Wednesday, March 12, 2008

Haven't They Heard?

My annual Notice of Valuation arrived the other day assessing the estimated market value of my house for 2009 tax purposes. I took a quick glance at it and had a royal fit when I saw the valuations. A 20% increase in the assessed market value of my house?!

Because I am in StuccoHouse for the long haul and don't touch the equity, the market valuation only means one thing to me.........taxes payable.

Haven't they heard that we are in a recession (or on the verge, depending on who you talk to)?! Don't they know about the plight of the housing market?! Haven't they seen the city's foreclosures every night on the news?! How did they have the nerve to increase the value of my house by that much?! More taxes?! Where was the justice?! Where was the reason?!

Then I took a closer look and realized that I had the years switched. It was actually a 20% decrease in assessed market value. Less taxes.

Nevermind :-)

8 comments:

Chris said...

I got my assessment last week. Apparently, the value of my home increased by about 16%. I was thoroughly ticked off by this for the same reasons you noted in your post. Then, I noticed that my property taxes actually didn't change at all...thank God! It seems that several tax levies expired last year, so the actual tax rate decreased. That was good news. I'm still irked, though, that they had the nerve to increase the assessed value!

John said...

The Devil Queen still looks so bad on the outside that the County Assessor's Office still thinks it's abandoned. As you might guess, the taxes are still quite low.

Ranty said...

Whew, I was gonna say: "is the stucco house perched atop Mount Curve???" :-)

We still haven't received our tax statements yet - not for either house. I'm starting to get twitchy about it...

Fred said...

This is a huge problem in Maryland... We own two properties. Our primary residence was assessed when we purchased it at the purchase price, so that was sort of expected, but was still 150,000 more than the prior owners'. Our rental property assessment went up 50%!!! Our properties are only revalued every 3 years. We pass on that charge to our tenants, who are fortunately well off enough to pay the increase.

There were many efforts to offset the increased assessments with reductions in tax rates, but those efforts fell on deaf ears.

Derek said...

Our house had gone up over 100% in 4 years, yet our taxes have hardly changed. The values of the whole city have gone up, so we're still paying the same piece of the pie. They changed the zoning, and ours went up, but so many people complained, they ended up refunding the extra they charged.

Bungalow Monster said...

Misery loves company! Our assessed value went down (second year in a row) You would think taxes would go down... NO! our taxable value went UP. We are paying more taxes for a property that has gone down in value two years in a row. Ouch!

Josh said...

A 14% valuation decrease for 2009 at my place yields a nominal tax decrease. My 2008 taxes went down a fraction, too, though the valuation was unchanged.

Allison1888 said...

It's true.. the assessor's are not being quick to respond to the market shifts. An appeal is in order! Just make sure you haven't done too much noticable work since the last assessment or they may take it higher.

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