Similar for me last year. Valuation was comparable to what the prices people are paying in my neighborhood
Random Thoughts 16: “Somebody had to do it” edition
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I got in three, but I got help by looking at a map.Wordle
in four
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One word for Worldle:
CHEATERS!!!
It's not even a freakin' country, and if anyone tells me they get this one without help...
I'm going to call them a liar!
I figured out what area of the world it was and then just looked for the names of the islands that were in that location
So I just got my proposed property tax valuation for 2023 in the mail. My valuation went up about 21% and the taxable valuation went up over 24%! We haven't done any changes to the house. I'm wondering if it will do any good to talk to the assessor about this...
Every state has its own methodology for calculating taxable value. I see that you live in Minnesota, so you can Google Minnesota taxable valuation to locate several sites that explain the methodology, or you can call your local assessor or other resources. From one of the online sites, it appears that Minnesota has a progressive valuation system, wherein a portion of the valuation is excluded up to certain property valuations, dropping off as the property value rises. You apparently have a property whose value exceeds the top level of the progressive scale.
The dramatic increase in real estate values would cause your estimated valuation to increase. Sales for the region show that values have increased by 21%, so that has been applied across the board and accordingly the estimated valuation was increased by 21%. BUT, your property is valued highly enough that the increase is above the top value of the progressive scale, hence your taxable valuation went up by more than the 21%, ie by 24%.
If your neighborhood hasn't increased in value as much as the overall average increase, then checking sales in the neighborhood, and/or seeking the assistance of an appraiser to establish a valuation for your locale in lieu of the average increase, could be to your benefit--the assessor isn't supposed to increase your valuation in excess of the actual increase. And that COULD be less than the average. You probably have a good sense of whether that is the case, ie homes for sale in your neighborhood take longer to sell, sellers have had to lower their asking price, etc. If that's NOT the case, ie rapid sales at prices well above the assessed valuation, then your chances of a successful appeal are probably not good.
There is always an appeal process for valuations, via a board/commission of appointed citizens. Your local assessor can assist you with the proper forms and documentation to demonstrate that the average valuation increase doesn't apply to your property. In some locales, the appeal board may routinely reduce the increase, with valid documentation to support a lower value: in others, not so likely. The appeal board would very rarely increase the valuation upon appeal, perhaps aren't allowed to do so: I don't know. There have been cases in my location where reduced valuations have been appealed (2000's when the bubble burst), and higher assessed valuations requested, because owners perceived that buyers wouldn't be willing to pay more than the assessed valuation. Those usually weren't granted, the market is what it is and the assessed valuation was supposed to reflect that.
Every state has its own methodology for calculating taxable value. I see that you live in Minnesota, so you can Google Minnesota taxable valuation to locate several sites that explain the methodology, or you can call your local assessor or other resources. From one of the online sites, it appears that Minnesota has a progressive valuation system, wherein a portion of the valuation is excluded up to certain property valuations, dropping off as the property value rises. You apparently have a property whose value exceeds the top level of the progressive scale.
The dramatic increase in real estate values would cause your estimated valuation to increase. Sales for the region show that values have increased by 21%, so that has been applied across the board and accordingly the estimated valuation was increased by 21%. BUT, your property is valued highly enough that the increase is above the top value of the progressive scale, hence your taxable valuation went up by more than the 21%, ie by 24%.
If your neighborhood hasn't increased in value as much as the overall average increase, then checking sales in the neighborhood, and/or seeking the assistance of an appraiser to establish a valuation for your locale in lieu of the average increase, could be to your benefit--the assessor isn't supposed to increase your valuation in excess of the actual increase. And that COULD be less than the average. You probably have a good sense of whether that is the case, ie homes for sale in your neighborhood take longer to sell, sellers have had to lower their asking price, etc. If that's NOT the case, ie rapid sales at prices well above the assessed valuation, then your chances of a successful appeal are probably not good.
There is always an appeal process for valuations, via a board/commission of appointed citizens. Your local assessor can assist you with the proper forms and documentation to demonstrate that the average valuation increase doesn't apply to your property. In some locales, the appeal board may routinely reduce the increase, with valid documentation to support a lower value: in others, not so likely. The appeal board would very rarely increase the valuation upon appeal, perhaps aren't allowed to do so: I don't know. There have been cases in my location where reduced valuations have been appealed (2000's when the bubble burst), and higher assessed valuations requested, because owners perceived that buyers wouldn't be willing to pay more than the assessed valuation. Those usually weren't granted, the market is what it is and the assessed valuation was supposed to reflect that.
Assessors don’t seem to pay too much attention in my area. They just do across the board increases and don’t look at sales. We bought a house for under the assessed value but it was still increased 10% that year. I went in and asked if we bought on the open market, why would that not be the market value of the house? Deer in the headlights and babbling.
