Ginevra Posted January 5, 2010 Share Posted January 5, 2010 Boy, what a come-down! Our house is worth $300,000 less than the last time it was assessed. :crying: Strangely, however, our real estate tax bill has not decreased by a third. :glare: I hate bubbles. They always get busted in the end. Quote Link to comment Share on other sites More sharing options...
newbie Posted January 5, 2010 Share Posted January 5, 2010 I feel your pain. Quote Link to comment Share on other sites More sharing options...
Mommyof4ks Posted January 5, 2010 Share Posted January 5, 2010 Yikes! Quote Link to comment Share on other sites More sharing options...
gardening momma Posted January 5, 2010 Share Posted January 5, 2010 Boy, what a come-down! Our house is worth $300,000 less than the last time it was assessed. :crying: Strangely, however, our real estate tax bill has not decreased by a third. :glare: I hate bubbles. They always get busted in the end. I have no idea what ours would be right now, but if it went down by 300,000, the value would be a negative number! :D (we paid about $180,000 4 yrs ago). Quote Link to comment Share on other sites More sharing options...
.... Posted January 5, 2010 Share Posted January 5, 2010 They are saying that house values will decrease almost another 10% in 2010 also. It's such a mess right now. We tried to close on a house in Dec and the mortgage company was having so many problems that we (in frustration) withdrew our money and rented a house the same day. We spent 3 months without a home and they told us it would be at least another 45 days. Something is really wrong. It was nothing like that when we bought our house in 2005. We were buying through the VA - they, of all people, should've been stable. Quote Link to comment Share on other sites More sharing options...
Tammyla Posted January 5, 2010 Share Posted January 5, 2010 :grouphug:Wow, what a decrease. I'm learning property taxes never go any where but up... Quote Link to comment Share on other sites More sharing options...
grace'smom Posted January 5, 2010 Share Posted January 5, 2010 I'm glad we like our neighborhood b/c I don't think we're ever getting out of it, LOL. We're 60K down right now, and I hear the markets dropping again this year. Thank God we can afford our payments, and we can just close our eyes to the value and keep living here. Quote Link to comment Share on other sites More sharing options...
lionfamily1999 Posted January 5, 2010 Share Posted January 5, 2010 We've been calling the county and asking them to reassess our house. Our taxes went up 125% during the bubble. I would like to see them go back down, especially since our mouse house is assessed at a higher value than they're trying to sell brand new houses on our street. :glare: Quote Link to comment Share on other sites More sharing options...
.... Posted January 5, 2010 Share Posted January 5, 2010 Our house - that we never could sell, so we rented out - was previously appraised at $211,000 and when we put it on the market - the real estate company was saying it was only worth $170,000. We paid $187,000 in 2005 (which was a good deal then). If it drops another 10%, then it will be worth in the $150's???? :confused: And our taxes are still more expensive than when we first bought the house in '05. What a mess. The housing market alone could collapse our economy. The only way the market is going to stabilize is if all these foreclosures stop and the sale inventory shrinks. We are making a small profit on renting out our house, though - which is pretty cool compared to my in-laws telling me to abandon it and foreclose. :tongue_smilie: Quote Link to comment Share on other sites More sharing options...
.... Posted January 5, 2010 Share Posted January 5, 2010 Oh, lionfamily1999...my neighbor got his property tax bill, drove to the county tax assessor's office, slapped his bill on their desk and told them if they find someone to buy his house for what they assessed it at, he'll sell them the house right then and there!! :lol: So, he said they "reassessed" his property value. You can definitely contest it and I think we all have a solid case. :tongue_smilie: Quote Link to comment Share on other sites More sharing options...
hsmamainva Posted January 5, 2010 Share Posted January 5, 2010 Yikes!!!! What a drop! :grouphug: We built ours during the 2005 housing frenzy, too. There are 25 houses in our neighborhood near Fredericksburg, Virginia. Most of them were $400,000 to $500,000 when they were built. 4 or 5 of them are in foreclosure and they're not selling...even though they're priced in the $200,000 range. Some of them have been empty for well over a year. It's not pretty...and I don't see any signs of improvement anytime soon. Quote Link to comment Share on other sites More sharing options...
lionfamily1999 Posted January 5, 2010 Share Posted January 5, 2010 Oh, lionfamily1999...my neighbor got his property tax bill, drove to the county tax assessor's office, slapped his bill on their desk and told them if they find someone to buy his house for what they assessed it at, he'll sell them the house right then and there!! :lol: So, he said they "reassessed" his property value. You can definitely contest it and I think we all have a solid case. :tongue_smilie: I need to do that. I've called, but I have problems staying well-behaved when I go out there. I have a tendency to get rude (aka belligerant) when dealing with those smarmy little know-it-alls. It's rediculous, they have a smaller than 1000 sq ft home, with a septic (no sewer) assessed at nearly 200,000. There is a split level down the street with four bedrooms and a built in garage, with sewer, with probably 1000 more sq ft than my house that is going for 175. :glare: Quote Link to comment Share on other sites More sharing options...
