For the first time in 30 yrs I contested our Real Estate Appraisal performed by Vision Govt Solutions. Vision did the entire town evaluation this past year. Round 1 with Vision didn't go well. Now comes Round 2 with the town board of assessment appeals.
If that didn't work it would requiring going to superior court with $500/hr lawyer/appraiser at your side....and probably would cost
more than 5 yrs of higher taxes. The bulk of this post could be tedious. If you have some insights feel free to skip to the last paragraph. Thanks.
The appraisals were never an issue as mill rates were low, hence total taxes low. But with many more years of depreciation on the home, and mill rates doubling, and now average used home prices up +63% on average in the state, my town RE taxes will jump from $3K to $5K. Ouch. Vision assigned my home a "70% good" rating....which is basically saying the home has depreciated 30% from the replacement cost (approx $285K). Home was built in 1960 and last updates in the later 1970's including adding a home made wooden porch, replacing the septic system, maybe a new driveway, and new kitchen cabinets. I think the small 1 car garage could have been added on at that same time. The bones of the house date to 1960: 100 amp electrical, 90% of copper plumbing, hot water radiators, 275 gal fuel tank, kitchen (1977) bathroom, floors, walls/insulation, windows, clapboards, concrete foundation/unfinished basement. It's a 1000 sf ranch. Dwelling value appraisal (not the land) is $200,000 in Oct 2024. I'd say it was no more than $100K-$150K.
I already completed the Vision board review and they stuck to their initial appraisal....no change. I provided them with 70+ home photos showing considerable wear and tear as well as outdated portions of the home. Numerous relatable comps, tables, and other data from dozens of homes in my small lake area neighborhood. Vision was steadfast that all they are supposed to look at is the condition of the home and comparables within 1 year PRIOR to the evaluations. There are only 6 homes in the entire town that are ballpark, and only 3 in my neighborhood. Unfortunately NONE of those 3 are in the same condition or same type of home. Technically they didn't even have a single comparable. They didn't enter my home during the appraisal period to see if it truly was never remodeled or updated, which it hasn't. Sort of comical that in previous appraisals one repeat appraiser would "run" to the bathroom once let in to see if we had updated it. She was always disappointed that we hadn't.....lol. My general philosophy is to not update as long as things work properly and don't leak....and look presentable. I had a feeling when we bought the home 30 yrs ago we'd retire here too. Due to the proximity to a lake, most everyone gets some water in the basement from time to time. We get more than most. And the interior foundation shows it. I think the foundation/basement and "finished" porch would be a problem during a sale today, though 30 yrs ago they were ok.....same with the 65 yr old copper pipes.
I've never worried about keeping up with the Jones....but the house exterior is neat and clean from the road view and fits in fine with the surrounding homes that have ALL been updated/remodeled. It's as if my home is being singled out now for not having been updated/remodeled like most everyone else. I'm one of the last few standing. Lots of remodels and a number of full knockdowns were done around here from 2010-2023. Somehow they assigned the same 70% "good" condition to my home as my remodeled neighbors who are in the 70-75% range who also have bigger properties with 20-35% more living space. I've figured it would cost $125,000 to upgrade fully if the home were sold. Even a young DIY purchaser would have to spend $50K to upgrade elec, plumbing, bathroom, porch, windows, insulation, kitchen, fuel tank, septic, foundation "blemishes". The last very similar home in my "neighborhood" never having been updated sold for $165K last year (57% good though with an ok external appearance). Interior was gutted and fully remodeled to stellar condition with an asking price now of $420K. No matter what, it's worth at least $350K-$375 in current updated condition. Unfortunately, that home is in the next town over, in the same community as me and only 1/4 mile down the street.......Vision would not consider that home comparable when sold. And the dwelling appraisal value on this property in 2023 was $105,000....just the house....yet mine in similar condition is $200,000. That's not very likely.
