Home Forums Hunting & Shooting Hunter's Campfire Have you had your home reappraised lately?

We are refinancing at a lower rate.... just got the results. According to the banks appraiser, our well cared for 10 year old home is now worth about HALF of what the tax value is set at.

It's not like we are in an undesirable location either... people are still building their vacation homes here.

I am NOT a happy camper.

Be interesting to see if the County will now lower our property taxes... but then again, being a rural area there all those illegal's kids to be put through the local school system.

I haven't been this mad in sometime.

Im too scared to find out.

good luck in convincing the county/city of the lower value.

maybe they'll choose to raise the millage rate to make up the difference?

i'm sick of this system as now setup. we're being robbed.

Ours dropped a full 20% from last appraisal two years ago; with a few thousand worth of upgrades since then. Taxes haven't dropped a lick.

Mine didn't drop that much, but my taxes did drop in kind.

Most up here avoid the real property taxes by putting the houses into Church Trusts and being named in the trust still gives you the keys to the place. Costs about $300 for the intial set up fee and then $25 per year there after to maintain it. By doing this, you can also get a much better interest rate for financing, because the property is considered to be more secured. Average is around 2.7% right now.

We bought bare land four years ago and moved a home onto it. With the improvements it was valued a year ago at five hundred seventy five thousand and we owed two hundred seventy. We refinanced at a much lower rate this year and to came in at four hundred seventy thousand. At this rate in four years we will have a forty acres with two houses and a greenhouse that is worth nothing.

That sounds like a great idea! Where do I get some info?

So, 2ndwind, have you taken the appraisal down to the tax assessor's office and used it to protest your taxes?

someone I know built a 675 thousand dollar house on a few acres that is worth now around 275 talk about biting the bullet. You have to love all those nice folks that voted for change in 2008 don't you. Do you feel the love yet??

I guess I should be grateful that we are not "upside down" on debt/home value.... I'm having a hard time with the gratitude at the moment though....

When the banker called with the appraisal results I told her they were nuts... she started out with the, "It's just unfortunate what has happened to property value recently" speech. She started reading off more of the report... I pointed out that the appraisal was about 1200 square feet short.

The line got real quiet.... then she says "Please hold a moment" the she comes back on the line all apologetic saying that with these low rates they are refinancing like mad and that she had been reading the wrong report... so sorry for the confusion....

I'm thinking Okay mistakes happen just tell me the value of the correct report.... she gives me the SAME number... all these new regulations don't ya know...

I smell a rat.

I watched my house lose about 60K in value from the 2007 highs

however my local tax office has decreed that we may not see a tax reduction as they may opt to make some legal adjustment to make sure they continue to receive the money they are counting on.

Funny, they didn't seem to care when it was worth $60K more.

Sorry to hear that. Due to Hurrican Ike, I had to get a home equity loan earlier this year. Our home values have risen significantly.

The county tried to raise my tax value, I challenged it and they lowered it.

wife and i remodeled our home a couple years ago. once completed, both the county and my innsurance company had "experts" come out and set a new value on our home. darn if the appraised value didn't equal what the remodel cost. my home value increased by 150k, and both my taxes and insurance premium increased. it's all a racket!

I refi'ed last Spring. Ours went down $5K from like 7-8 years ago.

yeah, I had mine appraised. It has taken a nose dive from when I bought it 6 years ago.

Even sadder, my property tax assessment does not reflect that.

I went to the assessor's office last spring. They dropped it 44k with only a conversation.

We bought a house last year.

It's probably increased in price by roughly 50%.
Don't tell the tax man....hehehe

My girl friends condo up in Eagan, MN was appraised and units were selling at 120-140,000 a few years back.

Now there's 2-3 units in the place that are foreclosed on and on the market for 37,000 and not moving. She's screwed needless to say.