Forum Replies Created
-
AuthorPosts
-
pemeliza
Participantduplicate
Participantduplicate
Participant“You shouldn’t have to appeal, they should have to prove before they set the assessment. Good luck.”
I just got off the phone with someone else at the assessors office because I was trying to figure out when my 60 days started.
This guy was very blunt and basically said if you don’t agree you need to file an appeal immediately and go in front of a board that will ultimately decide the value. I asked him if I needed a lawyer and he said it was up to me. He insisted that I needed to come up with the comparable sales that were going to prove my case. I told him that I didn’t think I needed to do that because it was an arm’s length transaction with multiple bidders and that should determine the market value beyond a doubt. He said if I wanted to argue my case that way then it was up to me but reiterated that the board is going to be looking at comparable sales. I have to say the conversation with this guy was refreshing because at least he didn’t beat around the bush.
I am seriously tempted to try and take my story to the media. I think buyers have the right to know that if they buy a REO through the normal real estate process with a buyer’s agent and bidding wars that they are still going to be under a completely different level of scrutiny by the tax assessor. I also think the realtors involved in REOs should have an obligation to disclose this potential problem to buyers. Ironically, this would add further stigma to buying REOs and probably push tax valuations down even further. To be clear we are not talking about chump change here and the additional tax grows exponentially every year.
Participant“You shouldn’t have to appeal, they should have to prove before they set the assessment. Good luck.”
I just got off the phone with someone else at the assessors office because I was trying to figure out when my 60 days started.
This guy was very blunt and basically said if you don’t agree you need to file an appeal immediately and go in front of a board that will ultimately decide the value. I asked him if I needed a lawyer and he said it was up to me. He insisted that I needed to come up with the comparable sales that were going to prove my case. I told him that I didn’t think I needed to do that because it was an arm’s length transaction with multiple bidders and that should determine the market value beyond a doubt. He said if I wanted to argue my case that way then it was up to me but reiterated that the board is going to be looking at comparable sales. I have to say the conversation with this guy was refreshing because at least he didn’t beat around the bush.
I am seriously tempted to try and take my story to the media. I think buyers have the right to know that if they buy a REO through the normal real estate process with a buyer’s agent and bidding wars that they are still going to be under a completely different level of scrutiny by the tax assessor. I also think the realtors involved in REOs should have an obligation to disclose this potential problem to buyers. Ironically, this would add further stigma to buying REOs and probably push tax valuations down even further. To be clear we are not talking about chump change here and the additional tax grows exponentially every year.
Participant“You shouldn’t have to appeal, they should have to prove before they set the assessment. Good luck.”
I just got off the phone with someone else at the assessors office because I was trying to figure out when my 60 days started.
This guy was very blunt and basically said if you don’t agree you need to file an appeal immediately and go in front of a board that will ultimately decide the value. I asked him if I needed a lawyer and he said it was up to me. He insisted that I needed to come up with the comparable sales that were going to prove my case. I told him that I didn’t think I needed to do that because it was an arm’s length transaction with multiple bidders and that should determine the market value beyond a doubt. He said if I wanted to argue my case that way then it was up to me but reiterated that the board is going to be looking at comparable sales. I have to say the conversation with this guy was refreshing because at least he didn’t beat around the bush.
I am seriously tempted to try and take my story to the media. I think buyers have the right to know that if they buy a REO through the normal real estate process with a buyer’s agent and bidding wars that they are still going to be under a completely different level of scrutiny by the tax assessor. I also think the realtors involved in REOs should have an obligation to disclose this potential problem to buyers. Ironically, this would add further stigma to buying REOs and probably push tax valuations down even further. To be clear we are not talking about chump change here and the additional tax grows exponentially every year.
Participant“You shouldn’t have to appeal, they should have to prove before they set the assessment. Good luck.”
I just got off the phone with someone else at the assessors office because I was trying to figure out when my 60 days started.
This guy was very blunt and basically said if you don’t agree you need to file an appeal immediately and go in front of a board that will ultimately decide the value. I asked him if I needed a lawyer and he said it was up to me. He insisted that I needed to come up with the comparable sales that were going to prove my case. I told him that I didn’t think I needed to do that because it was an arm’s length transaction with multiple bidders and that should determine the market value beyond a doubt. He said if I wanted to argue my case that way then it was up to me but reiterated that the board is going to be looking at comparable sales. I have to say the conversation with this guy was refreshing because at least he didn’t beat around the bush.
