entire Laconia Board of Assessors quits over Vision Appraisal's valuations

Winniboater81 · 12-03-2010, 02:43 PM

I dont know why you people are upset that your tax assesment went down. You knew that if your tax assesment went down, they were just going to hike the tax rate to make up for it...which they did, and it washes.

If you have a buyer looking at your property and they go off the tax assesment as a guide to a purchase price they dont know what they are doing. I have been in real estate / mortgage business for a long time, and rarely do people run off the tax assesment.

My home in Laconia was just assesed at 204k down from 229k. I just turned down an offer of 302k. You need to understand more about the trends of the market.

gtagrip · 12-03-2010, 02:51 PM

Quote:

Originally Posted by Winniboater81

I dont know why you people are upset that your tax assesment went down. You knew that if your tax assesment went down, they were just going to hike the tax rate to make up for it...which they did, and it washes.

If you have a buyer looking at your property and they go off the tax assesment as a guide to a purchase price they dont know what they are doing. I have been in real estate / mortgage business for a long time, and rarely do people run off the tax assesment.

My home in Laconia was just assesed at 204k down from 229k. I just turned down an offer of 302k. You need to understand more about the trends of the market.

Is this how it was suppose to work originally? I thought if the value of your home went down, so did your taxes. Not that the town would raise the tax rate to make up the difference.

Value of home = amount of taxes you pay.
Like Seaplane Pilot said, it's a shell game that they are playing. Since I am self-employes and business has been off for the last few years, so my income has gone down. I wish I could lower my mortgage payment accordingly to make up for the difference.

BroadHopper · 12-03-2010, 03:14 PM

Quote:

Originally Posted by Winniboater81

I dont know why you people are upset that your tax assesment went down. You knew that if your tax assesment went down, they were just going to hike the tax rate to make up for it...which they did, and it washes.

If you have a buyer looking at your property and they go off the tax assesment as a guide to a purchase price they dont know what they are doing. I have been in real estate / mortgage business for a long time, and rarely do people run off the tax assesment.

My home in Laconia was just assesed at 204k down from 229k. I just turned down an offer of 302k. You need to understand more about the trends of the market.

Maybe I should hire you as a broker. I had a chance to purchase a short sale and save myself $600 a month. However, the banks no longer deal bridge loans. Original price on my property set by the first broker was 235. Then he drop it to 210. When the other property fell through a deal, I had another broker try to sell my property at 175. When the unit next door sold for 148.5 my broker called and told me that because of that, I will have to bring the price down to 148.5 or wait a few months. The other property is still available as the mortgage company will not lower the price. I just found out that there will be a lien for back taxes on the other property as the mortgage company is not paying the taxes.

I tried to convince the banks that I will rent out my property and live in the other until the first property is sold. Both properties are prime rentals. Doesn't work that way. The local bank actually pointed at the LADASUN rental page and says 'Good Luck'. I will never go back there again.

caloway · 12-03-2010, 03:34 PM

Just a few weeks ago people were complaining about being in donor towns. Now all of the assessed valuations come in low and people still complain? If I were a donor town, I'd want valuations to be absolute rock bottom.

As long as everybody in the town is equally undervalued, it doesn't materially affect your tax payment and there's no relationship between assessed value and actual value.

Yosemite Sam · 12-03-2010, 03:36 PM

I always understood that Fair Market Value is the agreed upon price between a willing and informed buyer and a willing and informed seller under usual and ordinary circumstances. It is the highest price estimated in terms of money which the property will bring if exposed for sale on the open market with reasonable time allowed to find a purchaser who is buying with full knowledge of all the uses and purposes to which the property is best adapted and for which it can be legally used.

The sellers realtor's job is to do market analysis and price the property accordingly. If the sellers realtor did their job correctly then the asking price should be a correct assessment of value.
Often, the asking price for the home is based upon comparable sales in the area - similar homes that have sold recently. Using the selling prices for those homes, they can determine what the home should sell for, and price the home accordingly.

Just Sold · 12-03-2010, 03:50 PM

A towns budget is X and for sake of argument say it is $1,000,000. The value of the towns taxable property is 10,000,000.... so the towns taxable value changes with the next re-valuation and goes down to $8,000,000.... you do the math... but if the budget does not change the tax rate would go up to get the same $$ for the towns budget based on the new tax value of the town. That is how it is done.

The State requires a town to revalue (every 5 years I believe) so they keep the towns value close to what is going on the the real estate market but it is only a snap shot in time and not a tracking of events. The State looks at the town taxable property value and then assigns a reference called the equilization rate to show how far off from current market value the towns taxable value is. It is a reference number only and used for comparing towns in the state and has no real value.

