[pemeliza]

“Also, I think it’s wise to consider what our debt situation was then vs. now, and also what our economic prospects look like in the future.”

The economic prospects always look dismal in a trough.

My starting salary as a software engineer in Sorrento Valley in 1993 was 38k. I had a B.S. in Computer Science from a top college. The job market then was terrible and very few people were getting jobs at all.

I think that people are forgetting just how awful the job market and the economic prospects were in the early to mid 90’s. Of course, in a few years that all changed in the blink of an eye and times were good again.

Also keep in mind that during the 90’s the low in the fed funds rate was 3% in 1992. We are now at 0% with additional QE measures. Money is far cheaper now than during any time period in the 90’s. Yet in the 90’s we still managed to recover.

Is it different this time? Who knows. As CAR says place your bets. I think it really is a coin flip at this point.

[pemeliza]

“Also, I think it’s wise to consider what our debt situation was then vs. now, and also what our economic prospects look like in the future.”

The economic prospects always look dismal in a trough.

My starting salary as a software engineer in Sorrento Valley in 1993 was 38k. I had a B.S. in Computer Science from a top college. The job market then was terrible and very few people were getting jobs at all.

I think that people are forgetting just how awful the job market and the economic prospects were in the early to mid 90’s. Of course, in a few years that all changed in the blink of an eye and times were good again.

Also keep in mind that during the 90’s the low in the fed funds rate was 3% in 1992. We are now at 0% with additional QE measures. Money is far cheaper now than during any time period in the 90’s. Yet in the 90’s we still managed to recover.

Is it different this time? Who knows. As CAR says place your bets. I think it really is a coin flip at this point.

[pemeliza]

“Also, I think it’s wise to consider what our debt situation was then vs. now, and also what our economic prospects look like in the future.”

The economic prospects always look dismal in a trough.

My starting salary as a software engineer in Sorrento Valley in 1993 was 38k. I had a B.S. in Computer Science from a top college. The job market then was terrible and very few people were getting jobs at all.

I think that people are forgetting just how awful the job market and the economic prospects were in the early to mid 90’s. Of course, in a few years that all changed in the blink of an eye and times were good again.

Also keep in mind that during the 90’s the low in the fed funds rate was 3% in 1992. We are now at 0% with additional QE measures. Money is far cheaper now than during any time period in the 90’s. Yet in the 90’s we still managed to recover.

Is it different this time? Who knows. As CAR says place your bets. I think it really is a coin flip at this point.

[pemeliza]

I agree with you CAR even though a couple of your examples are in the SM school district. If you have a million to spend and are buying at substantially greater than 2000-2001 pricing than either you are not looking hard enough or are after an exceptionally rare property. In my neck of the woods, Mission Hills, a REO just closed for 19% over the 1998 price. The catch is that the price was 950k which is out of reach for most buyers.

[pemeliza]

I agree with you CAR even though a couple of your examples are in the SM school district. If you have a million to spend and are buying at substantially greater than 2000-2001 pricing than either you are not looking hard enough or are after an exceptionally rare property. In my neck of the woods, Mission Hills, a REO just closed for 19% over the 1998 price. The catch is that the price was 950k which is out of reach for most buyers.

[pemeliza]

I agree with you CAR even though a couple of your examples are in the SM school district. If you have a million to spend and are buying at substantially greater than 2000-2001 pricing than either you are not looking hard enough or are after an exceptionally rare property. In my neck of the woods, Mission Hills, a REO just closed for 19% over the 1998 price. The catch is that the price was 950k which is out of reach for most buyers.

[pemeliza]

I agree with you CAR even though a couple of your examples are in the SM school district. If you have a million to spend and are buying at substantially greater than 2000-2001 pricing than either you are not looking hard enough or are after an exceptionally rare property. In my neck of the woods, Mission Hills, a REO just closed for 19% over the 1998 price. The catch is that the price was 950k which is out of reach for most buyers.

[pemeliza]

I agree with you CAR even though a couple of your examples are in the SM school district. If you have a million to spend and are buying at substantially greater than 2000-2001 pricing than either you are not looking hard enough or are after an exceptionally rare property. In my neck of the woods, Mission Hills, a REO just closed for 19% over the 1998 price. The catch is that the price was 950k which is out of reach for most buyers.

[pemeliza]

“can you share any details? did you do it all through your county office? in person, relentless phone calls, etc? perhaps get a lawyer involved?
also are they making the correction retroactive to your purchase date and will you get a credit?”

Thanks genemachine and others.