I am seriously tempted to try and take my story to the media. I think buyers have the right to know that if they buy a REO through the normal real estate process with a buyer’s agent and bidding wars that they are still going to be under a completely different level of scrutiny by the tax assessor. I also think the realtors involved in REOs should have an obligation to disclose this potential problem to buyers. Ironically, this would add further stigma to buying REOs and probably push tax valuations down even further. To be clear we are not talking about chump change here and the additional tax grows exponentially every year.
Participant“You shouldn’t have to appeal, they should have to prove before they set the assessment. Good luck.”
I just got off the phone with someone else at the assessors office because I was trying to figure out when my 60 days started.
This guy was very blunt and basically said if you don’t agree you need to file an appeal immediately and go in front of a board that will ultimately decide the value. I asked him if I needed a lawyer and he said it was up to me. He insisted that I needed to come up with the comparable sales that were going to prove my case. I told him that I didn’t think I needed to do that because it was an arm’s length transaction with multiple bidders and that should determine the market value beyond a doubt. He said if I wanted to argue my case that way then it was up to me but reiterated that the board is going to be looking at comparable sales. I have to say the conversation with this guy was refreshing because at least he didn’t beat around the bush.
I am seriously tempted to try and take my story to the media. I think buyers have the right to know that if they buy a REO through the normal real estate process with a buyer’s agent and bidding wars that they are still going to be under a completely different level of scrutiny by the tax assessor. I also think the realtors involved in REOs should have an obligation to disclose this potential problem to buyers. Ironically, this would add further stigma to buying REOs and probably push tax valuations down even further. To be clear we are not talking about chump change here and the additional tax grows exponentially every year.
ParticipantBG, the issue is the new assessed value on the supplemental tax bill. I will give an example to illustrate that this is definitely happening but I don’t know how widespread it is. I will not give the address or owner’s name of the example but I will say the following applies to a property in Mission Hills. This information is freely available on the web for all to see.
I will start with a sales history taken from zillow.com
03/27/2009 Sold $665,000 -2.2% Public Record
02/07/2009 Listed for sale* $679,999 -31.7% NRT Califo
03/07/2005 Sold $995,000 53.8% Public Record
06/17/2002 Sold $647,000 68.5% Public Record
02/04/1994 Sold $384,000 — Public Record
Next, I give the first part of the description used for the listing to show that this is indeed a REO.
“BANK OWNED! 3 BR/3 BA contemporary home in wonderful Mission Hills. ”
So far we know that the buyer of this house got a good deal basically paying a 2002 price in a prime area. But notice at the time there wasn’t even that much demand as the buyer didn’t even have to pay full price.
Now we get to the supplemental bill generated by the property transfer which is also available online.
“This is a supplemental tax bill on the above described property per R&T code section 75. This is a notice of value change on 03/27/09. This bill was mailed on 10/9/2009.”
New Assessed Value 600000 200000 800000
Prior Tax Rolls Value 600000 200000 800000
Increase In Assessment 0 0 0We see that the supplemental bill matches the sale date but the new assessed value was unchanged. It was not lowered to reflect the sales price of $665k. It was lowered to 800k before this sale apparently as some type of automatic reassessment.
I don’t know what the final result will be for this particular house and have no idea if the owner even challenged this assessment. But I can say that there have been no new supplemental bills for this parcel that I can find and the assessed value according to zillow is still set to 800k.
I put up this information to illustrate that this is happening and buyer beware.
ParticipantBG, the issue is the new assessed value on the supplemental tax bill. I will give an example to illustrate that this is definitely happening but I don’t know how widespread it is. I will not give the address or owner’s name of the example but I will say the following applies to a property in Mission Hills. This information is freely available on the web for all to see.
I will start with a sales history taken from zillow.com
03/27/2009 Sold $665,000 -2.2% Public Record
02/07/2009 Listed for sale* $679,999 -31.7% NRT Califo
03/07/2005 Sold $995,000 53.8% Public Record
06/17/2002 Sold $647,000 68.5% Public Record
02/04/1994 Sold $384,000 — Public Record
Next, I give the first part of the description used for the listing to show that this is indeed a REO.
