[Chat] Ad that came in the mail from "Value Appeal"

judy berlin jdydee at verizon.net
Thu Dec 1 11:48:34 EST 2011


I had my taxes go up as a result of the homestead act, How does that 
work? What is the benefit if any of the homestead tax?

judy



On 11/30/2011 08:58 PM, Stephen J Gewirtz wrote:
> I received an ad in the mail today from an outfit called "Value 
> Appeal."  It shows that my current assessment is $178,600 (the correct 
> figure) and that if I pay them $99, I should be able to reduce my 
> assessment to $124,285 based on information they will supply 
> concerning comparable sales.  Since a house two doors from mine just 
> sold for $200,000 in September, I find it hard to believe the claim.  
> The ad also claims that I can reduce my real estate taxes by a total 
> of $3690 until the next reassessment (in January, 2014).  Because of 
> the homestead tax credit, I know that that is totally false.  And I 
> have no idea whether the advertiser is or is not legitimate.
>
> If you have owned your house for a number of years, you probably had 
> your assessment go way up in January, 2008 and then go down last 
> January.  But thanks to the homestead tax credit, you probably are 
> being taxed on nothing close to your assessment.  Five years ago, my 
> assessment was a little more that $83,000, and thanks to the homestead 
> tax credit, my effective assessment has gone up by only 4% per year 
> compounded for City and CVCBD tax purposes and 10% per year compounded 
> for State tax purposes.  Therefore, I really gain nothing by lowering 
> my assessment to $124,285 even if the claim that I can do so is true.
>
> On the other hand, if you bought your house just a few years ago and 
> were reassessed almost immediately based on having paid a high price 
> during the real estate bubble, you might gain by appealing your 
> assessment since you are getting little or no benefit from the 
> homestead tax credit.  At the same time, it is not hard to get 
> information about comparable sales without paying $99.  According to 
> the ad, an appeal has to be filed by December 31 (I just looked 
> online, and the deadline is the first business day after January 1).  
> You have the right once a year to appeal/protest your assessment.
>
> Let me add that CVCBD was told  by the City to expect a further 
> reduction in assessments when we are reassessed again in January, 
> 2014.  Nationally, because of the number of foreclosed houses that 
> have yet to go on the market, prices are still dropping and are 
> expected to continue to drop.  I have no idea what is happening with 
> home prices in Charles Village.
>
>
> Steve
>
>
>
>
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