I talked directly to the appraiser who handled my house. Fortunately I did not need a lawyer or even a threat of one. I put together a detailed packet of comparable sales and photos detailing the condition of the property when we bought it. Fortunately for us, we bought at the end of the year and prices were soft especially on stuff that closed in December. I made our case via e-mail. It took a few months but eventually the appraiser ended up agreeing with us and made the correction. Yes, the correction is retroactive and we will get an additional refund.

All I can say to others that are in this boat is do some research and look hard at the comps. If you can make a strong argument supporting your purchase price as the value the county will listen and may give in. As someone else mentioned, I think the county has a strong incentive to reduce the number of formal appeals.

[pemeliza]

“can you share any details? did you do it all through your county office? in person, relentless phone calls, etc? perhaps get a lawyer involved?
also are they making the correction retroactive to your purchase date and will you get a credit?”

Thanks genemachine and others.

I talked directly to the appraiser who handled my house. Fortunately I did not need a lawyer or even a threat of one. I put together a detailed packet of comparable sales and photos detailing the condition of the property when we bought it. Fortunately for us, we bought at the end of the year and prices were soft especially on stuff that closed in December. I made our case via e-mail. It took a few months but eventually the appraiser ended up agreeing with us and made the correction. Yes, the correction is retroactive and we will get an additional refund.

All I can say to others that are in this boat is do some research and look hard at the comps. If you can make a strong argument supporting your purchase price as the value the county will listen and may give in. As someone else mentioned, I think the county has a strong incentive to reduce the number of formal appeals.

[pemeliza]

“can you share any details? did you do it all through your county office? in person, relentless phone calls, etc? perhaps get a lawyer involved?
also are they making the correction retroactive to your purchase date and will you get a credit?”

Thanks genemachine and others.

I talked directly to the appraiser who handled my house. Fortunately I did not need a lawyer or even a threat of one. I put together a detailed packet of comparable sales and photos detailing the condition of the property when we bought it. Fortunately for us, we bought at the end of the year and prices were soft especially on stuff that closed in December. I made our case via e-mail. It took a few months but eventually the appraiser ended up agreeing with us and made the correction. Yes, the correction is retroactive and we will get an additional refund.

All I can say to others that are in this boat is do some research and look hard at the comps. If you can make a strong argument supporting your purchase price as the value the county will listen and may give in. As someone else mentioned, I think the county has a strong incentive to reduce the number of formal appeals.

[pemeliza]

“can you share any details? did you do it all through your county office? in person, relentless phone calls, etc? perhaps get a lawyer involved?
also are they making the correction retroactive to your purchase date and will you get a credit?”

Thanks genemachine and others.

I talked directly to the appraiser who handled my house. Fortunately I did not need a lawyer or even a threat of one. I put together a detailed packet of comparable sales and photos detailing the condition of the property when we bought it. Fortunately for us, we bought at the end of the year and prices were soft especially on stuff that closed in December. I made our case via e-mail. It took a few months but eventually the appraiser ended up agreeing with us and made the correction. Yes, the correction is retroactive and we will get an additional refund.

All I can say to others that are in this boat is do some research and look hard at the comps. If you can make a strong argument supporting your purchase price as the value the county will listen and may give in. As someone else mentioned, I think the county has a strong incentive to reduce the number of formal appeals.

[pemeliza]

“can you share any details? did you do it all through your county office? in person, relentless phone calls, etc? perhaps get a lawyer involved?
also are they making the correction retroactive to your purchase date and will you get a credit?”

Thanks genemachine and others.

I talked directly to the appraiser who handled my house. Fortunately I did not need a lawyer or even a threat of one. I put together a detailed packet of comparable sales and photos detailing the condition of the property when we bought it. Fortunately for us, we bought at the end of the year and prices were soft especially on stuff that closed in December. I made our case via e-mail. It took a few months but eventually the appraiser ended up agreeing with us and made the correction. Yes, the correction is retroactive and we will get an additional refund.

All I can say to others that are in this boat is do some research and look hard at the comps. If you can make a strong argument supporting your purchase price as the value the county will listen and may give in. As someone else mentioned, I think the county has a strong incentive to reduce the number of formal appeals.

[pemeliza]

Well I am still a little stunned but we have successfully negotiated the base tax assessment of our house down to the purchase price without going through a formal appeal.

It took patience and lots of it but we are quite relieved.

I am convinced that we ran into this problem because the house previously sold at the peak and had a sky high base tax value. Once the facts were out in the open they didn’t really have much to support their position.

[pemeliza]

Well I am still a little stunned but we have successfully negotiated the base tax assessment of our house down to the purchase price without going through a formal appeal.

It took patience and lots of it but we are quite relieved.

I am convinced that we ran into this problem because the house previously sold at the peak and had a sky high base tax value. Once the facts were out in the open they didn’t really have much to support their position.

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