MariannNOVA Posted January 5, 2010 Share Posted January 5, 2010 It boggles the mind, doesn't it?! And, with the reports of continued 'decreases,' DH and I were looking at new construction and could not believe one of the sales rep saying to us with a straight face: '......And there aren't any incentives, and the price is what the price is. We don't have to make concessions.' :leaving:Well, okay then. One more thing, there are any number of short sales and foreclosures on the market here in Fairfax County, VA and Loudoun County, Va at very low prices -- comparable new construction is priced 30% higher or more......because.......:confused: why? Quote Link to comment Share on other sites More sharing options...
LauraGB Posted January 5, 2010 Share Posted January 5, 2010 (edited) Oh, lionfamily1999...my neighbor got his property tax bill, drove to the county tax assessor's office, slapped his bill on their desk and told them if they find someone to buy his house for what they assessed it at, he'll sell them the house right then and there!! :lol: So, he said they "reassessed" his property value. You can definitely contest it and I think we all have a solid case. :tongue_smilie: :iagree: Because I had to do that, too. Before the last county tax sweep, our village announced a small percentage decrease in taxes and raised a big hoopla about how cool they are and isn't everyone happy to live in our village. Then they came through about six months later and reassessed all the homes at a whopper percentage higher. Ours went up by about $40,000 (from about a $200K starting point), which ultimately caused an increase of a few hundred dollars (I forget the exact amt now) on our taxes. So, naturally, I had to call and explain (er, um, have a fit) that our house wasn't worth that much and didn't he know it (he did, of course, because he had been inundated with phone calls and fun visitors all week long, and he admitted as much when I asked him if he'd encourage his children to buy our house at that price :glare:). Ultimately, he reassessed our home at about $5K more than it was originally, which I thought was reasonable. It was totally a local gov't scam and I'm tired, frankly, of being scammed by them - be sure you call and stand up for yourself. If your assessment came back that way, you need to bring it down to your zoning admin, treasurer, assessor, EVERYONE and let them know thier records are WRONG. Edited January 5, 2010 by LauraGB Quote Link to comment Share on other sites More sharing options...
LauraGB Posted January 5, 2010 Share Posted January 5, 2010 Boy, what a come-down! Our house is worth $300,000 less than the last time it was assessed. :crying: Strangely, however, our real estate tax bill has not decreased by a third. :glare: I hate bubbles. They always get busted in the end. Did you do the assessment because you are planning to sell or refinance? Quote Link to comment Share on other sites More sharing options...
Jennifer in MI Posted January 5, 2010 Share Posted January 5, 2010 It's awful isn't it? So many of us are in that situation. Ours was just reassessed at $100,000 less than we bought it for two years ago. The previous owners had paid $500,000 above that for this house! We got our taxes decreased. The city tried to tell us that the value of our house actually increased last year. We took them to task. On the back of our tax bill was the info on challenging the taxes. We ended up calling a realtor friend who helped us out with comps in the neighborhood. They denied it the first time. We challenged it to the state level, and we won. We plan to challenge it again this year as the value has dropped so much this year. Quote Link to comment Share on other sites More sharing options...
TravelingChris Posted January 5, 2010 Share Posted January 5, 2010 The housing prices are continuing to drop because they were way to high in many areas. When the average income in some areas is 50K and the the average home price was 350K, there is a disconnect. Add to that that the unemployment numbers are not telling the whole picture. They are a lot worse than 10%. That is because they don't count all the people who have gone back to school or who were rehired but at much, much lower wages. I am saying that many people are earning half of what they used to make. Since the house prices were too high to being with considering the incomes (and they sold the houses to people using all sorts of creative financing or convincing buyers that incomes will always rise and having a mortgage that eats up 40% of your salary is only temporary), they can only go down. I have met people here who have bought homes recently due to the tax break. They are still making many of the same mistakes. Buying homes that are temporary but with long term mortgages, buying homes they are struggling to afford, that type of thing. Quote Link to comment Share on other sites More sharing options...