My home is currently appraised by Vision as if it were nicely remodeled/upgraded all along (70% good). My own thoughts is that it should fall into the 55% to 65% range....probably 60%. I also note that I went through every property within 1/8th mile of my home (40 homes) and the 5 yr assessments increased by an average of 57% to 75%....a few were higher or lower. I found it hard to believe that my home went up +78% compared to half dozen of my immediate neighbors with fresh remodels and larger homes who were up only 70-74% ! And I hadn't done a thing in 5 yrs except to paint about half the exterior of the house. None of this made a difference to Vision. They couldn't explain to me why my home was up 5% more than my immediate neighbors. I'm not sure why the BAA wouldn't want to look at comparables that are not "exact" as there are none that are exact. The closest comparable to me is a home 100 yds away that sold this past year that has not been updated since the 80's or 90's. But I have photos of that home's interior and it's exceptionally clean and fresh all around. I'm jealous. Oddly, that home was appraised by Vision at 63% good....which is to say very outdated. Makes no sense.
I'm going to get a $450 home appraisal done by a local company that's been in business for decades and knows the town well. In the event that appraisal doesn't support my case, an I obligated to tell the BAA about it if asked?
So preparing for the BAA hearing next month I'm not sure what evidence to show them other than a repeat of more photos. I sort of feel defeated before even showing up. I don't think they would accept as a comparable, the property 1/4 mile from my house on the same road, but in the next town over.
The number of outdated homes selling for $125K-$165K has dwindled to almost nothing now. But I've watched about a dozen or more of them sell in that distressed range before coming out the other end as $300K to $395K homes today. A couple of those occurred in 2021-2023 but don't qualify as being in the 1 year allowable window. The thing is distressed homes needing most everything don't appreciate like remodeled homes as they cost to fix them up is the major component of the purchase price.
I've done a ton of research. Talked for 2 hours with a full time appraiser who has been doing it for 30+ yrs. Spent an hour talking to our town tax assessor on what Vision or the BAA wouldn't consider as "evidence." Seems like a ball of worms to me. They all say the same thing, comparables, an appraisal(s), proof on home condition. What they really don't want to go through with you is comparing YOUR assessment against others with remodeled or upgraded homes.
Any thoughts, opinion on how to approach the board would be appreciated.....lawyers, RE agents, appraisers, home builders and re-modelers, etc. Would it be helpful to get both an appraiser and "re-modeler" in here to make estimates? What further evidence would you recommend for my 15 min "of fame" at my BAA meeting?
If that didn't work it would requiring going to superior court with $500/hr lawyer/appraiser at your side....and probably would cost
more than 5 yrs of higher taxes. The bulk of this post could be tedious. If you have some insights feel free to skip to the last paragraph. Thanks.
The appraisals were never an issue as mill rates were low, hence total taxes low. But with many more years of depreciation on the home, and mill rates doubling, and now average used home prices up +63% on average in the state, my town RE taxes will jump from $3K to $5K. Ouch. Vision assigned my home a "70% good" rating....which is basically saying the home has depreciated 30% from the replacement cost (approx $285K). Home was built in 1960 and last updates in the later 1970's including adding a home made wooden porch, replacing the septic system, maybe a new driveway, and new kitchen cabinets. I think the small 1 car garage could have been added on at that same time. The bones of the house date to 1960: 100 amp electrical, 90% of copper plumbing, hot water radiators, 275 gal fuel tank, kitchen (1977) bathroom, floors, walls/insulation, windows, clapboards, concrete foundation/unfinished basement. It's a 1000 sf ranch. Dwelling value appraisal (not the land) is $200,000 in Oct 2024. I'd say it was no more than $100K-$150K.
I already completed the Vision board review and they stuck to their initial appraisal....no change. I provided them with 70+ home photos showing considerable wear and tear as well as outdated portions of the home. Numerous relatable comps, tables, and other data from dozens of homes in my small lake area neighborhood. Vision was steadfast that all they are supposed to look at is the condition of the home and comparables within 1 year PRIOR to the evaluations. There are only 6 homes in the entire town that are ballpark, and only 3 in my neighborhood. Unfortunately NONE of those 3 are in the same condition or same type of home. Technically they didn't even have a single comparable. They didn't enter my home during the appraisal period to see if it truly was never remodeled or updated, which it hasn't. Sort of comical that in previous appraisals one repeat appraiser would "run" to the bathroom once let in to see if we had updated it. She was always disappointed that we hadn't.....lol. My general philosophy is to not update as long as things work properly and don't leak....and look presentable. I had a feeling when we bought the home 30 yrs ago we'd retire here too. Due to the proximity to a lake, most everyone gets some water in the basement from time to time. We get more than most. And the interior foundation shows it. I think the foundation/basement and "finished" porch would be a problem during a sale today, though 30 yrs ago they were ok.....same with the 65 yr old copper pipes.
