Bollocks... There's a lot of that going around. I put a shed on my property, county said it raised value 4x's the cost
You can debate it ,, you have so many days to do so..
You can gather info of compareables in the area and what these sell for and then make a phone call.
My property tax doubled one year,,,I made a phone call and they stated the township had changed...
REALLY! So i told them i live in OKC city limits and nothing has changed ....2 minutes later after the lady did some researching on the phone she corrected the issue...taxes back to normal.
Yes i call BS on many things.
See how much the bank will loan on the home.. that should be an end all.
You can gather info of compareables in the area and what these sell for and then make a phone call.
My property tax doubled one year,,,I made a phone call and they stated the township had changed...
REALLY! So i told them i live in OKC city limits and nothing has changed ....2 minutes later after the lady did some researching on the phone she corrected the issue...taxes back to normal.
Yes i call BS on many things.
See how much the bank will loan on the home.. that should be an end all.
This is complete BS, just b/c home value goes up your insurance should not. It should be based on your loan price. Thats what you signed up to pay for, thats what the bank loaned on it & any extra value should be the homeowners to either keep if sold or use to refi later on if need be. These greedy bastards need to keep their fingers out of our pockets. They wanna boost the economy but cant seem to understand higher taxes crushes the economy.
I got a letter in the mail from the damn county acessor and they say my house fair market went from $107,xxx to $160,000. Can you say taxes going up.....
Congrats that's a $53,000 windfall. Hope you don't have to pay taxes on that!
?????????? I missed where OP said anything about insurance going up. TAXES are based on assessment of home value. value goes up = higher tax bill.
Insurance is based on specific dollar amount specified by mortgage amount or you with assessment.
You can argue assessment value comparing homes in your area which have recently sold. Have argued before using FACT of 7 homes in neighborhood being listed for sale and NOT sold for over a yr and priced well below assessment value proposal. Assessment was changed, but figuring 50 homes in neighborhood and half argue with assessment, while other half accept the tax bill. The government coffers were filled. Researched a neighborhood to purchase a home, wondering why 1 of the 4 for sale was listed for $158k when the other 3 were $110 - $125. The $158k was the tax assessment. The last home that had sold in the neighborhood was 6 months earlier, at $102K.
Home was purchased for $104k and INSURED for $104k, even though agent said replacement cost was $168K? Makes you want to say, "SHOW ME THE CARFAX!"
Insurance is based on specific dollar amount specified by mortgage amount or you with assessment.
You can argue assessment value comparing homes in your area which have recently sold. Have argued before using FACT of 7 homes in neighborhood being listed for sale and NOT sold for over a yr and priced well below assessment value proposal. Assessment was changed, but figuring 50 homes in neighborhood and half argue with assessment, while other half accept the tax bill. The government coffers were filled. Researched a neighborhood to purchase a home, wondering why 1 of the 4 for sale was listed for $158k when the other 3 were $110 - $125. The $158k was the tax assessment. The last home that had sold in the neighborhood was 6 months earlier, at $102K.
Home was purchased for $104k and INSURED for $104k, even though agent said replacement cost was $168K? Makes you want to say, "SHOW ME THE CARFAX!"
You can do that now, that is -deliberately under-insure any property you want. Some carriers don't like to, but you can set things up that way.
Except that, if you deliberately under-insure a home you are assuming a certain portion of the risk even if the dwelling is not a total loss. That's no bueno on a total loss. So if you have a large loss that is not a total, you are stuck with paying your pro-rata share (beyond the contracted deductible). For example, if you insure a $150k home for $100k, you are liable for 2/3s of the expense of the non total loss claim event. So a 75,000 loss will require you to pay $25,000. Usually your deductible is buried in that amount (meaning, not applicable in addition to the self-insured amount). The mortgage holder isn't very keen on their collateral being exposed to such a level under-insurance (beyond a typical deductible). The mortgage contract typically dictates the insurance you will carry.
You can skirt the insurance requirements by not having a mortgage. I don't just mean cash, but you can have home loans without them being a mortgagee on the property. My father has an installment loan on his home (it still lists the house as collateral), and it has no escrow (for tax/insurance) and no insurance requirements. He actually assumed the loan when he bought the house in the 80s. It's kind of a weird deal. But there are products out there.
We digressed through. I'm not fan of the tax assessor, but my larger point is that the tax valuation and the insured stated reconstruction costs are very distinct things.
