Posted on 09/15/2022 11:06:45 AM PDT by LTC.Ret
You can sell your property for any amount you can get some sucker to pay for it. That is the real value of the property. I live in NM. The “tax appraisal” “value” is about one third of the market value, and I’m not going to complain about that. I’m glad it’s NOT the full market value, or my taxes would triple. If anything, hire an independent certified appraiser to get a better estimate of what the real market value is of the property.
I live in Texas -— my Father lived in New Mexico.
It’s the bank holding this up. If the buyer wants to pay the price, can afford the payments and you trust them, be the mortgagor and take the property back if he defaults.
LTC.Ret wrote:
“
Quote FREEREPUBLIC:
humblegunner
Since Jan 23, 2001
This account has been banned or suspended.
And yet you are still posting.
humblegunner, you are obviously an angry, troubled individual who wants to take your pain out on everyone else. I will put you on the prayer list.
“
The “Okay” button on that page does not work.
For comparison, this is on Zillow at $60,000
https://www.zillow.com/homedetails/1105-Alta-Vista-Dr-Chaparral-NM-88081/2061598013_zpid/
A .9 acre naked dirt lot two addresses over from that $60k listing has a valuation tag of $13k.
Around the corner, though, on Rim Rock, there’s bare dirt over there looks to be 2.5-3.0 acres valued at just $2,500, which Zillow notes is the 2021 assessed value.
If you close the listing, zoom into the map until you get satellite imagery, and then pan around, you’ll see valuations for every property on the map; for sale or not. Zillow’s valuations are often just the assessed value from the county records.
I’m shocked by the government boot licking on this thread. A property in disrepair had its taxable value improperly increased each year by a dishonest government drone and you want to blame the victim. Should the elderly property owner have fought the bogus valuation, sure, but that does not mean the lazy lying tax assessor was in the right. Disgusting.
New Mexico property tax notices have information right on them on how to protest the valuation of you think they’re incorrect. They are sent several months before the bills are due. Yes, the bureaucrats are supposed to physically assess the property in question every so many years, but if you think the valuation is too high, it’s still up to the owner to protest it. It’s not supposed to go up by more than 3% per year, unless it’s sold. Then it’s reassessed at the newly sold amount.
In Texas, don’t they take the top three similar valuation sales per acre or square foot and use that for your value? You have to find the three smallest sales for the same type of property and submit them in a protest, otherwise, get an official appraisal, if so.
I’ve never heard of a tax authority doing any sort of “fair” evaluation or one in your favor.
If you know a state or county that does that, I’d love to know it.
The buyer stepped back after the bank incident, and it looks like the bank was right. I am the closest of the heirs and I live in Texas 750 miles away. I thought the appraisal value would be low, as many have suggested, but the heirs all agreed to sell the property at that price assuming it was in the low ballpark range. Boy were we too trusting.
It would be very easy for me NOT to care about anyone else or call this to the attention of others who might be cheated in this same way by the Tax Appraiser(s) -— and the vast majority of the responses to my post have been of this “every man for himself” quality. I am not like that.
Y’all can beat me up all you like because I call wrong things wrong and try my best to fix them for the benefit of everyone -— but someone has to do it even if I have to stand alone. A government that fraudulently takes from citizens needs to be called out and corrected.
Thank you to everyone for your help.
No, the buyer stepped back after the bank incident, and it looks like the bank was right.
Yes -— we are now working on an owner finance deal, if we can salvage it.
A bank appraisal should have nothing to do with the tax assessment.
The county appraisals usually just do drive-bys and guesstimates for tax purposes. The bank will be using a licensed appraiser pulling comps. The two should have nothing to do with each other.
I’ve never heard of anyone wanting to “up” their tax assessment. Further, the bank won’t care if you up the assessment as it doesn’t factor in.
That’s nothing, TX is allowed to raise taxes 10% every year. What was once 2 weeks of income is now about 4 months. It didn’t help that the Kalifornia invasion jacked up prices. We haven’t been able to afford the minimum of upkeep as every dime is going to property tax.
That’s correct. He needs an appraisal by a state or organizational certified appraiser.
Then challenge the assessor’s certification (most likely none) and thus the assessment.
I’m not interested in upping the appraisal -— I am upset because my family has been paying taxes on >$83,000 when the tax appraiser himself admits the property is only worth <$47,000.
I see.
Thanks for the correction
In this state (CT) the city or town appraises the properties.
They hire outside appraisers for that purpose.
They give you a number.
If you don’t like the number you can appeal it using any source of data you choose.
Of course I have no clue how NM works.
Does anyone on this thread understand the difference between an appraisal and a tax assessment? They tax guy doesn’t appraise your house. He only assesses the taxable value of the house based loosely on market conditions.
You get your own independent appraisal of actual market value of your home when you want to sell (or refinance).
No one EVER argues that the tax man assessed one’s home too low. Ever. Lower assessments equal lower tax basis. If the assessor overestimates the value, then you get your own appraisal and argue that the assessment was too high.
Now, when you sell, you want to argue the opposite (my property is worth way more than I’e been saying, and here is my independent appraisal to prove it).
If the tax assessor assessed your property too low, he did you a favor. If you sell based on the low assessment when your house was actually worth more, you’re a fool.
Also, some states assess at approximately half of estimated market value. If you sell at that amount, you cheated yourself by at least half.
You said it better than I did.
I knew I was screwing up, I just didn't know how.
If your property has indeed been over-assessed all along, it was up to you to challenge that at the time. They send you an assessment every year.
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