Quote:
Originally Posted by Canehdianman
In the same boat, except I bought my house a month after the July date (early August).
Appraised value is 65k higher than what we paid for it.
Am I assuming that it will be pretty much a slam dunk to have it reduced to what we paid? After all, the best indication of "fair market value" would be what two arms-length people decided was a fair price.
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Not necessarily. In 2014 I bought a house close to the July 1 assessment date, and the assessed value was about $200,000 higher than the purchase price. They basically told me I got a good deal, which was true. All the houses on my block have the same lot size. Every house gets the same valuation for land, and the building part is different. My house had a very small building assessment, and the land assessment was higher than the purchase price. They weren't about to lower the land assessment for every single house on the block, then bump up their building assessment, just because I paid less than assessed value. The building part is basically a plug after they determine the land and the total assessment.