2020 Property Tax Assessment

[timun]

Ooof, assessed value up 5.8%, tax up 19.4%, monthly TIPP payment will be going up 31% to cover the difference in the latter half of the year...

[DoubleF]

Originally Posted by PsYcNeT

From chatting with some acquaintances in real estate, renos don't often have a net positive resale value (this isn't hard and fast, since the time since last reno, age of home, quality of finishes etc. all factor in). Basement development is usually the only one that is guaranteed to have net positive value since it "adds" usable square footage to the home, but everything else is usually a crapshoot.

The guy who spent 5K probably added the most positive net value to his home realistically, assuming it has 4 walls, a ceiling, and properly installed flooring, lighting and electrical.

Agreed. It's like putting new parts in an old car. Adding value to an older car/home isn't a direct addition to the actual value of that item.

Actually, I think the person who poured in $0 added the most positive "net value" to her home. The reason being that condo/apartment values have dropped so quickly in the last few years, the person pouring less is losing less.

The basements were essentially roughed in, so the guy putting in $5K for the workshop (mainly shelving and wiring for industrial tools and 3D printing) may actually be negative in that if he were to sell, the buyers wouldn't want that stuff there and would drop the price and say it's the cost of removing that stuff. I don't think he has flooring or has added any permanent walls.

I'm the one probably losing the most actual value due to me spending by far the most developing my basement, but I've enjoyed the usage of my basement for over 4 years now. So it's hard to determine how to factor the fact I'm not getting my full $40K back on top of the loss on the unit, but I've also likely enjoyed the use of my basement to a much higher degree than my neighbors who don't really need the basement space. The other person who poured $15K is probably losing money too, but not as much as I.

[Twitchy15]

When does the new property assessment start affecting property taxes?

[WhiteTiger]

Just got the assessment. House has lost another 7%. *sigh* It's losing value faster than I can pay the damn thing off. Wondering if I should have just stayed in the apartment, now.

[Weitz]

Originally Posted by WhiteTiger

Just got the assessment. House has lost another 7%. *sigh* It's losing value faster than I can pay the damn thing off. Wondering if I should have just stayed in the apartment, now.

Green text?

[WhiteTiger]

Originally Posted by Weitz

Green text?

Not really-ish. I know that owning is better, and there are more advantages living here where I currently am, and that my house has to stop losing value eventually (I think...)

But I've watched it lose roughly $22,500/year since I bought it, which 'hurts'.

[topfiverecords]

Originally Posted by WhiteTiger

Not really-ish. I know that owning is better, and there are more advantages living here where I currently am, and that my house has to stop losing value eventually (I think...)

But I've watched it lose roughly $22,500/year since I bought it, which 'hurts'.

I suggest you sell it to me now before your assessment loses you another 22,500. I will give you your current assessed value + $1.

[MoneyGuy]

If you’re going to own a house for decades more, don’t fret about it.

[Weitz]

Originally Posted by WhiteTiger

Not really-ish. I know that owning is better, and there are more advantages living here where I currently am, and that my house has to stop losing value eventually (I think...)

But I've watched it lose roughly $22,500/year since I bought it, which 'hurts'.

City Assessment =/= value.

[Regorium]

Everyone knows assessment isn't the same as value. It's a decent proxy though, to the point where you can formally argue with the city to accurately portray the assessment as the true value of your property.

I'll sell anyone my place today for assessment value + $1.

[Weitz]

Originally Posted by Regorium

Everyone knows assessment isn't the same as value. It's a decent proxy though, to the point where you can formally argue with the city to accurately portray the assessment as the true value of your property.

I'll sell anyone my place today for assessment value + $1.

I understand but its wildly different in all parts of the city.

You probably couldn't buy a house on my street for assessment value + 5% right now if I had to be honest.

[topfiverecords]

Mine is assessed for at least $100k less than I can sell it for, if not $150k.

[bizaro86]

Originally Posted by Regorium

Everyone knows assessment isn't the same as value. It's a decent proxy though, to the point where you can formally argue with the city to accurately portray the assessment as the true value of your property.

I'll sell anyone my place today for assessment value + $1.

Yeah. I have a condo I'm willing to sell for assessment minus 10k