Julie in CA Posted January 5, 2010 Share Posted January 5, 2010 One more thing, there are any number of short sales and foreclosures on the market here in Fairfax County, VA and Loudoun County, Va at very low prices -- comparable new construction is priced 30% higher or more......because.......:confused: why? Well, if it's anything like around here, it's because building materials (especially wood products) have *increased* in price rather than decreasing in price commensurate with the housing market. Quote Link to comment Share on other sites More sharing options...
lionfamily1999 Posted January 5, 2010 Share Posted January 5, 2010 It boggles the mind, doesn't it?! And, with the reports of continued 'decreases,' DH and I were looking at new construction and could not believe one of the sales rep saying to us with a straight face: '......And there aren't any incentives, and the price is what the price is. We don't have to make concessions.' :leaving:Well, okay then. One more thing, there are any number of short sales and foreclosures on the market here in Fairfax County, VA and Loudoun County, Va at very low prices -- comparable new construction is priced 30% higher or more......because.......:confused: why? The house across the street was lived in for six months. It's a brand new house! They foreclosed on it, but since it was never really paid on the bank wants the starting price on it... but again, there's a bigger house selling (or sitting vacant with a "for sale" sign) for 50 thou. LESS and it's NEVER been lived in. The same company is in the process of building THREE MORE houses. They have (rough estimate off the top of my head) fifteen brand-new-never-lived-in houses for sale within ten blocks. In between those there are about three foreclosures and four other older houses the people are hoping to sell. Ironically, you can't find a rental. Quote Link to comment Share on other sites More sharing options...
MariannNOVA Posted January 5, 2010 Share Posted January 5, 2010 The house across the street was lived in for six months. It's a brand new house! They foreclosed on it, but since it was never really paid on the bank wants the starting price on it... but again, there's a bigger house selling (or sitting vacant with a "for sale" sign) for 50 thou. LESS and it's NEVER been lived in. The same company is in the process of building THREE MORE houses. They have (rough estimate off the top of my head) fifteen brand-new-never-lived-in houses for sale within ten blocks. In between those there are about three foreclosures and four other older houses the people are hoping to sell. Ironically, you can't find a rental. EXACTLY!!!!!!! You could be talking about Loudoun County! And, I understand about the cost of building materials, but, here the builders are back to their previous price-raising method of 'X-thousand dollar price increase every time three houses are sold'.....which was what they did in 2002. Their logic escapes me -- more so because one of the communities we looked at already had one builder go belly-up and the builder there now took over the lots from the bank. Quote Link to comment Share on other sites More sharing options...
lionfamily1999 Posted January 5, 2010 Share Posted January 5, 2010 EXACTLY!!!!!!! You could be talking about Loudoun County! And, I understand about the cost of building materials, but, here the builders are back to their previous price-raising method of 'X-thousand dollar price increase every time three houses are sold'.....which was what they did in 2002. Their logic escapes me -- more so because one of the communities we looked at already had one builder go belly-up and the builder there now took over the lots from the bank. I don't understand the rational at all. I mean they haven't been able to get rid of the ones they've already built, but still more building?!? The last time I heard a contractor complaining about the market I almost choked on my coffee. I "knew" this guy, because he flies by my house all the time to go to various sites. Once I stopped coughing I managed to gag out 'you... are... the... problem.' Lol. Yeah, I was proud of myself, purple faced from lack of oxegyn and probably scaring the bejeeminies out of the guy. Quote Link to comment Share on other sites More sharing options...
MariannNOVA Posted January 5, 2010 Share Posted January 5, 2010 I don't understand the rational at all. I mean they haven't been able to get rid of the ones they've already built, but still more building?!? The last time I heard a contractor complaining about the market I almost choked on my coffee. I "knew" this guy, because he flies by my house all the time to go to various sites. Once I stopped coughing I managed to gag out 'you... are... the... problem.' Lol. Yeah, I was proud of myself, purple faced from lack of oxegyn and probably scaring the bejeeminies out of the guy. :iagree: They will not or cannot see that the methods/parameters that worked for them in 2002 and thereabouts will not work now. The builders who are able to modify their business plan to support a different profit margin will perhaps survive in this market. The builders who will not or who are not able to change the way they do business, likely will not make it through this. One new home community that we looked at on Saturday offered about 10 different floor plans -- I wanted to see the floor plan for their lowest price offering - which was $499,990. I am telling that to show how silly the builders can be. Their next priced floor plan was $504,990. The sales rep did not have the literature for the $499K floor plan. I asked why, and she looked sheepish -- so I helped her out. I told her (in a nice way), 'You don't have THAT floor plan available for folks to see, because you don't want to sell the lowest price model available. Right?' I politely told her that she had my contact info, she should get in touch with me when she was able to put a copy of the missing floor plan in my hand -- I find those tactics annoying and unprofessional. If you don't want to sell your lowest priced offering, than on the list of floor plans offered, place an "*" and state: 'but, we don't intend to sell any of these.' Quote Link to comment Share on other sites More sharing options...
