PROPERTY APRPRAISER - High Property Taxes Got Me Down!. I've been a licensed appraiser for sixteen years. I see in Maryland, Washington, DC and Virginia until I moved back to Buffalo, NY area about eleven years. Buying a house in the Buffalo area was a pleasant surprise when I learned I could buy a house almost three times bigger than the house he owned in Maryland for the same price. Then the property tax situation was explained to me and actually broke down.
My monthly mortgage (principal and interest $ 800), would be eight dollars less than the monthly taxes and insurance ($ 808) had to pay (for a total payment of $ 1608). This means that after thirty years of paying a mortgage, you still have to pay an amount equal monthly taxes and insurance for the rest of the time I lived in the house. It would have two mortgages for the price of one and that is if the taxes do not rise.
I believe that taxes continue to rise. As a matter of fact, all we can to make sure you pay the correct amount of state, federal and property tax. I own several income properties and assessments have been reduced. He challenged the assessments of clients and has lost only one time. The assessment of property dispute process is quite simple at first, but becomes more complicated at higher levels. I'll write about that process in later blogs. At this point I would like to write about a topic that has been near and dear to my heart for some time ... property tax statistics. I know what you're thinking, get a hobby.
The National Taxpayers Union (NTU), based in Washington, DC is often quoted on property taxes in the United States. They say homes in the U.S. are 30% -60% compared to assess. To make this statement, but I've never seen any statistics back up the numbers. Therefore, due to the property tax situation in New York and the fact that I have the Multiple Listing Service (MLS), I decided to see if I could prove or disprove the assertion of the UNT is my little part of the country. What happens is that the western and central New York are the first six of the six counties in the country taxes when home values compared to the amount of taxes paid in proportion according to the Tax Foundation is also in Washington DC . I'll check the sales prices of homes against the appraised value of the houses to see how accurate the local assessors. This will be done at the village and town and I'll make an overall assessment of each county in research I.
As an appraiser I know no one can accurately predict the sale price of a house. Appraisers providing an estimate of a house, but we realize that a large would be better. If I use the assumption that 30-60% of all households are then assessed a house that sold for a dollar less than its appraised value is evaluated. That seems pretty ridiculous, but the premise. So to be fair check to see if the properties are being evaluated and it is known whether the properties within a range of + / - 10%. This means that local counsel has a margin of 20% or an interval in which the value of the property. I'll post the two sets of numbers in this blog.
Erie County is first, let's see what we have. We used residential houses sold in the last six months. All the houses were selling property, foreclosures, HUD homes, bank owned, homes under $ 15,000 or otherwise not arms length transactions were not used. The information was taken from the MLS and local taxes realistic. Evaluated information is entered into the MLS by realtors and the samples were taken at random and checked against realistic tax information for accuracy. There was a small number of errors in the assessed value, but not enough to significantly change the result. Our prediction is + / - 4% error. If the local bonding type of assessment was not 100% which made the adjustment to the assessed value to bring it up to 100% of market value. Slightly more than 3,000 properties were used.
The National Taxpayers Union (NTU), based in Washington, DC is often quoted on property taxes in the United States. They say homes in the U.S. are 30% -60% compared to assess. To make this statement, but I've never seen any statistics back up the numbers. Therefore, due to the property tax situation in New York and the fact that I have the Multiple Listing Service (MLS), I decided to see if I could prove or disprove the assertion of the UNT is my little part of the country. What happens is that the western and central New York are the first six of the six counties in the country taxes when home values compared to the amount of taxes paid in proportion according to the Tax Foundation is also in Washington DC . I'll check the sales prices of homes against the appraised value of the houses to see how accurate the local assessors. This will be done at the village and town and I'll make an overall assessment of each county in research I.
As an appraiser I know no one can accurately predict the sale price of a house. Appraisers providing an estimate of a house, but we realize that a large would be better. If I use the assumption that 30-60% of all households are then assessed a house that sold for a dollar less than its appraised value is evaluated. That seems pretty ridiculous, but the premise. So to be fair check to see if the properties are being evaluated and it is known whether the properties within a range of + / - 10%. This means that local counsel has a margin of 20% or an interval in which the value of the property. I'll post the two sets of numbers in this blog.
Erie County is first, let's see what we have. We used residential houses sold in the last six months. All the houses were selling property, foreclosures, HUD homes, bank owned, homes under $ 15,000 or otherwise not arms length transactions were not used. The information was taken from the MLS and local taxes realistic. Evaluated information is entered into the MLS by realtors and the samples were taken at random and checked against realistic tax information for accuracy. There was a small number of errors in the assessed value, but not enough to significantly change the result. Our prediction is + / - 4% error. If the local bonding type of assessment was not 100% which made the adjustment to the assessed value to bring it up to 100% of market value. Slightly more than 3,000 properties were used.
After collecting all the data it appears that the statement is true of NTU Erie County NY. The county has 40.05% of assessed residential houses for a dollar or more. The County only has 22.53% more than their homes are assessed when advisers + / - 10% for work.
The real surprise is the fact that the county has about 60% of their homes under evaluation for a dollar or more. That's a lot of money not paid into the coffers. This tells me that assessors and homeowners who both need to work to find balance. Homeowners must ensure that your home is properly assessed and evaluated over and counselors must work to make houses that are under evaluation.
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