Posted on 11/27/2023 8:04:51 AM PST by Kaiser8408a
“County Assessments are not “appraisals”.”
When I worked at protesting them they were called “mass appraisals”. What you call it doesn’t matter, it’s how your taxes are set up or down.
“Most states wont automatically reduce the value related to property taxes. Homeowners need to file a petition to get the value lowered to market.”
1. States don’t set property values and taxes, counties do.
2. Most counties reassess every two years and then set the value using those 2 prior years of sale prices. That means assessments peak about two years after prices peak, and assessments bottom 2 years after assessments bottom.
Building Permits are down about 15% in the Atlanta metro area.
However, it is still the 5th largest volume market in the country.
In order of the amount of building permits:
1) Houston
2) Dallas/Ft Worth
3) Phoenix
4) NYC/Newark
5) Atlanta
FYI, as a percentage, Nashville has a higher percentage increase (26% +) than any other metro area. Followed by Riverside, CA(22%+), Miami (12%+), Sacramento(6), Charleston & Charlotte(5%)
All other metro areas are down in permits in comparison to 2022.
“Most states wont automatically reduce the value related to property taxes. Homeowners need to file a petition to get the value lowered to market.”
Oh, and counties will automatically lower taxes if their assessments go lower. What you are probably thinking of is the protest system. You get a letter when your assessment is updated. If you think the assessment is wrong, you have a specific period during which you can protest. (This used to be one of my side hustles).
“NEW construction sales were at a 18 month high in September”
Sept had houses built without lumber costs being out of this world. Homebuilders are reducing the amount of loaned money they use for projects. It is very typical a big gross sales number is put up with any product before the buyer demand goes to zero. Houses hopefully have dropped off the get rich quick list and gone back to keeping rain off your head list.
Lumber COSTS are no longer high. They have been actually back to normal for over a year now. OSB is still fairly high, but it is because there are only about twelve mills that control all the OSB production in the the WORLD.
Why? With computers why all the delays?
Again let me repeat we have a very low inventory of houses and every tom, dick and democrat in the north is moving here. Interest rates will be dropping soon not going up. The housing market here will not likely crash anytime soon.
my bad, I meant counties. Most counties dont automatically reset value.
Live in CA all my life and not once did the county reset my property value even during the obvious times. I had to petition.
Appraisals determine market value at a point in time. Assessments determine the taxes collected by the thieving government. ;)
“Live in CA all my life and not once did the county reset my property value even during the obvious times. I had to petition.”
My last prior house went up and down in assessed value in Colorado. My taxes went up and down when it happened without me doing anything. In Colorado you get the assessment every two years. If you think it’s too high, you “protest”. You argue your case to a panel. If you lose you can appeal. Eventually a decision is final. I used to get paid to help property owners protest. Lost more than I won, but when solid evidence was available we would win.
“Why? With computers why all the delays?”
They use a 2 year history of sales, and reassess every two years. Nothing to do with computers. The assessment and the taxes on my various properties moved up and down over the years lagging the cycles somewhat. It’s the govt, they do what they want. Don’t pay, they take your property.
They could take it but it would come with price.
Yes wealthy people from democrat states are definitely holding up housing in state with lower taxes.
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