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March 26, 2014

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Cindi

Congrats Syd. Well done.
Because of our age and income, we get a reduction in our property taxes PLUS the devaluation of the assessment saved us some additional coin.
If it's fair and square then by all means, pursue.

We get to pick and choose how we want to spend (or invest)our money. Debits and credits. That's what it's all about.

Good job! Have fun on your next trip!

Kathy Bee

We did this too! Saved several thousand dollars. But our assessment is back up again :( I didn't appeal it this time because I know our property value is back where it was before the big dip. It's a double edged sword - higher taxes again but when we go to sell our house next year, we should get a good price. Then we'll probably go to live in our vacation house that has lower taxes. I'm glad I went through the trouble, though, of appealing our tax assessment several years ago. It can't hurt.

deegee

My co-op's Board of Directors and our managing agent have been diligent in protesting the assessed value of our large co-op complex (4 buildings with over 200 units), saving the co-op hundreds of thousands of dollars over the years. Those refunds have gone into our reserve fund which has financed several large projects and avoided several one-time assessments to us shareholders. Sometimes, those refunds have been used to hold down maintenance increases (or actually lowered our maintenance) or have been used to pay down our co-op's mortgage, putting more downward pressure on our maintenance. I am paying about the same as I paid in 2006, 8 years ago.

Juhli

We did the same and saved some money for 2 years. This year the reassessment freeze lapses and I am not excited to see what the valuation is since property values have risen again. I am grateful for the savings we did have though. Like you I want to save money where I can so I can spend on what I value.

fred doe

Property taxes complains are getting to be like the weather. (not that I view your post like a complaint) No two states are the same you guys have props there's no such animal in Jersey.I pay $5000 a year for a 1500 sq. ft. home with a $250 deduction for being a vet (now that's thanking me for serving:) Jersey is kicking around about getting county wide assessment, not just towns, we could save and the push is for shared services witch is working but is a hard fight,some don't want to give up fiefdoms. My young neighbors got reassessed and made out cause they bought high in recent years.For me it's on par. These are complex issues but they're worth addressing. Any way I'm 61 today not fishing for happy birthdays just braggin like Raging Bull, "I having gone down Ray"

Retired Syd

fred: I know you weren't fishing, but happy birthday anyway!

dgpcolorado

Syd, I see the other side of the assessment process because I volunteer one day a week at my county assessor's office to help out the assessor and her tiny staff of three. I've been there for seven years because they are a fun group of people to work with and I've learned a lot. The appraisers here do the best they can with the limited sales data in our area but they are always happy to fix mistakes if the property owners spot any. It is a surprisingly complex and tough job to model the sales data (Colorado law requires valuations based on sales prices) and fix values for 5000+ properties.

But what a difference a location makes: my property tax for a house on five acres here in this remote, mountainous area was just over a thousand dollars, much of which goes to schools of course. And that's why most of our roads are unpaved, what paved roads we have (paving paid for by assessment districts) aren't being maintained well, and the tiny county staff have been cut back to four days a week (not very good for morale I can assure you). We get what we pay for and in Colorado all taxes have to be voted on — no discretion at all for state or local governments to set rates — and such ballot measures usually lose. Who wants to pay higher taxes?

So, property taxes are really quite low here compared to other areas, such as yours, but some people complain vociferously anyway. To them, any property tax bill greater than zero is nothing but government waste. But they also like to complain about the condition of roads and the like. As I said, it looks way different from the inside when I watch the county commissioners try to run this county on a shoestring.

Janette

My tax assessor knew the family that built our house twenty five years ago. He says that it is worth a lot more then it is- because he knows how much money it cost to build. Bunk! We have the highest taxes in the area, no children in the schools and our road is not maintained. Drives me NUTS!

At this point I just pay it. I will have to move if my husband passes, because without his pension the taxes would be almost a fourth of my income.
We were new to the home buying industry when we bought here. Needless to say- we did not look into the outrageous taxes when we bought.

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