Latent Defect Discount Question

[glenn walker]

Tax relief is one temporary and hardly sufficient remedy for property owners with crumbling concrete here. Of course, with government administered town-by-town in this state, not countywide, the cost to the town tax base adds up. Assessment reduction just shifts the burden to other taxpayers. The defective concrete, unlike the OP's subject, cannot be repaired but must be replaced. That involves disconnecting the utilities and secondary structures, lifting the house, demolishing existing foundation and removal, replacement of foundation and resetting of the house. Typical cost can be close to the value of property. So yes there are types of defects that can be addressed with assessment reductions. In this case, almost every insurer declined to honor claims. Homeowners were stuck as the defects became evident right about the time many HOs were paying off their mortgages, so assessment reduction was all many had.

Very good I suggest the OP contact you because so far you seem like the sharpest tool in this shed

 

[J Grant]

This is just one weird post and has the smell of some back water attorney trying to establish a court case allowing owners to claim property conditions can be deducted form tax assessments ? First each State-County has different ways of assessing taxes but I have never encountered any that would buy into a claim of X-$ based on a construction defect. If this is truley the case and County lost it would open up a whole new way for homeowners to lower their property taxes. Hell I am already writing out my wish list of deferred maintenance, new roof, and maybe even some new lawn equipment can be thrown in. But instead of going for a stupid $25K I am going all in at $100,000 LMAO

That is my suspicion as well. How many tax appeals has the OP done...but whether Tax appeal or other use, MV is MV and it seems insane the owner expects relief from a MV appraisal outcome even if "win" of a nominal tax drop to compensate for their loss - more like their attorney might use it as a basis for another suit.

The OP sounds naive and vested in the outcome, a setup for possibility of client to sue appraiser for incompetence (or any reason their attorney decides) if they don't get result they want. Regardless of his appraisal fee, which for some reason Mich CG thinks is germane to the discussion. (it's not ).. I wish the OP the best ...

 

[Renee Healion]

Very good I suggest the OP contact you because so far you seem like the sharpest tool in this shed

For the OP, I agree with what George posted. Read the definition of value-appraise the subject-don't exceed your scope. Might this OP issue be more like the stucco problems elsewhere? I recall that as a problem but not one here.

I just posted about concrete because this occurs throughout my coverage area. It is a really big deal that people had to deal with alone, then on a grassroots level. Terrifies lenders. Tax relief was the only break they got early on.

Some agents are amazed that other agents do not know about it. I am amazed that other appraisers near here do not know about it so I added a page to my website which I update with news links for the 12 people who read it lol

 

[J Grant]

I might suspect to qualify for any meaningful tax relief a property or group of properties perhaps would have environmental contamination or other issue affecting them that are difficult or not possible for a HO to individually cure and that affects value significantly and for long period of time?

The OP might want to contact the other owners in this small 13 townhouse community and see how they dealt with the issue. I bet most accepted they bought a home with a construction defect or simply a home of poor quality, builder would not pay up, so likely they had the problem fixed and went on with their life.

Perhaps the OP house became a 25k problem after years of ignoring it- OP claims owner aware of it in last few years....how is that possible when OP said years back the owners tried to recoup from builder and lost?

 

[glenn walker]

Taht is my thought too, which I expressed several times ( how many tax appeals has the OP done ) But whether Tax appeal or other use, MV is MV and it seems insane the owner expects relief from a drop of taxes of a nominal amount to compensate for their loss - more like their attorney might use outcome as a basis for another suit.

The OP sounds naive and vested in the outcome, a bad recipe for his homeowner client to sue him for incompetence if they don't get the result they want. Regardless of his appraisal fee, which for some reason Mich CG thinks is germane to the discussion. Where is his usual humble brag of he has 20 assignments on his desk and would not touch it for less than 3k lol.

Humble brag is busy getting rich with those 20 assignments. But later today he is going to read your post and then you are getting 10 days in the penalty box for attacking a humble moderator.