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#1
07-02-2008, 07:16 PM
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Funny Property Tax situation.
So I ran in to a very interesting situation with a property tax.
I received Official Property Value Notice for 2009. And according to King County Dept. of Assessments in 2009 my property will cost $294,000 Well........I bought it almost 3 years ago for $302,000. My neighbor bought his for $320,000 a month later then me (he has bigger lot) Well he is selling it now for $260,000 So I'm thinking to my self. Why should I pay extra property tax next year when my property does not worth that much. So I start the appeal process. I have 60 days from the date I received the notice to submit my Valuation Appeal. So I go through the form, fill it out and get to the part where I need to provide a reason why I think my property worth less then they think. And they suggest me to go to their web site and search for recent sales (specifically from 01/01/08 to 07/01/08) I punch in my Parcell Numver (basically DNA code for my property.....size, area located, year built blah blah blah blah blah) and then I search for similar properties in the same area. And then I have to compare properties that sold with my property and determine the actual market value of my property. Well there is one problem. Not a single property (similar to mine) was sold in my area since January this year. So I'm thinking.......Lemme go back a month. Let's see if any were sold in December last yer. .........................NOTHING I go back again..........Now to October last year. .........................NOTHING So in box 4 where I'm being asked why I think my property worth less then they think, I'm putting this. "Dear Department of Assessment. You asked me to compare my property to the similar properties that were sold in my area for the past 7 months. Well there weren't any. Nothing sells in my area cuz properties around here don't worth sh!t. So please be kind enough and release me from the property tax for the following year cuz I'm pretty much sitting on a pile of worthless sh!t" Thank you. This is incredible. I'm wondering now how are they gonna determine my property value after I send in my appeal. This is gonna be fun.
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D A N G E R
Russian Tourist I invested my post count in the stock market. Much good it did me. 
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#2
07-02-2008, 07:18 PM
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 I want to see how this turns out... Seems like you're in a good situation in some ways, and in a bad one in other ways. Best of luck!
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#3
07-02-2008, 07:19 PM
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Were you the one that was in some mortage refiancing thing also? You were able to refi right?
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#4
07-02-2008, 07:33 PM
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My mortgage company never got back to me and they are still working on it. I call them once in a while and then keep telling me 7-10 days 
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Russian Tourist I invested my post count in the stock market. Much good it did me. Last edited by JOKER : 07-02-2008 at 07:39 PM.
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#5
07-02-2008, 10:49 PM
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I really hope you didn't actually write this
 "Dear Department of Assessment. You asked me to compare my property to the similar properties that were sold in my area for the past 7 months. Well there weren't any. Nothing sells in my area cuz properties around here don't worth sh!t. So please be kind enough and release me from the property tax for the following year cuz I'm pretty much sitting on a pile of worthless sh!t"
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#6
07-02-2008, 10:50 PM
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Quote:
something similar but a little more professionally
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D A N G E R
Russian Tourist I invested my post count in the stock market. Much good it did me.
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#7
07-02-2008, 11:31 PM
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There is a subtle difference between appraised value and assessed value. Assessed value is what they base property taxes on, and comps have some influence but not much.
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#8
07-03-2008, 12:14 AM
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^well it clearly said in their note that they will base their decision on sales records for past 7 months.
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D A N G E R
Russian Tourist I invested my post count in the stock market. Much good it did me.
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#9
07-03-2008, 12:57 PM
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Jeff, most people who are trying to refinance are in a situation where the can't do so. I am no mortgage expert, but i believe in order to refinance, your house must be worth more than what you bought it for. This is why a lot of people are getting screwed on their homes. All of these mortgage companies are saying "hey come to us we will refinance your house". Well the trick is...they will refinance your house, but only if your house is worth more than what you bought it for...which isn't the case anywhere. Why is a company going to refinance your house if it isn't worth what you bought it for...
Someone can jump in and correct me, but im pretty sure that is the sum of it. -Sean
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#10
07-03-2008, 01:13 PM
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Even if you're not upside down in the home, because of the fact that underwriting guidelines have changed so much since so many of these people have bought homes, whether it's higher minimum FICO's, lower loan to value ratios, or elimination of loan programs all together, many people are having a tough time getting refinanced and lenders and brokers are so desperate for business right now that they are throwing everything at the wall to see if it will stick. (sorry for the run on sentence) The problem with that is that you get people that really need help and you can't do anything for them. Unfortunately these other brokers will get them all psyched up thinking that they'll be saved, which is why I abhor these government bailout programs (among other reasons). I have never funded an FHASecure loan. Only one guy in my office (over 100 loan officers) has. This plan was supposed to help hundreds of thousands. Nothing but window dressing. Which is why I'm looking to hook up as an affiliate with a loan mod company. My plates pretty full already (LO, AE for a project finance intermediary, Pre-Paid Legal, etc.) but I can't stand the fact that so many are having so much trouble with this right now. If you consider the average intellect of the LO over the past few years, and you consider the difficulty of filling out the TIL correctly on an ARM, you see that there is a discrepancy there. A company with lawyers on staff (forensic document examination) should be able to tear that TIL apart at which point the lender will have no option but to mod the loan or be faced with a lawsuit for misleading borrowers. Anyway, sorry for the OT rant. Joker, although you may be able to get your property re-assessed I wouldn't necessarily count on it. You're basically asking the guy that gets paid via your property taxes to reduce the money coming in that pays his salary. It's unfortunate, but that's the gov for you. I hope it does work out for you. Once I get set up with the loan mod company I'll let you know. It sounds like your lender is stringing you along.
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#11
07-03-2008, 02:26 PM
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///M32G35 (forgot your name sorry
 ) thanks for stepping in and clearing things up, as always haha. You should consider being a teacher someday. You know how to get your information down on paper and across to others. I wish i knew mortgages like i know equities... -Sean
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#12
07-03-2008, 03:26 PM
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No. I believe Joker was highly upside down on this loan/house value. What he was trying to do was give the mortage company two options: a) He walks away from the house and they have to sell the house as a short/forclosure b) Gives him another loan with better terms so they could avoid a). Hey, it was his plan, not mine. 
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#13
07-03-2008, 05:05 PM
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and hey have not get back to me yet.
__________________
D A N G E R
Russian Tourist I invested my post count in the stock market. Much good it did me.
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#14
07-03-2008, 07:04 PM
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And they WONT get back to you because you are still making payments. They know they've got you by the balls. If you can't refinance to get better terms, you have very few other options other than to sell, or walk away and deal with the consequences. I commiserate...I'm in the same position. I'm making payments on a house that's about $90K upside down. Well $80K now. 
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