CA niche market possibilities

[ZZGAMAZZ]

1) The application/process to request a re-assessment based upon declining market value is different than the application/process to request a re-assessment based upon an allegedly incorrect assessment.

2) Are my peers taking this issue into consideration on page 1 of the appraisal form, and describing for client whether the current taxes are based upon the trustee/foreclosure value rather than market value?

 

[ZZGAMAZZ]

Mr. Boyd: I think the term is "carpetbagger...." (lol)

 

[CURT VAN HOOSER]

Curt... I'm in Rancho Cucamonga now, a few blocks from Brad Ellis. I'm sitting on the patio with a cup of coffee surfing the forum from my laptop. We're taking the grandkids to Disneyland tomorrow.



They are basing the taxes on the exact sales price of the earlier sale before it was foreclosed. The appraiser at the assessor's office stated that an REO is not a market sale. Their breakdown of the land and improvements assessement for mine has the land value about right but the improvements are cranked up to justify the value (almost $200 per square foot for a flat-roof 1950's tract house on slab with no depreciation).

The appraiser said they would re-evaluate but it would be 18 months. And in the meantime I have to pay the inflated taxes. I wonder if automatically issue refunds or will act on a complaint made basis.

Very cool. I'm just down the road in Temecula. My grandkids were here last weekend. They're too young for Disney so I took them to Sea World. Hope you have a great vacation!

 

[realbiz]

Your need to correct the guy you are talking to at the tax assessor office. If the property goes back to the bank by trustee's deed, then no that is not a market transaction. But, if the property is listed for sale on the open market and competing with similar homes (individuals, short sales, and other REO's) in your market it is a market sale. I have inspected several homes recently in R.C. and that's what I am finding. Many of these homes have been on the market for sometime and are still not moving. Now Greg if you bought the house at the courthouse steps, at the foreclosure sale then the taxes should not be reduced. But even if thats the case, you can still appeal your taxes. Many homeowners are doing this with the decline in value, and they are not quoting 18 months according to news reports.

 

[Lloyd Bonafide]

They are basing the taxes on the exact sales price of the earlier sale before it was foreclosed. The appraiser at the assessor's office stated that an REO is not a market sale.

That's the craziest thing I've ever heard of. So the Assessor says if a house sold for $400,000 in 2005, then was foreclosed on 6 months ago, then the bank listed the property on the open market, and they sold it for the current market value of $200,000, that they are still going to assess it at $400,000?

That argument won't hold up for very long.