Daley Blames The Appraisers!

[William K]

"If you look at the whole mortgage foreclosure crisis, much of it is fraudulent appraisals. You've loaned moeny. It was worth $200,000. Now , the home is worth $500,000 and the banks can get their money back...... fraud is skewing the comparables" used to make assessments, Daley said.

Chicago Sun Times reports:
Daley wants to create a panel of experts to recommend long-term changes to an assessment system that penalizes homeowners when a neighbor buys a home for an inflated price or gets a bogus appraisal prior to a bank loan.

m2: m2:

 

[Webbed Feet]

To All,

Did anyone else find this post confusing? Or is it just me?

Webbed.

 

[William K]

To All,

Did anyone else find this post confusing? Or is it just me?

Webbed.

Yes that is the wonderful well informed Mayor of Chicago. Property taxes have jumped and it is now time to PASS THE BUCK, so it is the appraisers fault. Yes that was his exact quote, if your confused welcome to our world. if Chicago doesn't get the Olympics the appraisers may very well be at the top of the Blame list in some convoluted way.

 

[Dee Dee]

I think he was referring to this editorial:

http://www.suntimes.com/news/metro/783222,property020708.article

 

[William K]

I think he was referring to this editorial:

http://www.suntimes.com/news/metro/783222,property020708.article

Correct story. Not an editorial though, was a wonderful news conference yesterday. Had to replay it 5 times before I could understand what he was talking about:icon_question:

 

[Scott Kibler]

This is in reference to tax assessments being increased on properties located in Chicago and Cook County.

Sales prices increase = market values increase = higher tax assessments

Go figure.

 

[JonGalt]

Values in my neighborhood dropped about 13% in the last year, I'm sure my tax bill will decrease accordingly?

 

[Scott Kibler]

Values in my neighborhood dropped about 13% in the last year, I'm sure my tax bill will decrease accordingly?

Yeah, right.

I do have to say that residents of (most of) Cook County and the city of Chicago in particular should keep their mouths shut. We got the lowest RE taxes in the region.

 

[Terrel L. Shields]

Values in my neighborhood dropped about 13% in the last year, I'm sure my tax bill will decrease accordingly?

If you really believe that then I bet your avitar is the tooth fairy...

 

[Marcia Langley]

Daley wants to create a panel of experts to recommend long-term changes to an assessment system that penalizes homeowners when a neighbor buys a home for an inflated price or gets a bogus appraisal prior to a bank loan.
“If you look at the whole mortgage foreclosure crisis, much of it is fraudulent appraisals. You’ve loaned money. It was worth $200,000. Now, the home is worth $500,000 and the banks can get their money back. … Fraud is skewing the comparables” used to make assessments, Daley said.

Too bad he singled out appraisers but we all know they were in the mix.

But he gets points for trying to make the taxes more fair.