Its Friday I do not want to do the math

Can't you tell I am in the middle of re-certification classes right now for my RE license renewal.
OK Class is over.

Argie's Wife · 12-03-2010, 06:15 PM

Quote:

Originally Posted by Just Sold

A towns budget is X and for sake of argument say it is $1,000,000. The value of the towns taxable property is 10,000,000.... so the towns taxable value changes with the next re-valuation and goes down to $8,000,000.... you do the math... but if the budget does not change the tax rate would go up to get the same $$ for the towns budget based on the new tax value of the town. That is how it is done.

The State requires a town to revalue (every 5 years I believe) so they keep the towns value close to what is going on the the real estate market but it is only a snap shot in time and not a tracking of events. The State looks at the town taxable property value and then assigns a reference called the equilization rate to show how far off from current market value the towns taxable value is. It is a reference number only and used for comparing towns in the state and has no real value.

Its Friday I do not want to do the math

Can't you tell I am in the middle of re-certification classes right now for my RE license renewal.
OK Class is over.

Not sharpshooting you here, but there's more to the final tax rate than the town's rate. A tax rate is set by the county, state, town, and school rate. Each municipality has a budget and funds have to be raised in advance for a town, county, state, and school to operate. In other words, a tax rate change may be a result of increases/decreases from any of these budgets that are included in setting a tax rate.

12-03-2010, 03:34 PM	#4
caloway Senior Member Join Date: Jul 2009 Location: exeter, nh Posts: 73 Thanks: 4 Thanked 10 Times in 8 Posts	undies in a bunch Just a few weeks ago people were complaining about being in donor towns. Now all of the assessed valuations come in low and people still complain? If I were a donor town, I'd want valuations to be absolute rock bottom. As long as everybody in the town is equally undervalued, it doesn't materially affect your tax payment and there's no relationship between assessed value and actual value.

12-03-2010, 03:50 PM	#6
Just Sold Senior Member Join Date: Apr 2004 Location: Suncook, NH, but at The Lake at Heart Posts: 2,615 Thanks: 1,083 Thanked 434 Times in 210 Posts	A towns budget is X and for sake of argument say it is $1,000,000. The value of the towns taxable property is 10,000,000.... so the towns taxable value changes with the next re-valuation and goes down to $8,000,000.... you do the math... but if the budget does not change the tax rate would go up to get the same $$ for the towns budget based on the new tax value of the town. That is how it is done. The State requires a town to revalue (every 5 years I believe) so they keep the towns value close to what is going on the the real estate market but it is only a snap shot in time and not a tracking of events. The State looks at the town taxable property value and then assigns a reference called the equilization rate to show how far off from current market value the towns taxable value is. It is a reference number only and used for comparing towns in the state and has no real value. Its Friday I do not want to do the math Can't you tell I am in the middle of re-certification classes right now for my RE license renewal. OK Class is over. __________________ Just Sold At the lake the stress of daily life just melts away. Pro Re Nata

12-03-2010, 02:43 PM	#1
Winniboater81 Junior Member Join Date: Jul 2010 Posts: 18 Thanks: 0 Thanked 3 Times in 3 Posts	I dont know why you people are upset that your tax assesment went down. You knew that if your tax assesment went down, they were just going to hike the tax rate to make up for it...which they did, and it washes. If you have a buyer looking at your property and they go off the tax assesment as a guide to a purchase price they dont know what they are doing. I have been in real estate / mortgage business for a long time, and rarely do people run off the tax assesment. My home in Laconia was just assesed at 204k down from 229k. I just turned down an offer of 302k. You need to understand more about the trends of the market.

The Following 2 Users Say Thank You to gtagrip For This Useful Post:
dykg (12-04-2010), Seaplane Pilot (12-03-2010)

12-03-2010, 03:36 PM	#5
Yosemite Sam Senior Member Join Date: Sep 2009 Location: Lakes Region Posts: 395 Thanks: 81 Thanked 95 Times in 56 Posts	I always understood that Fair Market Value is the agreed upon price between a willing and informed buyer and a willing and informed seller under usual and ordinary circumstances. It is the highest price estimated in terms of money which the property will bring if exposed for sale on the open market with reasonable time allowed to find a purchaser who is buying with full knowledge of all the uses and purposes to which the property is best adapted and for which it can be legally used. The sellers realtor's job is to do market analysis and price the property accordingly. If the sellers realtor did their job correctly then the asking price should be a correct assessment of value. Often, the asking price for the home is based upon comparable sales in the area - similar homes that have sold recently. Using the selling prices for those homes, they can determine what the home should sell for, and price the home accordingly.