“BANK OWNED! 3 BR/3 BA contemporary home in wonderful Mission Hills. ”
So far we know that the buyer of this house got a good deal basically paying a 2002 price in a prime area. But notice at the time there wasn’t even that much demand as the buyer didn’t even have to pay full price.
Now we get to the supplemental bill generated by the property transfer which is also available online.
“This is a supplemental tax bill on the above described property per R&T code section 75. This is a notice of value change on 03/27/09. This bill was mailed on 10/9/2009.”
New Assessed Value 600000 200000 800000
Prior Tax Rolls Value 600000 200000 800000
Increase In Assessment 0 0 0We see that the supplemental bill matches the sale date but the new assessed value was unchanged. It was not lowered to reflect the sales price of $665k. It was lowered to 800k before this sale apparently as some type of automatic reassessment.
I don’t know what the final result will be for this particular house and have no idea if the owner even challenged this assessment. But I can say that there have been no new supplemental bills for this parcel that I can find and the assessed value according to zillow is still set to 800k.
I put up this information to illustrate that this is happening and buyer beware.
ParticipantBG, the issue is the new assessed value on the supplemental tax bill. I will give an example to illustrate that this is definitely happening but I don’t know how widespread it is. I will not give the address or owner’s name of the example but I will say the following applies to a property in Mission Hills. This information is freely available on the web for all to see.
I will start with a sales history taken from zillow.com
03/27/2009 Sold $665,000 -2.2% Public Record
02/07/2009 Listed for sale* $679,999 -31.7% NRT Califo
03/07/2005 Sold $995,000 53.8% Public Record
06/17/2002 Sold $647,000 68.5% Public Record
02/04/1994 Sold $384,000 — Public Record
Next, I give the first part of the description used for the listing to show that this is indeed a REO.
“BANK OWNED! 3 BR/3 BA contemporary home in wonderful Mission Hills. ”
So far we know that the buyer of this house got a good deal basically paying a 2002 price in a prime area. But notice at the time there wasn’t even that much demand as the buyer didn’t even have to pay full price.
Now we get to the supplemental bill generated by the property transfer which is also available online.
“This is a supplemental tax bill on the above described property per R&T code section 75. This is a notice of value change on 03/27/09. This bill was mailed on 10/9/2009.”
New Assessed Value 600000 200000 800000
Prior Tax Rolls Value 600000 200000 800000
Increase In Assessment 0 0 0We see that the supplemental bill matches the sale date but the new assessed value was unchanged. It was not lowered to reflect the sales price of $665k. It was lowered to 800k before this sale apparently as some type of automatic reassessment.
I don’t know what the final result will be for this particular house and have no idea if the owner even challenged this assessment. But I can say that there have been no new supplemental bills for this parcel that I can find and the assessed value according to zillow is still set to 800k.
I put up this information to illustrate that this is happening and buyer beware.
ParticipantBG, the issue is the new assessed value on the supplemental tax bill. I will give an example to illustrate that this is definitely happening but I don’t know how widespread it is. I will not give the address or owner’s name of the example but I will say the following applies to a property in Mission Hills. This information is freely available on the web for all to see.
I will start with a sales history taken from zillow.com
03/27/2009 Sold $665,000 -2.2% Public Record
02/07/2009 Listed for sale* $679,999 -31.7% NRT Califo
03/07/2005 Sold $995,000 53.8% Public Record
06/17/2002 Sold $647,000 68.5% Public Record
02/04/1994 Sold $384,000 — Public Record
Next, I give the first part of the description used for the listing to show that this is indeed a REO.
“BANK OWNED! 3 BR/3 BA contemporary home in wonderful Mission Hills. ”
So far we know that the buyer of this house got a good deal basically paying a 2002 price in a prime area. But notice at the time there wasn’t even that much demand as the buyer didn’t even have to pay full price.
Now we get to the supplemental bill generated by the property transfer which is also available online.
“This is a supplemental tax bill on the above described property per R&T code section 75. This is a notice of value change on 03/27/09. This bill was mailed on 10/9/2009.”
