Black couple settle lawsuit as home value at $500k below real price

[Tim Hicks (Texas)]

Taxes won't go up based pn refi value....

But, the value is in the media for everyone to see including the tax offices. It happens everywhere, people complain about the value of their home being too low, but they certainly don't want to pay the taxes of the real value or their expected value. It is a double standard that has nothing to do with race, but all home owning taxpayers.

 

[Mike Ault]

But, the value is in the media for everyone to see including the tax offices. It happens everywhere, people complain about the value of their home being too low, but they certainly don't want to pay the taxes of the real value or their expected value. It is a double standard that has nothing to do with race, but all home owning taxpayers.

In this nondisclosure area, it is not unusual for realtors to cancel pended listings out of the MLS and never indicate that the listing sold or what it sold for, thereby facilitating their high end clients from paying their fair share of taxes. When you're searching for comparables in some areas, it will look like they can't sell anything, get frustrated and withdraw them when in fact there has been considerable turnover, and they kept it secret. Sometimes I can dig the transaction details out of banks that financed those sales, they know why I need the information and realize that it pays to share details like that with appraisers, so the next time they need to make a loan on a high-end property, they know that I will make the same investigative efforts for their deal. "Misleading the assessor" is one of the most popular pastimes in nondisclosure states, and it can throw a kink into the normal course of appraisal business. Occasionally, I have been turned down for the transaction details for a comp that I critically need, and then I will tell my client that XYZ bank made the the loan but refuses to send me the HUD 1 for the deal, thereby killing theirs. This sometimes results in my request getting elevated to people higher up the ladder than the people in charge of the mortgage departments, and will result in a HUD 1 for that in my email, shortly thereafter, with no explanation for the delay or why they decided to change their mind.

 

[ucbruin]

But, the value is in the media for everyone to see including the tax offices. It happens everywhere, people complain about the value of their home being too low, but they certainly don't want to pay the taxes of the real value or their expected value. It is a double standard that has nothing to do with race, but all home owning taxpayers.

While I was living in SoCal....
Assessment was not based on media reports or refi appraisal values....
Was based on subject's sales price....
But I moved in late '96 so things may have changed since then....

 

[Tim Hicks (Texas)]

While I was living in SoCal....
Assessment was not based on media reports or refi appraisal values....
Was based on subject's sales price....
But I moved in late '96 so things may have changed since then....

Here they are not based on sales prices, they are based on the assessor's value. Many times a home owner's taxes will go up and the want to get their taxes lowered and they find out it is assessed lower than the actual value. However, what is to a keep an assessor from raising a value based on a national news story detailing the price of a home?

 

[ucbruin]

Here they are not based on sales prices, they are based on the assessor's value. Many times a home owner's taxes will go up and the want to get their taxes lowered and they find out it is assessed lower than the actual value. However, what is to a keep an assessor from raising a value based on a national news story detailing the price of a home?

Integrity....

 

[Mike Ault]

Here they are not based on sales prices, they are based on the assessor's value. Many times a home owner's taxes will go up and the want to get their taxes lowered and they find out it is assessed lower than the actual value. However, what is to a keep an assessor from raising a value based on a national news story detailing the price of a home?

Vigilantes

 

[RCA]

So when they have to pay the taxes on the new value, will they protest their property taxes as biased?

It was just a refinance. We have Proposition 13, The tax is locked in at purchase as no more than 1% of purchase price, plus max 2% increase for each additional year. Refinancing has no impact on property taxes.

Refinancing is regarded by some as a kind of cash cow when home prices are rising and interest rates low. Of course, what you borrow has to be paid back - but at a much lower interest than credit cards or typical consumer loans - and also with much longer payback periods.

Some people just can't control themselves and keep refinancing - as long as their income can support the loan payments. They get into trouble when they get into variable rate interest-only home equity lines of credit - that at some point, say in 15 years, have to have any outstanding balance amortized - or when interest rates start going up fast as in the current period. Of course when interest rates start going up - then there is a good chance that they will also lose their job and unemployment rates will make it impossible to make the payments and so on and so forth. This is the realm where idiots and others people without foresight doom themselves to a life without. Certain minorities are anxious to join this crowd. [ Note: One can partially justify this behavior under the umbrage of "leverage" ]

 

[Sadie]

So when they have to pay the taxes on the new value, will they protest their property taxes as biased?

CA has a tax limitation. The taxes are recalculated when the property sells.

 

[Sadie]

While I was living in SoCal....
Assessment was not based on media reports or refi appraisal values....
Was based on subject's sales price....
But I moved in late '96 so things may have changed since then....

It is still the same.

 

[RCA]

You don't say? No, you don't really have a clue, do you? This is from the Marin County Building Inspection website:

View attachment 73661

There is a second entry which was given the address "18 Pacheco St & 20, SAUSALITO, CA 94965" - which I missed because I used the address of "20 Pacheco St, SAUSALITO" as the lookup. Interestingly this second one indicates that many of the major FINAL inspections for 20 Pacheco St, Marin City, were not completed until well after the appraisal, including:
PLUMBING FINAL: 2022 Q3
MECHANICAL FINAL: 2022 Q3
ELECTRICAL FINAL: 2022 Q3

Then I see:
BUILDING FINAL NOT APPROVED 2022 Q3!!!!!
So, at the time of the appraisal, Feb 2020, the additions were far from approved, - and the FINAL is still not approved per records!!!!

How would George handle this if he had to inspect it 2/2020?

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