I've never worried about keeping up with the Jones....but the house exterior is neat and clean from the road view and fits in fine with the surrounding homes that have ALL been updated/remodeled. It's as if my home is being singled out now for not having been updated/remodeled like most everyone else. I'm one of the last few standing. Lots of remodels and a number of full knockdowns were done around here from 2010-2023. Somehow they assigned the same 70% "good" condition to my home as my remodeled neighbors who are in the 70-75% range who also have bigger properties with 20-35% more living space. I've figured it would cost $125,000 to upgrade fully if the home were sold. Even a young DIY purchaser would have to spend $50K to upgrade elec, plumbing, bathroom, porch, windows, insulation, kitchen, fuel tank, septic, foundation "blemishes". The last very similar home in my "neighborhood" never having been updated sold for $165K last year (57% good though with an ok external appearance). Interior was gutted and fully remodeled to stellar condition with an asking price now of $420K. No matter what, it's worth at least $350K-$375 in current updated condition. Unfortunately, that home is in the next town over, in the same community as me and only 1/4 mile down the street.......Vision would not consider that home comparable when sold. And the dwelling appraisal value on this property in 2023 was $105,000....just the house....yet mine in similar condition is $200,000. That's not very likely.
My home is currently appraised by Vision as if it were nicely remodeled/upgraded all along (70% good). My own thoughts is that it should fall into the 55% to 65% range....probably 60%. I also note that I went through every property within 1/8th mile of my home (40 homes) and the 5 yr assessments increased by an average of 57% to 75%....a few were higher or lower. I found it hard to believe that my home went up +78% compared to half dozen of my immediate neighbors with fresh remodels and larger homes who were up only 70-74% ! And I hadn't done a thing in 5 yrs except to paint about half the exterior of the house. None of this made a difference to Vision. They couldn't explain to me why my home was up 5% more than my immediate neighbors. I'm not sure why the BAA wouldn't want to look at comparables that are not "exact" as there are none that are exact. The closest comparable to me is a home 100 yds away that sold this past year that has not been updated since the 80's or 90's. But I have photos of that home's interior and it's exceptionally clean and fresh all around. I'm jealous. Oddly, that home was appraised by Vision at 63% good....which is to say very outdated. Makes no sense.
I'm going to get a $450 home appraisal done by a local company that's been in business for decades and knows the town well. In the event that appraisal doesn't support my case, an I obligated to tell the BAA about it if asked?
So preparing for the BAA hearing next month I'm not sure what evidence to show them other than a repeat of more photos. I sort of feel defeated before even showing up. I don't think they would accept as a comparable, the property 1/4 mile from my house on the same road, but in the next town over.
The number of outdated homes selling for $125K-$165K has dwindled to almost nothing now. But I've watched about a dozen or more of them sell in that distressed range before coming out the other end as $300K to $395K homes today. A couple of those occurred in 2021-2023 but don't qualify as being in the 1 year allowable window. The thing is distressed homes needing most everything don't appreciate like remodeled homes as they cost to fix them up is the major component of the purchase price.
I've done a ton of research. Talked for 2 hours with a full time appraiser who has been doing it for 30+ yrs. Spent an hour talking to our town tax assessor on what Vision or the BAA wouldn't consider as "evidence." Seems like a ball of worms to me. They all say the same thing, comparables, an appraisal(s), proof on home condition. What they really don't want to go through with you is comparing YOUR assessment against others with remodeled or upgraded homes.
Any thoughts, opinion on how to approach the board would be appreciated.....lawyers, RE agents, appraisers, home builders and re-modelers, etc. Would it be helpful to get both an appraiser and "re-modeler" in here to make estimates? What further evidence would you recommend for my 15 min "of fame" at my BAA meeting?
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