After discussing the "tax assessments as loan maximums" with my agent, she made some calls, and it turns out that ONLY MY CREDIT UNION is doing this in my area--for their risk safety's sake, I guess. I personally don't see the need to pay more than the tax assessment for a house, but then again, this would be "tax-free house" to you as long as the house market value is higher than the tax assessment.
If the comps justify the asking price, and the tax assessment is lower, you have what's called "tax equity"--this also means that you have room for your property taxes to be raised, and you betcha they'll go up in this day and age.
However, if the opposite is true--tax assessments are HIGHER than comps--then you have room to protest the property taxes.
Tuesday, July 14, 2009
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1 comments:
It's crazy. We're trying to buy the small lot next to us and we just found out the people think they should get over 4 times the tax assessement value of it. We're not buying it for that, especially since it's a down market, no one is buying luxury lake property and 4 times the value would mean we could sell our home for about a half a mil, which would never happen. We'd be lucky to get 10% more than tax assessed value.
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