New Assessed Value 600000 200000 800000
Prior Tax Rolls Value 600000 200000 800000
Increase In Assessment 0 0 0We see that the supplemental bill matches the sale date but the new assessed value was unchanged. It was not lowered to reflect the sales price of $665k. It was lowered to 800k before this sale apparently as some type of automatic reassessment.
I don’t know what the final result will be for this particular house and have no idea if the owner even challenged this assessment. But I can say that there have been no new supplemental bills for this parcel that I can find and the assessed value according to zillow is still set to 800k.
I put up this information to illustrate that this is happening and buyer beware.
ParticipantBG, the issue is the new assessed value on the supplemental tax bill. I will give an example to illustrate that this is definitely happening but I don’t know how widespread it is. I will not give the address or owner’s name of the example but I will say the following applies to a property in Mission Hills. This information is freely available on the web for all to see.
I will start with a sales history taken from zillow.com
03/27/2009 Sold $665,000 -2.2% Public Record
02/07/2009 Listed for sale* $679,999 -31.7% NRT Califo
03/07/2005 Sold $995,000 53.8% Public Record
06/17/2002 Sold $647,000 68.5% Public Record
02/04/1994 Sold $384,000 — Public Record
Next, I give the first part of the description used for the listing to show that this is indeed a REO.
“BANK OWNED! 3 BR/3 BA contemporary home in wonderful Mission Hills. ”
So far we know that the buyer of this house got a good deal basically paying a 2002 price in a prime area. But notice at the time there wasn’t even that much demand as the buyer didn’t even have to pay full price.
Now we get to the supplemental bill generated by the property transfer which is also available online.
“This is a supplemental tax bill on the above described property per R&T code section 75. This is a notice of value change on 03/27/09. This bill was mailed on 10/9/2009.”
New Assessed Value 600000 200000 800000
Prior Tax Rolls Value 600000 200000 800000
Increase In Assessment 0 0 0We see that the supplemental bill matches the sale date but the new assessed value was unchanged. It was not lowered to reflect the sales price of $665k. It was lowered to 800k before this sale apparently as some type of automatic reassessment.
I don’t know what the final result will be for this particular house and have no idea if the owner even challenged this assessment. But I can say that there have been no new supplemental bills for this parcel that I can find and the assessed value according to zillow is still set to 800k.
I put up this information to illustrate that this is happening and buyer beware.
Participant“even if you can get the assessor to agree to assess your property for FY 10/11 at it’s REO price + 2%, once the rest of the REOs “shake out” in your area of 92103 and non-distress sales begin being routinely conducted once more, the assessor will have the right to increase your assessment for the next tax year to the market-rate purchased comparable properties.”
I am not asking for a temporary reassessment to market value, rather I am challenging the assessment that occurred as part of the transfer of ownership last fall. As far as I know these “initial” assessments are limited to 2% a year change regardless of whether or not the market improves.
I went back and looked at all of the sales in my neighborhood going back 6 months and forward 3 months. The only way they could have possibly got the price they did was to use “turn-key” properties that were heavily upgraded which our house is not.
My personal opinion is that they are basing their estimate of value on the fact that the property tax valuation was once in the stratosphere and they just can’t accept that prices really have come down that far.
Thanks for all the advice … we plan to fight this with every means we have available.
Participant“even if you can get the assessor to agree to assess your property for FY 10/11 at it’s REO price + 2%, once the rest of the REOs “shake out” in your area of 92103 and non-distress sales begin being routinely conducted once more, the assessor will have the right to increase your assessment for the next tax year to the market-rate purchased comparable properties.”
I am not asking for a temporary reassessment to market value, rather I am challenging the assessment that occurred as part of the transfer of ownership last fall. As far as I know these “initial” assessments are limited to 2% a year change regardless of whether or not the market improves.
I went back and looked at all of the sales in my neighborhood going back 6 months and forward 3 months. The only way they could have possibly got the price they did was to use “turn-key” properties that were heavily upgraded which our house is not.
My personal opinion is that they are basing their estimate of value on the fact that the property tax valuation was once in the stratosphere and they just can’t accept that prices really have come down that far.
Thanks for all the advice … we plan to fight this with every means we have available.
-
AuthorPosts