Once a valuation is issued by the assessor it can't be adjusted administratively, ie by the assessor or his staff, since that would be an open ticket to corruption. A formal appeal needs to be filed in accordance with the process set out in State law.
Submitting documentation showing that the transaction occurred below assessed value. and was an arm's length sale, would be a good start towards a successful appeal. But not necessarily guaranteed, since some sellers aren't astute: if your sale was an outlier, the appeals board might conclude you were simply fortunate to have gotten a good deal, but that it didn't reflect true market value. Would you have sold the property the next day for the same price?
The basic concept in most states is that property taxation is supposed to be fair and equal, however that might be determined by state law, with fair and equal valuation being the foundation to treating you and fellow property owners fairly and equally.
Except in California, as one notable exception where it's beneficial to be an old property owner.
It was arms length. I also worked as an appraiser for a while so I’m pretty comfortable with valuations. Always thought arms length sales should be a good time for an assessor to set the price. An assessor enters maybe one out of 200 sales on homes so they have no idea of the inside condition so it’s strictly a drive by at best which as an appraiser we openly admit they tell you 5% of the picture.
Why not set assessments from the sales of homes, they are the best indicator of fair market value. For every deal on arms length, there is another who over paid, so it comes out in the wash.
Went to the mall to get some steps (hangs head in shame) and some guy walked into the mall dressed as Hellboy.
When you realize that you value friends more than they value you.
Well friday was less than fantastic started early and finished late. On a high note did find some 3.48 gas in Vinton. Just north of Blairstown popped the top of the hill and found probably a couple of hundred yards of ice covered black top. Somebody just a bit ahead of me found it first and went off the road and clipped a power pole. Pole was broke but lines still up, truck in tough shape and ambulance was there along with the sheriff. There were quite a few icy patches in the Benton Co area still on friday.
I get why the taxable valuation went up more than the valuation. We have a homestead credit and it went from from about $11K down to about $5K. Regardless, a 24% increase in one year is ridiculous.
CycloneErik
Well-Known Member
Sorry, man. I get that. It's the case here every time.
An old colleague from grad school was posting on one of our prof's walls about hearing this talking to fellow alumni, and I remembered that I don't talk to any (or get departmental e-mails, but whatever).
People is the fun.
At least this time mine seems to be related to helping. Our friends have helped me with odd jobs here and there as well as moving. My best friend since childhood that lives ten minutes away needed help moving stuff around their house and sought help from another friend of ours that lives 30 minutes away. It's odd but I am hurt that I don't get asked to help others when I would be more than willing to. Whatevs I guess. Just reminds me that I am the one to organize things and makes me want to just sit back and not reach out to anyone and see if they ever reach out to me.
CycloneErik
Well-Known Member
That's the opposite here. I'll be asked to help, but there won't be anyone around when I ask, especially if someone has promised, offered, or whatever.
Off to listen to Whitesnake while I keep uploading these class vids.
When I was 6, a family with a 5 year old girl moved in 2 houses down. She would come knock on our door to ask if I could play and being the shy kid I was it took a while for me to finally meet her. I went over there one day and we instantly became friends. We were at each other's houses just about every day for 7 years.
Then we moved to where I am now to start high school and it was like I became irrelevant. I tried to keep in contact but she ignored me. Haven't spoke to her since. Our moms also were good friends and hers also completely ignored mine after we moved.
She's in North Carolina now and I'd like to message her, but she doesn't have any social media. Her mom has a Facebook and is actually friends with my aunt which is odd. I actually had a dream about her the other night in which we met again and everything from the past was water under the bridge.
What I believe happened is my mom said something bad about the town and school district we were leaving from, which her mom worked for, so her mom manipulated her not to speak to me anymore. A 12 year old is going to listen to whatever her mom says.
It hurts that something extremely petty like that ruined a childhood friendship.
Eventually in a way it Xs itself out. I've got friends I haven't seen for almost 3 years and keep meaning to reach out but just don't.
I'd see them once a year and there tended to be reminders as to why I would only see them once that year.
I went through a phase once where I wanted to meet more people and be very social but have realized even if it's like 2, if they're REALLY good noble friends, that's enough.
Do they not have kids or the ones they asked not? Could be they thought they may inconvenience you more or maybe that guy had asked for his help before…… Honestly, you are a few years from the typical friends change. You will start to hang with those that have kids doing the same thing as yours. There are waves that we go through in life when it comes out to people we hang out with, and it will generally keep evolving.
Babysitting the idiots through a fully automated time change process.
Already finished Wordle (3), Quordle (7) & Octordle(13)
Already finished Wordle (3), Quordle (7) & Octordle(13)
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