Property Value/Appraisals RANT

[300UGUY]

True, it is always in flux. The home page of the site briefly discusses some of that. What is interesting is, for the majority of states, the overall tax burden is very similar. Close enough that taxes would not be a deciding factor in choosing where to live.

Currently in Maine, the Governor is pushing budgets that will ultimately move costs from the state to the local level. This shifts tax revenue from income to property, not the right direction for retired people on fixed incomes that enjoy rural living. And, there is no way our rural property tax revenues can support the number of rural residents who receive aid in one form or another.

What our governor has done is shift more tax burden from business to the public. Until this year, pensions were not taxed by the state. Now the state business tax has been eliminated, but we get to pay taxes on our pensions.

 

[Bladehauler]

Any way to start selling the timber to do the renovation?

+2 :thumbsup:

 

[MossflowerWoods]

There have been MANY great points made here in this thread, and there are clearly some strong feelings on some of these points.

I'm going to ask a slightly DIFFERENT question now.

Sticking to the 2010 Appriasal, and the 2013 appraisal only. CLEARLY the 2010 appraisal was wrongly inflated. AG zoned land has NOT dropped from $4,500 per acre to $3,000 in 29 months.

So... Do I have any recourse? Can I go to the Bank and point out they sold me an overinflated apraisal and both THEY and I are now left holding the bag on a turkey?

Is there anything I can do about the bad appraisal in 2010?

Thanks in advance,
David

PS - Just to be clear, I fully expect "caveot emptor"...

 

[MossflowerWoods]

I still have not recieved the appraisal nor the bill for $550.

I am still looking at all angle of approach to provide more space for my family. The wife and I have been iun discussion, but no long term plas have been made.

We are kicking the tires on the concept of "In 3 years dump EVERYTHING and move to Texas (or Tenn. or ???)."

In the mean time, I need to get building fence and run-in shed for the horses... And keep my job...

David

 

[dmccarty]

I'm going to ask a slightly DIFFERENT question now.

Sticking to the 2010 Appriasal, and the 2013 appraisal only. CLEARLY the 2010 appraisal was wrongly inflated. AG zoned land has NOT dropped from $4,500 per acre to $3,000 in 29 months.
...

Can you see the comparable property used in the appraisals? The 2010 appraisal may have had a property that drove up the numbers OR the 2013 appraisal is causing the problems.

How do the appraisals compare to your property tax valuations? It was interesting that our appraisal, which dropped dramatically in value, was still a bit over the tax valuation.

Later,
Dan

 

[murphy1244]

There have been MANY great points made here in this thread, and there are clearly some strong feelings on some of these points.

I'm going to ask a slightly DIFFERENT question now.

Sticking to the 2010 Appriasal, and the 2013 appraisal only. CLEARLY the 2010 appraisal was wrongly inflated. AG zoned land has NOT dropped from $4,500 per acre to $3,000 in 29 months.

So... Do I have any recourse? Can I go to the Bank and point out they sold me an overinflated apraisal and both THEY and I are now left holding the bag on a turkey?

Is there anything I can do about the bad appraisal in 2010?

Thanks in advance,
David

PS - Just to be clear, I fully expect "caveot emptor"...

Was it or not worth the price you paid for it??? A lot of property's value went down. My brother in Arizona house and land lost 45% of value. He ain't happy but he is not talking of dumping it.Matter of fact, the bank won't let him refi cause of loan to house value. Ain't that a kick in the pants for someone who didn't say, Screw it I'll live here for free till they kick us out.

 

[ultrarunner]

In my city.... older nieghborhoods lost a documented 80% of value peek.

In other words a 1200 square feet home from 1922 on a city lot dropped from 520k to 105k... values you would have to go back to the late 1980's.

Every block had multiple foreclosures... really hard hit and no one that bought between 2004 and 2008 is still around.

 

[300UGUY]

In my city.... older nieghborhoods lost a documented 80% of value peek.

In other words a 1200 square feet home from 1922 on a city lot dropped from 520k to 105k... values you would have to go back to the late 1980's.

Every block had multiple foreclosures... really hard hit and no one that bought between 2004 and 2008 is still around.

Same thing in some areas here. And because the jobs going away, they haven't recovered much. I really question a lot of folks ideas of valuation, in the long term. In the long run, housing values have to have some relation to household incomes. Thats why I question the development folks when they cheer the start of another little factory employing folks at $8 per hour. When the HR folks are making sure the employees have registered for food stamps, is this capitalism? These folks aren't buying 500K houses that my neighbor's are trying to sell. At some point, a house is worth some multiple of income. Or am I wrong?

 

[two_bit_score]

Same thing in some areas here. And because the jobs going away, they haven't recovered much. I really question a lot of folks ideas of valuation, in the long term. In the long run, housing values have to have some relation to household incomes. Thats why I question the development folks when they cheer the start of another little factory employing folks at $8 per hour. When the HR folks are making sure the employees have registered for food stamps, is this capitalism? These folks aren't buying 500K houses that my neighbor's are trying to sell. At some point, a house is worth some multiple of income. Or am I wrong?

I always thought a house was worth what a buyer would pay or it.

 

[kenmac]

We are kicking the tires on the concept of "In 3 years dump EVERYTHING and move to Texas (or Tenn. or ???)."
David

You are talking about putting more $ into something that isn't worth what you paid for it. If you put more $ into it ( I assume dump it means sell it) IMO, you are going to just loose more $$. I don't believe the housing market will recover in 3 yrs.