lionfamily1999 Posted January 5, 2010 Share Posted January 5, 2010 Oh I put the whole thing on the builders :p I know a lot of people blame the mortgage companies, but it all started with the contractors and the real estate people :glare: Here anyway. Everything was fine, until we had a few thousand new houses built, a ton of people that had never been here in their life moved in and started complaining, because it wasn't like wherever they moved from :001_huh: And having the contractors over developing, combined with the tactics of re agents (town is just a few minutes away.... well in reality that is about 10 miles... as the bird flies...) we ended up inundated with a ton of people that had no idea what they were getting into. So most tried to leave, except that now there's so many houses for sale it's nearly impossible to sell a "used" one. Ok, rant off, really. Lol. Quote Link to comment Share on other sites More sharing options...
hornblower Posted January 5, 2010 Share Posted January 5, 2010 Meanwhile in the lala land of Vancouver - assessments are UP. Way up. We have a bubble building up again. Unfortunately, we're not ready to sell & go live in the boonies (or parts of the US :tongue_smilie:) ...... And I heard an analyst last night on the radio going on & on about how the poor state of affairs in the US has little effect on Canada because we've 'de-coupled' our economies. Did you hear that? We've been de-coupled. I guess we broke up..... I'd be sad except that it's not true. You're still our major trading partner and we're still playing in the same sandbox so it affects us hugely when you won't buy our sand pies.... Quote Link to comment Share on other sites More sharing options...
asta Posted January 5, 2010 Share Posted January 5, 2010 Oh I put the whole thing on the builders :p I know a lot of people blame the mortgage companies, but it all started with the contractors and the real estate people :glare: Here anyway. Everything was fine, until we had a few thousand new houses built, a ton of people that had never been here in their life moved in and started complaining, because it wasn't like wherever they moved from :001_huh: And having the contractors over developing, combined with the tactics of re agents (town is just a few minutes away.... well in reality that is about 10 miles... as the bird flies...) we ended up inundated with a ton of people that had no idea what they were getting into. So most tried to leave, except that now there's so many houses for sale it's nearly impossible to sell a "used" one. Ok, rant off, really. Lol. AZ used to be where people went to rid themselves of "the consumption" (TB). Then everyone decided it was beautiful and decided to move there because it helped their allergies. Then everyone moved there and BROUGHT THEIR PLANTS!!! Nimrods. It is the most allergen ridden place you've ever been to now. a Quote Link to comment Share on other sites More sharing options...
LauraGB Posted January 5, 2010 Share Posted January 5, 2010 You're still our major trading partner and we're still playing in the same sandbox so it affects us hugely when you won't buy our sand pies.... Well, I like Canadian Sand Pies. And Canadian Beer. And apples. And maple syrup. I will gladly buy Canadian without even giving it a second thought. But since my taxes are so high and my house is so worthless, I don't buy as much Canadian beer these days...:-) Quote Link to comment Share on other sites More sharing options...
KatieJ Posted January 5, 2010 Share Posted January 5, 2010 My Dd and her hubby built a smallish home and closed on it 15 months ago. They got their tax statement and their house was assessed at way more than their loan was, so they thought fabulous, let's go refinance. Assessor came and assessed it at 40,000 less than the tax value.....there was no point in refinancing as they were trying to get out of the PMI payment. So they went to have their taxes lowered and were told they can only fight it once in a year, in March and the assessment they had just paid 450.00 for would be of no use in 3 months and they woudl have to have another one done and pay for it again! It just makes me nuts! I somehow don't think that is the only way to fight a tax statement, but really don't know how to help them. We live in different counties and different subdivisions and I don't know how life works over where they are. Quote Link to comment Share on other sites More sharing options...
lionfamily1999 Posted January 5, 2010 Share Posted January 5, 2010 AZ used to be where people went to rid themselves of "the consumption" (TB). Then everyone decided it was beautiful and decided to move there because it helped their allergies. Then everyone moved there and BROUGHT THEIR PLANTS!!! Nimrods. It is the most allergen ridden place you've ever been to now. a It's amazing that people will move (they do know it's to a different place) and then get upset when the place they moved to is not like the place they moved from :001_huh: Seriously, take your houseplants and move back already. :lol: Quote Link to comment Share on other sites More sharing options...
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