2007 Calgary Assessment values released on website

[Flames_Gimp]

Originally Posted by Tron_fdc

I'm going to get a HELOC based on that assessment fo sho.

Just imagine.....I could buy almost 400 grand worth of lottery tickets! Sweeeet!


I tell ya what though. Getting kicked in the nads like this makes me even more tempted to get he hell outta this city.

And fotze: You laugh now, but you're gonna be my neighbour pretty soon! We'll be slinging crack out the back alley together to pay off our taxes.

oh, your HELOC wont be baised on that, the citys assesment is always low..

but seriously, how is that a kick in the nuts? your equity increased....if u are tempted to get out, sell the house and you will have a helluva lot of cash to take to sask lol

[Flames_Gimp]

Originally Posted by Kobatuzzied

That is perfect. These huge increases only help you if you are planning to sell.

nope, they mean you can get a s-hitload of credit now.. hell you could get a huge line of credit and assume some rental property...

this thread is making me depressed.

[Bertuzzied]

Originally Posted by Flames_Gimp

nope, they mean you can get a s-hitload of credit now.. hell you could get a huge line of credit and assume some rental property...

this thread is making me depressed.

Umm you still have to qualify if you want some huge amounts. Not sure about the other banks but when i worked for TD you could get a secure line of credit no quesitions asked up to 25% of the appraised value.

I don't know about rentals. everything seems overpriced. One thing I'm totally regretting is buying a condo in Canmore. Prices in Calgary have gone up way higher the past 7 months.

[Bertuzzied]

Originally Posted by fotze

That is crap, every year I send some reporters some evidence about the scam those neighborhoods have. i.e. assessed value of the house is $800,000 and they are asking $3.8 million on their realtors website, that happens to have the address on it. No reporters really have pursued it.

Why is it a scam? If stupid buyers are willing to pay $3.8mill for an $800k place let them. hehe. There was a house a block away originally asking $1.7million. Good luck with that. The price has been dropped 4 times now and the house still has not sold. Even after the new renovations.

[hah]

Originally Posted by fotze

That is crap, every year I send some reporters some evidence about the scam those neighborhoods have. i.e. assessed value of the house is $800,000 and they are asking $3.8 million on their realtors website, that happens to have the address on it. No reporters really have pursued it.

Most people in this market are selling homes for more than the city assessed value. Where is the scam?

[Flames_Gimp]

Originally Posted by Kobatuzzied

Umm you still have to qualify if you want some huge amounts.

chances are most people with a mortgage have fairly good credit...i got the full amount available from the bank, no questions asked.

[eazyduzzit]

It's always said my basement isn't finished on those assesments.

But if it takes 10+ k or whatever off the price which keeps my taxes down -- who cares.

[Bertuzzied]

Originally Posted by Flames_Gimp

chances are most people with a mortgage have fairly good credit...i got the full amount available from the bank, no questions asked.

Full amount? like 95%? or 75% so you don't have to go through CMHC?

I guess the competition has increased since i worked there 4 years ago.

[Bertuzzied]

Originally Posted by eazyduzzit

It's always said my basement isn't finished on those assesments.

But if it takes 10+ k or whatever off the price which keeps my taxes down -- who cares.

Ummm when you renovated it you were suppose to tell the city I think. Don't you need permits or something?

[eazyduzzit]

Originally Posted by Kobatuzzied

Ummm when you renovated it you were suppose to tell the city I think. Don't you need permits or something?

I've never renovated, it was developed when i moved in 5 years ago.

Nevertheless, I'm not about to tell them to get taxed more.

I'd imagine it would go up quite a bit as well, as it's quite nice down there. Full sized master bedroom with shower/sink/toilet/walk in closet, fire place, family room, kitchen.....2nd laundry room.

Any ideas what that would tack on to my taxes?

[corporatejay]

when you renovate your basement you are supposed to get a permit which gets entered into the tax system so they know to increase your property taxes.

Re: line of credit.

What you can get isa homeowners LOC of a secured line of credit as it is also called.

say when you bought the place it was worth 300k so you borrowed 250k. Now the property is worth 600k and you owe 220k. The bank will say you have 380k in equity in the home and will extend you a secure line of credit (probably around prime or prime +0.5%). this way if you default on the LOC they just take your house. It essentially work like remortgaging your home but instead of paying mortgage rates and having the restrictions of a mortgage it operates like a line of credit.

make sense?

[Incinerator]

Originally Posted by hah

Most people in this market are selling homes for more than the city assessed value. Where is the scam?

The "scam" lies within City Hall, not the homeowner, the City is giving the rich bastids a break by severely under assessing their properties' value.