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Wide White: My house is worth how much?

Wednesday, March 26, 2008

My house is worth how much?

We got our tax assessment from the county. They appraise our place at a full $25,000 more than what we paid for it. We headed to an open meeting with the county this evening to appeal it.

The advantage of having just purchased the home (and the fact that it wasn't a foreclosure or short sale) is that we have evidence to support our claim. The home was originally listed at $50,000 more than what we paid for it and sat on the market for 9 months. They dropped the price $10,000 to $20,000 every few months and we still offered under the list price at the end. Of course, as part of getting a mortgage, we had to have an appraisal. That appraisal includes the value of three or four other similar homes purchased in the area in the past year. None of them were more than around $10,000 more than what we paid for ours (though ours was, admittedly, the cheapest, but prices have also continued to drop over the past year). She almost seemed surprised that we were actually prepared with a 19-page copy of the appraisal that we were able to hand over to them for their records.

They agreed to review our assessment and have someone come out to take a look at the place. I'm not holding my breath, but at the same time, we DID just purchase the place, so I think we have a pretty good case. Yeah, it's "only" what, $250 that we'd be saving? But I can think of a lot of other places that $250 can go...


Blogger kristi noser declared,

Smart consumer Joey. How many people would even make the effort? Good for you.

3/27/2008 5:18 AM  
Anonymous aunt kari declared,

Good for you guys! Way to take control of your finances and home ownership! Proud of you guys. Love you both.. aunt kari. :)

3/27/2008 9:32 AM  
Blogger Kara Jo declared,

Paying attention & doing your research pays off. So does speaking up. Or at least, I hope it does in this case. Who wants to waste $250 when you don't have to? Good job guys.

3/27/2008 3:29 PM  
Blogger -V- declared,

Interesting! Never had an assessment come out as MORE than we paid for the house - it's usually always less. (I remember, the first time, thinking we were being 'under sold' somehow - and my mom explaining that was okay in this case). :-) Good for you guys in being so astute!

3/28/2008 9:34 AM  

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