Riverside County 2008-2009 Assessed Value

[EconProf]

Pizzaman: The old 1% rule under Proposition 13 has been eroding for a long time due to voter-approved measures, such as bonded debt, that allows the government entities to push the real figure up. I always assume 1.15%, excluding Mello Roos when making projections. But wow, it looks like they’ve really blown the lid off in your example.
I think we will soon see some court challenges to county tax assessors that are too slow to lower assessments to get more in line with reality. Government officials have an incentive to pretend values are holding up.

[TemekuT]

temeculaguy: Wow, shadow inventory! That Silver Rose St. house just went on the MLS, but has had the “for sale” sign on the garage door for about 3 months. The house is pretty standard inside, no granite etc., but with tile floors. That’s a cul-de-sac lot, a pie shaped wedge with a view and no neighbors behind. It’s actually a very nice location with quiet neighbors on either side. There’s a backyard large raised concrete dais of sorts on one side that has been plumbed through with a gas line. I don’t know about water, though; I’d have to go over there and look in the back yard again. It looks like the owners (ha!) were planning a big built-in BBQ setup. The tract is Cristal, which was the 2nd smallest McMillin tract and this is the middle plan of 3 plans. The HOA for Morgan Hill varies. It was projected to be $85 at build-out, but as we’re still in the construction phase and due to no developer subsidy, it’s much higher now. Each time a new phase is opened it increases and then decreases as each house closes escrow. Due to no sales and no phase releases here lately, it’s been $142.52 for several months. The highest bill I received was $160ish, the low $70ish, but those were unique months. This situation could go on for years because McMillin is barely building here now.

EconProf, temeculaguy, and pizzaman: When I am referring to my tax value, I am referring to the assessed value, which, as far as I can tell, (based on the comps I supplied for Prop 8 consideration) was $100,000 too high at 03/31/08. The base tax at Morgan looks like 1.04% per my property tax bill, so 100,000 x 1.04% = $1004 that I am overpaying for FY 2008-2009. The other items on the tax bill look like fixed bond amounts that won’t decrease, but that are simply paid off and retired over the life of the bond issue. BTW, I have had difficulty getting into the Riverside Tax Collector web site for months now as the site has been under construction and error prone. Access is intermittent.

pizzaman: I have relatives that owned 3 pizza restaurants, one in LA Co, one in OC, one in Riverside. The Riverside location always was a winner, but the others thrived in a downturn. I’m curiuos, what’s your take on where we are in the downturn based on the pizza purchase indicator?

[TemekuT]

temeculaguy: Wow, shadow inventory! That Silver Rose St. house just went on the MLS, but has had the “for sale” sign on the garage door for about 3 months. The house is pretty standard inside, no granite etc., but with tile floors. That’s a cul-de-sac lot, a pie shaped wedge with a view and no neighbors behind. It’s actually a very nice location with quiet neighbors on either side. There’s a backyard large raised concrete dais of sorts on one side that has been plumbed through with a gas line. I don’t know about water, though; I’d have to go over there and look in the back yard again. It looks like the owners (ha!) were planning a big built-in BBQ setup. The tract is Cristal, which was the 2nd smallest McMillin tract and this is the middle plan of 3 plans. The HOA for Morgan Hill varies. It was projected to be $85 at build-out, but as we’re still in the construction phase and due to no developer subsidy, it’s much higher now. Each time a new phase is opened it increases and then decreases as each house closes escrow. Due to no sales and no phase releases here lately, it’s been $142.52 for several months. The highest bill I received was $160ish, the low $70ish, but those were unique months. This situation could go on for years because McMillin is barely building here now.

EconProf, temeculaguy, and pizzaman: When I am referring to my tax value, I am referring to the assessed value, which, as far as I can tell, (based on the comps I supplied for Prop 8 consideration) was $100,000 too high at 03/31/08. The base tax at Morgan looks like 1.04% per my property tax bill, so 100,000 x 1.04% = $1004 that I am overpaying for FY 2008-2009. The other items on the tax bill look like fixed bond amounts that won’t decrease, but that are simply paid off and retired over the life of the bond issue. BTW, I have had difficulty getting into the Riverside Tax Collector web site for months now as the site has been under construction and error prone. Access is intermittent.

pizzaman: I have relatives that owned 3 pizza restaurants, one in LA Co, one in OC, one in Riverside. The Riverside location always was a winner, but the others thrived in a downturn. I’m curiuos, what’s your take on where we are in the downturn based on the pizza purchase indicator?

[TemekuT]

temeculaguy: Wow, shadow inventory! That Silver Rose St. house just went on the MLS, but has had the “for sale” sign on the garage door for about 3 months. The house is pretty standard inside, no granite etc., but with tile floors. That’s a cul-de-sac lot, a pie shaped wedge with a view and no neighbors behind. It’s actually a very nice location with quiet neighbors on either side. There’s a backyard large raised concrete dais of sorts on one side that has been plumbed through with a gas line. I don’t know about water, though; I’d have to go over there and look in the back yard again. It looks like the owners (ha!) were planning a big built-in BBQ setup. The tract is Cristal, which was the 2nd smallest McMillin tract and this is the middle plan of 3 plans. The HOA for Morgan Hill varies. It was projected to be $85 at build-out, but as we’re still in the construction phase and due to no developer subsidy, it’s much higher now. Each time a new phase is opened it increases and then decreases as each house closes escrow. Due to no sales and no phase releases here lately, it’s been $142.52 for several months. The highest bill I received was $160ish, the low $70ish, but those were unique months. This situation could go on for years because McMillin is barely building here now.

