In the 1990s, the county automatically reduced our prop tax for a few years without us applying – I think they were getting swamped with requests and did it to free up their staff.

I haven’t heard of them doing such a thing again in this downturn, so I should get on with applying for a reduction myself this time.

Thanks for this thread – it is the kick in the rear I needed.

[Author]

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