[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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