Monday, February 23, 2009

Surviving A Taxing Time

" A political promise today means another tax tomorrow."

The town we live in recently did a revaluation of all real estate and we received our new assessment yesterday.
The assessment is broken down between land and building. The house reval increased $30K, which seems reasonable to me. However, the land value increased a whopping $116K!
How can that be? The lot size has not increased. Obviously, the land hasn't moved to a new, better location.
We have until 5/1 to appeal. However, we have to show examples of comparable properties that have sold in the last year,which is just about impossible. We don't live in a planned development. Our little area is composed of old homes, new homes, refurbished homes. This area, going back to the 40's & 50's, was filled with little bungalows that were used as summer getaways. Our house, at one time, was one of these homes. However, over the years, previous owners enlarged and re-designed it, so today, you would never know its beginnings. So, finding comparable homes is next to impossible.
I have no idea how this is going to effect our property taxes. Gee, do you think the Federal government has any money for us to help in this situation? Oh, no. I forgot. We don't qualify. We pay our mortgage every month.

1 comment:

  1. Good Luck. I see this happening with my Mother's house. They over-assess the property in order to justify raising property taxes. Senior Citizens get a $250.00 deduction; oh, wow wee! And if you've had any major inside work done, it's reported. So you want to redo your bathroom, but you get screwed on paper. It's a vicious cycle.