AKA The Real Estate Tax Fiasco of 2008 (The Prologue)
Everybody in Montgomery County, Ohio listen up! I was just checking our real estate tax listing at www.mctreas.org and found that my 2008 evaluation on this place went up 96% while almost everything around us plummeted 10% to 60% in value! Out of 16 properties around us, twelve dropped in value while two commercial properties and two residential properties went up between 1.6% and 4.6% but nothing compared to our WHOPPING 96% which means our taxes will almost double. I'm going to fight this one. If they want to increase our property 4.6% when everything else is dropping I'll accept it but I can't sell this place for what they are evaluating it for. Right now I would be lucky to get $10,000 more than we paid for it because it is unfinished, has no garage, the back yard is a jungle and the front porch is falling off! I'll keep you posted. If I'm going to get phucked it would be nice if I got a kiss first ....
From log house to farmhouse. Farmhouse to townhouse. Townhouse to apartment house. Apartment house to crack house. Crack house to our house. Our house to our home.
7 comments:
That's ridiculous! I hope they hear you out.
That blows. I don't know what Ohio's law says about it, but in Arkansas, if homes in neighborhood decrease in value and they are similar in condition, style, construction, etc, than all homes should decline in value. Do you all have an equilization board? If you appeal it before the board in AR, they'll reduce the value about 60% of the time. Anyhow, I know Ohio and Arkansas are nothing alike, but good luck! Who knows, maybe you'll get a kiss out of the deal?
Could somebody have just forgotten a decimal point that would have made it 9.6%?
Maybe somebody in city hall is reading your blog and figures the improvements are worth it.
They're anticipating greatness in the volute.
Seriously, fight this one. That's total BS.
P.S. Greekfest Friday
Good luck brother. Our value actually dropped from the last evaluation, which I'm not too worried about right now. We live in an old streetcar suburb that is currently still ghetto, but it will start to look a lot more attractive in the coming years and there will be reinvestment in this area.
That's crazy! I thought (at least in Cuyahoga County (Cleveland)) that the assessed value was based upon the value of comparables in the neighborhood. It makes it hard for rehabbers, because when a quarter million dollar house gets trashed, just the cost of property taxes while fixing it up can be enough to drive away potential fixer-uppers. I know a house that would sell for about what your "residence house" is listed at, but would require monthly tax payments at a rate similar to what I paid for rent on my last apartment.
As it is, regardless of which house I get, my mortgage and property tax payments will probably be close to equal.
Just thought I'd let you know that I fought my assessment and got it dropped by 70 thousand dollars. I'm not sure how it works in your town but in Hudson the assessment is supposed to be something like 78% of the homes market value. My assessment was for 40 thou more than I paid for the house! So I did my homework and went in with a list of comps in the neighborhood (at much lower values) along with my bill of sale (is it actually called that? Io kinda doubt it) and viola! They don't publicize it - but in our town it's a yearly hearing called grievance day. I was SO relieved. Call the county clerk and ask for the forms asap!
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