Assessed Value Question?

[Frederick R. Ruffell]

Blue1,
I am one of those appraisers that puts "prop13" on the URAR, but for purchases only, all others I report the latest figures available from public record. There is no way I will attempt to interpret the legal implications nor calculate the taxes under prop 13, the same way I will not identify "mold" or "asbestos" as such, only "mold like" or "what appears to be asbestos". How do you calculate the tax figure for use in your report on a property that is for sale?

 

[Blue1]

Frederick,

I too, use the "Prop 13" wording in that field. I can't think of one time that I was ever questioned about taxes......Even if I put "Unknown".........Why does anyone need to know this? Just wondering......

 

[Frederick R. Ruffell]

Blue 1,
I think this is an expense like any other in home ownership. Underwriters will figure it in when making their decision as the borrowers ability to pay all of the costs associated in home ownership. Also for setting up the impound account.

 

[Frank M. Lagani]

Jo Ann:

The tax rate here in Jersey City N.J. is $45 per $1000

That comes out to be $7,875.00 on 175,000.

Pretty high for a house in the inner city.

 

[Terrel L. Shields]

$175,000 x 20% assessment ratio x millage rate....typically about a nickel (50 mill) in town and 4 cents in the country. So, 35,000 x five cents = $1,750 and if a homeowner, less $300 homestead exmeption, say $1,450. Note: at 50 mill = 1 % of market value. Reassessed every third year. Arkansas

Land tracts in excess of 1 acre and used for agriculture assessed at ag rates which average 10- 20% of market value.

If I recall, Colorado also has a law with makes commercial property pay a certain percentage of the total property taxes, 45% or so...millage in most counties seem to vary with almost the view accordinjg to what services and school district. Maybe 80 districts in Montezuma County if I recall correctly. In Arkansas millage is only by school district and whether you are in a city or not.
ter

 

[Blue1]

Frederick,

I'm getting off the subject here but isn't that what title companies are for? Doesn't the underwriter already have all the tax information. For that matter, why do we bother to give flood info and sales history. This is all available to everyone in this business. Every appraisal I do for a loan company has the flood info double checked anyway by a flood cert company........grumble...grumble..... h34r:

 

[Frederick R. Ruffell]

Blue 1,
good point, but I don't know the answer. Yeah, flood info in an appraisal for mortgage orignation using the FNMA 1004 form may very well be the most USLESS information in the known universe, so too may be last years tax info on a sale in CA.

 

[Frederick R. Ruffell]

Originally posted by Blue1@Jun 1 2003, 11:17 PM
why do we bother to give flood info and sales history.

Maybe because our client has asked us to via supplemental standards (i.e. FNMA guidelines). Maybe as a double check, maybe because we carry E&O????????????????????????????????????????????????????????????

 

[Blue1]

Frederick,

Yup.....Good point.... follow the money...... :idea:

 

[Mountain Man]

Woah, you folks in the high tax cities can keep 'em. I'm not going to move!! $115,220 with homestead $624.