 property revaluation tips (by TED [NJ]) May 19, 2016 12:43 PM
 property revaluation tips (by Mark [IN]) May 19, 2016 1:11 PM
property revaluation tips (by razorback_tim [AR]) May 19, 2016 1:19 PM
property revaluation tips (by Landlord ofthe Flies [TX]) May 19, 2016 3:32 PM
property revaluation tips (by Ray-N-Pa [PA]) May 19, 2016 4:45 PM
property revaluation tips (by Frank [NJ]) May 19, 2016 5:10 PM
property revaluation tips (by BRAD 20,000 [IN]) May 19, 2016 10:56 PM
property revaluation tips (by Tony [NJ]) May 20, 2016 7:56 AM
property revaluation tips (by Frank [NJ]) May 20, 2016 3:26 PM
property revaluation tips (by TED [NJ]) May 20, 2016 9:04 PM
property revaluation tips (by Gruvin [TX]) May 22, 2016 11:36 AM
property revaluation tips (by TED [NJ]) Posted on: May 19, 2016 12:43 PM
Message:
Hi all. Got a notice in the mail that the town where I rent out a house to student tenants is doing a property revaluation (by a 3rd party). Any advice?
On the form I have to fill out it says, "Please describe any recent issues concerning the property that have impacted its financial situation." Any suggestions? I had a washer/dryer replaced, giant dead tree branches removed, hot water heater replaced, and boiler repaired, extermination of pests as well. List this stuff or leave it off? Not sure whether it makes a difference but I heard that revaluations means the property taxes are going to skyrocket even more. This is New Jersey where it's barely profitable as it is after all the dang taxes. --72.68.xx.xxx |
property revaluation tips (by Mark [IN]) Posted on: May 19, 2016 1:11 PM
Message:
I don't think you'd want to mention things that will increase the value. Start thinking in the other direction. --66.87.xx.x |
property revaluation tips (by razorback_tim [AR]) Posted on: May 19, 2016 1:19 PM
Message:
I wouldn't list any of the things you mentioned. I would wait and see where their evaluation comes back at before worrying about it too much. If it does come back legitimately over valued then use your protest process and try to get it reduced. --166.137.xxx.xx |
property revaluation tips (by Landlord ofthe Flies [TX]) Posted on: May 19, 2016 3:32 PM
Message:
Agreed. Don't help them raise your taxes. Make them work for it. Think termite infestation, strange cracks in the wall, foundation issues, mold, roof leak. --99.125.xxx.xxx |
property revaluation tips (by Ray-N-Pa [PA]) Posted on: May 19, 2016 4:45 PM
Message:
If I recall right.....wasn't that house the site of that mass murder just last year..........they that's the place. I am sure no one will want it now --24.154.xx.xxx |
property revaluation tips (by Frank [NJ]) Posted on: May 19, 2016 5:10 PM
Message:
Here abouts...Monmouth & Ocean Cty.'s did the revals already.
Its a fishing expedition. Do not let them in. Go check your tax card....there are many many times that they are in error and you are getting assessed for sizes and amenities that you do not have.
5 people I know well, and 3 are IN the RE biz. and not stupid or neophytes have fought their assessments and there were such STUPID statements made by the assessors for excuses for the LIES & comps that they use that it is almost criminal. --108.5.xxx.xx |
property revaluation tips (by BRAD 20,000 [IN]) Posted on: May 19, 2016 10:56 PM
Message:
Ted,
Your list sounds like improvements and reasons to increase the value of your property. Look for outside influences such as bad neighbors, higher crime, new apartments across town taking your customers ...
Having just been thru this on a long list of properties, my suggestion is to meet with the tax assessor and learn how old the new values are set. Example: in my state A rental homes value is determined by the rent charged as evidenced on the lease. I argued that we do not always get A full 12 months of rent. In fact the banks will not count a full 12 months even if we got the full 12 months.
I also argued that our printed rents often include pet fees and appliance fees, so that would be unfair to compare the two homes which do not offer those extra services.
Then we discovered they were comparing brand-new upscale snazzy $1200 apartments to my old 110 year old building with peeling lead-based paint and original windows, split into three apartments renting for $399 each.
I also discovered they were comparing my current rents to rents from five years ago.
Be proactive by looking up the valuations for other properties in your neighborhood and create your own comparables. I find that government workers like the easy route so give them an easy route
And do your best to bite your lip and stay calm!
BRAD --73.146.xxx.xxx |
property revaluation tips (by Tony [NJ]) Posted on: May 20, 2016 7:56 AM
Message:
I have some experience in this area. I totally agree with Frank except you should let them in. If you don't, they will "speculate" what's inside and over-assess you just for spite. A re-val guy I knew confirmed this. Technically you don't have to offer access but if you do a tax appeal, you must allow access or your appeal will be dismissed - period. They may also ask you for income-expense info (not including debt service). Failing to respond yields the same result as forbidding access.As for your initial question, they are looking for major "assessable" changes - such as improving a basement or attic, adding a bathroom. fireplace, garage, jacuzzi, etc. The items you mentioned are for ongoing maintainance and are not assessable. I've done over 50 tax appeals and could write a book on this topic and just might one day. Good luck. --173.70.xxx.xxx |
property revaluation tips (by Frank [NJ]) Posted on: May 20, 2016 3:26 PM
Message:
Tony [et al] the ones I know that appealed all got some variation of "the only thing that matters is square footage" and "it does not matter what is on the inside, new or original" and "your lot having less than 1/3 acre is the same as the one across the street that has just shy or 1 acre".
Not to mention the comps that were almost laughinly dissimilar. --108.5.xxx.xx |
property revaluation tips (by TED [NJ]) Posted on: May 20, 2016 9:04 PM
Message:
Thanks folks. Sounds like meeting the assessor may be worth the time. I don't always have this place rented out all year. Already this year I've had to cut rent due to a partial vacancy. I'll put this on the form. Don't know that it will do much. There have been some fancy highrise apts going up all over town which has made it tougher to rent. So I'm going to put that in as well. The "upgrades" I did were certainly just regular repairs/replacements. I'm going to appeal if/when it goes up, as the property taxes are already cutting the profits in half nearly. --72.68.xx.xxx |
property revaluation tips (by Gruvin [TX]) Posted on: May 22, 2016 11:36 AM
Message:
emphasize the bad stuff!
Around here, the newest trick is upping the value of the land one year and the house the next year. We are in a land year so protesting will be fun...
Got an Ace to play this year, we bought a run down house and land for less than the county is stating the land is worth. This means I can get them to revalue the land of the house next door and the house across the street. I will also argue that since they used the same algorythum to increase land value for entire town, all of houses are over priced. I know I can win the first three. --162.229.xxx.x |
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