“My house costed $69k...............”
When? What is it worth today?
Luckily we bought our house just before the market went nuts.
$69k was in July 2002, 20 years ago, which was a fairly normal price for this neighborhood.
A month after we bought, a similar house down the street went for $90k, then others started going up for sale and were selling for $100k, then $125k then it kept going up to $200k!
It was crazy for a while then leveled off. Then started falling back to a ‘normal’ level of around $120k where it stayed for the past few years until the developers started buying up older homes, tearing them down, subdividing the lots and putting two houses where one used to be.
One lot had three houses put on it, with very very small yards.
Of course the taxes went up with the sales since the state requires the appraisals for tax purposes to be within 10% of the market prices for the neighborhood.
Then the elementary school across the street from us was closed due to its age and costs of repairing the roof, and was sold to a developer at a bargain basement price.
He tore down the school and built 40 new homes on the property that all sold for $300k or more.
We just got our tax notice for 2023 in the mail and it’s up about 10% .........................
According to our county Property Appraiser, an elected position, our house is worth $125k for ‘tax purposes’. When we bought, it was appraised at $55k for tax purposes.
We have a large corner lot on a horseshoe shaped cul-de-sac with 4 other houses.
We constantly get letters in the mail from realtors wanting to buy our house.
There is no doubt in my mind they would buy it, tear it down and put two houses in its place............