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Daley Blames The Appraisers!

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William K

Thread Starter
Senior Member
Joined
Sep 21, 2007
Professional Status
Certified Residential Appraiser
State
Illinois
"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

Elite Member
Joined
Feb 11, 2005
Professional Status
Certified Residential Appraiser
State
Canada
To All,

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

Webbed.
 

William K

Thread Starter
Senior Member
Joined
Sep 21, 2007
Professional Status
Certified Residential Appraiser
State
Illinois
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.
 

Scott Kibler

Elite Member
Joined
Oct 7, 2003
Professional Status
Certified Residential Appraiser
State
Illinois
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

Junior Member
Joined
Aug 4, 2005
Professional Status
Certified Residential Appraiser
State
Illinois
Values in my neighborhood dropped about 13% in the last year, I'm sure my tax bill will decrease accordingly?
 

Scott Kibler

Elite Member
Joined
Oct 7, 2003
Professional Status
Certified Residential Appraiser
State
Illinois
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

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
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

Senior Member
Joined
Aug 26, 2005
Professional Status
Certified Residential Appraiser
State
Missouri
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.
 
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