Unless they are paying their taxes into escrow as PART of their mortgage payment. So it very well may make the total dollar amount of their monthly payment go up.
Speaking of revaluations, wonder what will happen to everyone's property if the proposed highway interchange at the end of Cornwallis Road and where White Oak Road begins (county lines) becomes a reality? I hear its going to take all those peoples land etc. if its finalized. My heart goes out to all you people involved in that mess.
Exactly, since my esrow amount will now go up the how many hundreds more in property taxes we will owe on the 11,000, you got to divide the hundreds by 12 (months in a year) and that will be how much extra my mortgage is each month.
Well, okay. I suppose your payment goes up if you escrow, but what you owe on the mortgage loan will not. That's what I thought you meant. No escrow for me. That $1000+ I keep to myself all year.
Exactly, I have no choice but to pay escrow if I have a mortgage. But no, my oweing of mortgage money will not go up, just my payments because of escrow.
Has anyone appealed your new tax value? Mine actually went down about $15K but is still $20K more than recent appraised value. We just purchased the home new in August but it was completed and originally appraised in 2008.
My tax value went up to 130,000 and I refi-ed last year and the appraisal came in at 124,900. I am getting ready to try and sell my house. Is it in my best interest to leave it alone (so that the potential buyer will perceive it as getting a good deal) or send the recent appraisal in to dispute the new tax value? I am fairly certain that I can't get 130,000 for the home, as others in the neighborhood are trying to sell at around 129,000 and there have been no turnovers. Does anyone know anything about this?
taxes and reevaluation In the past i've seen counties after revaluations lower the the tax rate some to bring taxes back in line. I know the county needs more revenue but it would be a big hit for alot of people they didn't adjust the rate a bit. Does anyone know if this might happen?
I went to the link and it looks like in our subdivisioin, ALL land lots are appraised at 35K, regardless of size. DH went to work and a told a friend about the site, and all the property in HIS neighborhood, the lot values were all 35K whether they were 1/2 acre or 2, same as here. ???
tax values have very little, if anything, to do with market value. the only exception would be within a short period of time following a valuation by the county. for example, if they do the revaluations every 8 years, by year 7 the tax value should be way below market value, since the tax value is basically the market value in the year it is done....
I think if you multiply the $11,000 by the tax rate you will get your added difference which i believe to be around $7 month.
That all depends on what the county sets next year's tax rate at. There's no guarantee that next year's rate will be the same. It's more likely that the rate will be different.
I sent in my request to lower the newly assessed value of the new house we had just purchased. I just received letter of approval today! The revaluation had already brought it down $20K and this brought it down another $17K to a value that is actually slightly less than the appraisal.
Lucky you! They raised my value over 12k and I got a letter in the mail today saying they are not changing it. I guess I have to do a formal review now, but I've never done any of this before! When I sent in the appeal, I sent in several comps for my type house in JC, most with slightly larger square footage, all having sold for less than what I'm now appraised at. Any suggestions for how to win this?
I am in the same situation. I disputed my value and got no change. Meanwhile a friend in the same neighborhood with the same house got his lowered. I have to formally fight it. I sent all the comps in as well.
