2011 Home Assessment

[GoCubsGo]

dido. It going down = less property taxes.

However, I don't fully agree that assessed values going down won't affect sales price. Banks do look at the assessed values as a measuring stick to determine how much they are willing to put into it. They want the asking as close to the assessed value as possible. The bigger of a down payment that the buyer has the more flexibility regarding this. Hence, normally assessed values influence low income home buyers more than the upper middle class.

Strongly disagree. Banks use private appraisals to determine how much to lend, not assessments. The county assessor is responsible for determining the assessed value of thousands of properties every two years. By necessity, the level of scrutiny is not particularly high. An appraisal, on the other hand, will include a detailed inspection of the property inside and outside, a review of comparable sales, etc.

One other thing. I'm not trying to be a smart-*** about this, but want you to be aware of this for your future reference. "Dido" is a singer. "Ditto" is the word you're looking for.

 

[1100011CS]

Did it do you any good to protest it/ My mom's house keeps goping up each year and I am thinking of protesting it for her.

Anyone successfully protested it? I have a rental property that was appraised in December 2010 for about $10,000 less than the assessed value. I would think that this would be good ammo for the protest but have never heard of someone protesting their assessment.

We protested our the first year after we bought it. We paid about 40,000 less than what it was assessed at so they really had no choice but to drop it.

 

[1100011CS]

Strongly disagree. Banks use private appraisals to determine how much to lend, not assessments. The county assessor is responsible for determining the assessed value of thousands of properties every two years. By necessity, the level of scrutiny is not particularly high. An appraisal, on the other hand, will include a detailed inspection of the property inside and outside, a review of comparable sales, etc.

One other thing. I'm not trying to be a smart-*** about this, but want you to be aware of this for your future reference. "Dido" is a singer. "Ditto" is the word you're looking for.

diddo

 

[Mrs.ISUFan22]

Ours went down by $3,600, not complaining though.

 

[isumellie]

So how do you know your market value of your house if it is not related to the assessed value.

 

[1100011CS]

So how do you know your market value of your house if it is not related to the assessed value.

independent appraisal

 

[jaretac]

Strongly disagree. Banks use private appraisals to determine how much to lend, not assessments. The county assessor is responsible for determining the assessed value of thousands of properties every two years. By necessity, the level of scrutiny is not particularly high. An appraisal, on the other hand, will include a detailed inspection of the property inside and outside, a review of comparable sales, etc.

One other thing. I'm not trying to be a smart-*** about this, but want you to be aware of this for your future reference. "Dido" is a singer. "Ditto" is the word you're looking for.

I know my sister just had a lot of problems because of this. I'm sure that banks also use private assessment a lot, but they also look at what the county has and at the very least they use that as an comparison. My sister was told flat out that the county assessment was too low for the asking price. A number of banks told her this. The owner ended up carrying the contract because of the banks would approve a loan for what he wanted because of the county's assessment.

The loan officers even told her that the house was worth it and if it was up to them they would approve it, but the underwriters wouldn't allow it.

 

[alarson]

So how do you know your market value of your house if it is not related to the assessed value.

Either get an appraisal done or look up comparable sales and such yourself. Sites like Zillow.com also can be helpful to get a ballpark figure.

 

[alarson]

I know my sister just had a lot of problems because of this. I'm sure that banks also use private assessment a lot, but they also look at what the county has and at the very least they use that as an comparison. My sister was told flat out that the county assessment was too low for the asking price. A number of banks told her this. The owner ended up carrying the contract because of the banks would approve a loan for what he wanted because of the county's assessment.

The loan officers even told her that the house was worth it and if it was up to them they would approve it, but the underwriters wouldn't allow it.

Yep, especially when the bank is going to invest all the money for an appraisal, loan officers will often need to justify that cost using other means (tax assessments, online property valuations) to underwriters - and clarify any major difference, before the underwriters will sign off on proceeding (and the additional costs of that)

 

[Three4Cy]

Either get an appraisal done or look up comparable sales and such yourself. Sites like Zillow.com also can be helpful to get a ballpark figure.

That site is a complete joke - says my house is worth $135k more than it is. Sites like Zillow pull from county records, it doesn't take anything into account like finished space, neighborhood, quality of finishes, etc. It looks at sales only on houses with similar characteristics like # of bedrooms and bathrooms, and lot size.