EconProf, temeculaguy, and pizzaman: When I am referring to my tax value, I am referring to the assessed value, which, as far as I can tell, (based on the comps I supplied for Prop 8 consideration) was $100,000 too high at 03/31/08. The base tax at Morgan looks like 1.04% per my property tax bill, so 100,000 x 1.04% = $1004 that I am overpaying for FY 2008-2009. The other items on the tax bill look like fixed bond amounts that won’t decrease, but that are simply paid off and retired over the life of the bond issue. BTW, I have had difficulty getting into the Riverside Tax Collector web site for months now as the site has been under construction and error prone. Access is intermittent.

pizzaman: I have relatives that owned 3 pizza restaurants, one in LA Co, one in OC, one in Riverside. The Riverside location always was a winner, but the others thrived in a downturn. I’m curiuos, what’s your take on where we are in the downturn based on the pizza purchase indicator?

[TemekuT]

temeculaguy: Wow, shadow inventory! That Silver Rose St. house just went on the MLS, but has had the “for sale” sign on the garage door for about 3 months. The house is pretty standard inside, no granite etc., but with tile floors. That’s a cul-de-sac lot, a pie shaped wedge with a view and no neighbors behind. It’s actually a very nice location with quiet neighbors on either side. There’s a backyard large raised concrete dais of sorts on one side that has been plumbed through with a gas line. I don’t know about water, though; I’d have to go over there and look in the back yard again. It looks like the owners (ha!) were planning a big built-in BBQ setup. The tract is Cristal, which was the 2nd smallest McMillin tract and this is the middle plan of 3 plans. The HOA for Morgan Hill varies. It was projected to be $85 at build-out, but as we’re still in the construction phase and due to no developer subsidy, it’s much higher now. Each time a new phase is opened it increases and then decreases as each house closes escrow. Due to no sales and no phase releases here lately, it’s been $142.52 for several months. The highest bill I received was $160ish, the low $70ish, but those were unique months. This situation could go on for years because McMillin is barely building here now.

EconProf, temeculaguy, and pizzaman: When I am referring to my tax value, I am referring to the assessed value, which, as far as I can tell, (based on the comps I supplied for Prop 8 consideration) was $100,000 too high at 03/31/08. The base tax at Morgan looks like 1.04% per my property tax bill, so 100,000 x 1.04% = $1004 that I am overpaying for FY 2008-2009. The other items on the tax bill look like fixed bond amounts that won’t decrease, but that are simply paid off and retired over the life of the bond issue. BTW, I have had difficulty getting into the Riverside Tax Collector web site for months now as the site has been under construction and error prone. Access is intermittent.

pizzaman: I have relatives that owned 3 pizza restaurants, one in LA Co, one in OC, one in Riverside. The Riverside location always was a winner, but the others thrived in a downturn. I’m curiuos, what’s your take on where we are in the downturn based on the pizza purchase indicator?

[TemekuT]

temeculaguy: Wow, shadow inventory! That Silver Rose St. house just went on the MLS, but has had the “for sale” sign on the garage door for about 3 months. The house is pretty standard inside, no granite etc., but with tile floors. That’s a cul-de-sac lot, a pie shaped wedge with a view and no neighbors behind. It’s actually a very nice location with quiet neighbors on either side. There’s a backyard large raised concrete dais of sorts on one side that has been plumbed through with a gas line. I don’t know about water, though; I’d have to go over there and look in the back yard again. It looks like the owners (ha!) were planning a big built-in BBQ setup. The tract is Cristal, which was the 2nd smallest McMillin tract and this is the middle plan of 3 plans. The HOA for Morgan Hill varies. It was projected to be $85 at build-out, but as we’re still in the construction phase and due to no developer subsidy, it’s much higher now. Each time a new phase is opened it increases and then decreases as each house closes escrow. Due to no sales and no phase releases here lately, it’s been $142.52 for several months. The highest bill I received was $160ish, the low $70ish, but those were unique months. This situation could go on for years because McMillin is barely building here now.

EconProf, temeculaguy, and pizzaman: When I am referring to my tax value, I am referring to the assessed value, which, as far as I can tell, (based on the comps I supplied for Prop 8 consideration) was $100,000 too high at 03/31/08. The base tax at Morgan looks like 1.04% per my property tax bill, so 100,000 x 1.04% = $1004 that I am overpaying for FY 2008-2009. The other items on the tax bill look like fixed bond amounts that won’t decrease, but that are simply paid off and retired over the life of the bond issue. BTW, I have had difficulty getting into the Riverside Tax Collector web site for months now as the site has been under construction and error prone. Access is intermittent.

pizzaman: I have relatives that owned 3 pizza restaurants, one in LA Co, one in OC, one in Riverside. The Riverside location always was a winner, but the others thrived in a downturn. I’m curiuos, what’s your take on where we are in the downturn based on the pizza purchase indicator?

[Anonymous]

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.

[Anonymous]

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.

[Anonymous]

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.

[Anonymous]

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.

[Anonymous]

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.

[Author]

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