Homeowner's Property Value

[cydline2cydline]

I just purchased a home last year and was hoping someone could answer a question for me. When you access the 'Market Adjusted Cost Report' on the Polk County Assessors website for your property, where do the values in the 2nd to last column come from?

It looks like they take numbers from your property (could be square footage, number of bedrooms/bathrooms/etc) times this arbitrary number, however it varies greatly from property to property.

Our neighbor across the street has an identical house and lot size, same specs on the finished basement, however mine is assessed 13k more because the numbers in this column are higher across the board.

Thanks for the insight. I looked at mine vs. a neighbors and noticed one thing in particular. We both have walk-out basements, however mine is the only on that has the amenity of a 'Walk Out Lot'. Also has some other things messed up on my assessment. I think I am going to write up a formal complaint with stern words attached.

"Dear Mr. Taxman,
I've got a bone to pick with you. While I don't own a whirlpol, your assessment says I do, so you can come on out and put one in for me and we will be kosher.

Yours Truly,
Cydline2cydline"

 

[Bader]

In Ankeny ours went up 20k, and put it above what we paid for it 2.5 years ago. I don't have any real complaints. If we sold it we'd get more than the assessed value of it, and come tax time it'll go into my deductions anyway

 

[Farnsworth]

It appears to be a detailed attempt at a cost approach. Looking at a home I used to own in WDM. I think those are costs per square foot.

View attachment 47331

I get that, but I'm trying to figure out why these numbers are higher for me compared to others on the same cul-de-sac.

 

[mapnerd]

I get that, but I'm trying to figure out why these numbers are higher for me compared to others on the same cul-de-sac.

Do you have better quality stuff than your neighbors? Marble countertops, etc? Or are they exactly the same construction materials?

 

[Trice]

Our home in Ankeny went up 19% in the 2015 assessment. I appealed at the time because not only was my increase among the highest I could find in the area, but homes with identical values to mine (in some cases literally the same floor plans, builders, and age of the home) had not been adjusted as high as mine. In another case, a neighbor two doors down had a value virtually identical to ours but happened to have had an appraisal for HE loan around the time. They included that and won their appeal, yet somehow my appeal was ignored. So certainly there's some randomness to it and that's infuriating.

On the other hand, I was bracing for an even bigger jump this time and only went up 9%.

 

[cycloneworld]

I'm in the same boat. Just bought a house last July, and ours went up almost 20% as well, now valued over 10k more than we paid for it. wtf.

Our assessment went up $25k - $20,000 over what we paid for it in November. Hopefully that's a good argument to the board.

 

[ArgentCy]

I get that, but I'm trying to figure out why these numbers are higher for me compared to others on the same cul-de-sac.

Likely a quality or condition rating. I have no idea where they get the detailed cost / sf numbers but they are likely getting them from a national source like Marshall & Swift. Look at the Grade rating and see if that is higher than your neighbors or the condition which on this example was above normal. Other than that, they may have different costs / sf based on the style but I doubt that is much different in modern subdivisions where the houses are pretty similar. I imagine as the other poster noted the Grade is really the Quality indication where they may look for brick exteriors, marble counters, vaulted ceilings, etc.

 

[Farnsworth]

The Grade thing might be it. Ours is 3-5, their's is 3-10. Another guy on our block has even higher costs than ours, and his grade is 3+5.

 

[ArgentCy]

Quality most likely has an effect on value and most certainly affects the cost to build. A house with taller ceilings, intricate wood work, high quality materials, etc. would cost more to build than a rectangular box built in 30 days by some builder who is now out of business.

 

[Cyclone11]

Holy cr$p. We bought ours in Ankeny and the assessment value was $151,800 in 2014 though we paid $177,000. I check today it's assessed at $194,700. Time to sale it and cash in. Lol

 

[alarson]

Cant help but think that Ankeny could not have picked a worse time to have a bond issue on the ballot. They say its tax-neutral and that taxes will not go up from it, nor will they go down if it is not passed (though i'm curious how that is, as if you're not spending money then that is money that could be returned to taxpayers), but optics-wise there will be many that will come out and vote no simply because of unhappiness about a property tax hike that is coming their way through the new assessment.

 

[Stewo]

Holy cr$p. We bought ours in Ankeny and the assessment value was $151,800 in 2014 though we paid $177,000. I check today it's assessed at $194,700. Time to sale it and cash in. Lol

Bought my last house in December 2011 in Ankeny for $150K. Sold it July 2016 for $206K. We painted, added a fence, a new kitchen sink and faucet.

 

[Cyclone11]

Bought my last house in December 2011 in Ankeny for $150K. Sold it July 2016 for $206K. We painted, added a fence, a new kitchen sink and faucet.

Wow, talk about flipping a house and cashing in. That's huge change you got there.

 

[Trice]

Cant help but think that Ankeny could not have picked a worse time to have a bond issue on the ballot. They say its tax-neutral and that taxes will not go up from it, nor will they go down if it is not passed (though i'm curious how that is, as if you're not spending money then that is money that could be returned to taxpayers), but optics-wise there will be many that will come out and vote no simply because of unhappiness about a property tax hike that is coming their way through the new assessment.

As I understand it, it's essentially just re-authorizing a line of credit that's already been in use. So the district planned/budgeted for it in its existing plans but it still needs to be approved by law in order to be used again.

I don't think you'll have trouble convincing anyone that new schools are necessary when you're one of the fastest growing towns in the Midwest.

That new fire station/library vote on the other hand...

 

[Stewo]

Wow, talk about flipping a house and cashing in. That's huge change you got there.

Yeah. We were shocked.

 

[alarson]

That new fire station/library vote on the other hand...

Yeah, that was mainly the one i was referring to. And even though i'm not saying its a bad idea, i'm just saying that it could cause some to vote no. The fire department could be justified in the same way as the schools (more people\larger area=needs more coverage) but the library might have some resistance, given last i saw usage at libraries has been headed downward.

 

[Cycsk]

I just purchased a home last year and was hoping someone could answer a question for me. When you access the 'Market Adjusted Cost Report' on the Polk County Assessors website for your property, where do the values in the 2nd to last column come from?

It looks like they take numbers from your property (could be square footage, number of bedrooms/bathrooms/etc) times this arbitrary number, however it varies greatly from property to property.

Our neighbor across the street has an identical house and lot size, same specs on the finished basement, however mine is assessed 13k more because the numbers in this column are higher across the board.

I think you have discovered the Farnsworth Factor. Your house is worth more because you get to live next to your neighbors. Theirs is worth less because they have to live next to you!

 

[kingcy]

Cities and Counties need money to keep everything going. The quickest way they can raise money is raising property tax or raising your assessment value. They can raise your assessment value instead of raising your taxes and say we didn't raise your property taxes.

About 10 years ago Polk County lowered property taxes at the same time they raised assessment values, by a higher percentage, so people ended up owing more in taxes. But the country leaders could then run on we lowered your property taxes.

 

[CloneGuy8]

I'm in Ankeny. Got this letter last week. Apparently the $4000.00 deck we added increased our homes value by $10,000.00.

Apparently this wasn't that bad after reading some of the posts on here

 

[Cycsk]

What's with the massive increases of assessment on land in Ames?