Have your realtor do a market analysis, they have access to the MLS and can pull comparable sales to your home (same thing an appraiser does). You have to understand what comparable sales are they are:
-Homes within one mile of your home
-Sold within the last 3-6 months
-Have similar square footage / # of rooms, # of bedrooms, # of bedrooms on the same level, etc.

 

[alarson]

That site is a complete joke - says my house is worth $135k more than it is. Sites like Zillow pull from county records, it doesn't take anything into account like finished space, neighborhood, quality of finishes, etc. It looks at sales only on houses with similar characteristics like # of bedrooms and bathrooms, and lot size.

Have your realtor do a market analysis, they have access to the MLS and can pull comparable sales to your home (same thing an appraiser does). You have to understand what comparable sales are they are:
-Homes within one mile of your home
-Sold within the last 3-6 months
-Have similar square footage / # of rooms, # of bedrooms, # of bedrooms on the same level, etc.

Its not always right, but its usually in the ballpark for most homes. Obviously there are exceptions, its why its one of many tools you can use. Obviously a full market analysis from a realtor or appraiser is going to be more comprehensive with a lesser margin of error.

 

[Three4Cy]

Yep, especially when the bank is going to invest all the money for an appraisal, loan officers will often need to justify that cost using other means (tax assessments, online property valuations) to underwriters - and clarify any major difference, before the underwriters will sign off on proceeding (and the additional costs of that)

The underwriters are following the guidelines set forth by the investor who will buy the loan from the bank after it closes, since most banks do not portfolio mortgages. These investor guidelines would be either FannieMae, FreddieMac, or GinneMae (FHA/VA). An appraisal typically costs $350, and it's paid by the borrower with a deposit that is given at time of origination, or paid at closing on the HUD so the bank is out nothing. Underwriters could care less about tax assessments, and online property valuations, they want an appraisal.

Underwriters approve files when the borrower submits documentation to satisfy the conditions set forth by the lender and investor, an appraisal satisfies the value of the property, and there is clear title work on the property.

 

[Boxerdaddy]

Did you get it in the mail today? I just bought a foreclosure in Beaverdale that has been sitting empty for 2 years. Taxes are pretty high and I paid under half of the assessed value. Would be nice to see it drop a ton! I'll still file a dispute though.

 

[CycloneDaddy]

I live in Urbandale and mine dropped 1.4323%

 

[alarson]

The underwriters are following the guidelines set forth by the investor who will buy the loan from the bank after it closes, since most banks do not portfolio mortgages. These investor guidelines would be either FannieMae, FreddieMac, or GinneMae (FHA/VA). An appraisal typically costs $350, and it's paid by the borrower with a deposit that is given at time of origination, or paid at closing on the HUD so the bank is out nothing. Underwriters could care less about tax assessments, and online property valuations, they want an appraisal.

Underwriters approve files when the borrower submits documentation to satisfy the conditions set forth by the lender and investor, an appraisal satisfies the value of the property, and there is clear title work on the property.

It depends on the bank, and what kind of loan your're doing- purchase or refi. As a former LO a few years back in refis we had to provide something to our underwriters to backup the stated value of the home that we were expecting from an appraisal, before theyd allow us to proceed with that appraisal, as if the loan didnt close, the potential borrower was not put on the hook for the money for the appraisal.

 

[azepp]

I just closed on my house last Friday, and got notice it went up 6,000 in Ankeny. What a nice housewarming gift from Polk County!

I successfully protested mine right after I bought it a couple years ago when it was assessed at $30k more than I paid for it. I argued that the price I paid for it should be considered the market value since that what is sold for. To my surprise, they came back with a number even lower than I had asked for.

In your case the $6k won't make a huge difference but you might be able to save yourself a little coin.

 

[chuckd4735]

I successfully protested mine right after I bought it a couple years ago when it was assessed at $30k more than I paid for it. I argued that the price I paid for it should be considered the market value since that what is sold for. To my surprise, they came back with a number even lower than I had asked for.

In your case the $6k won't make a huge difference but you might be able to save yourself a little coin.

It is accessed about 24k more than we paid for it. I did some looking into the properties surrounding mine, and on average they dropped $8100. Land values dropped an average of $2200 (mine dropped $1800), and dwelling's dropped an average of $5900 (mine went up $7900). Something does not seem right...