Signs of Life in the Low Country
Flowertown in the pines
Spring has sprung here in the low country, and with it we have witnessed an interesting harmony of real estate closings; beautiful blossoms of a different sort, after this winter of our discontent. (If you are in real estate, you know what I mean!) Purchases are now up significantly, at long last. I have launched this blog to post periodic articles of interest to Charleston area real estate professionals. Sometimes, I’ll focus on news. Other times, I’ll focus on legal issues. In fact, most of you get plenty of real estate news from other sources, so most of my time will be spent on legal issues pertaining to real estate law.
I hope this blog will be useful to you. If you have any suggestions or constructive criticism, please let me know.
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Comments
Rev. Tom,
You’ve hit on a recent irony. Property values are down, but some assessments are up. Local governments (and yours in Johnson City, TN is no different) are finding new ways to squeeze dollars out of taxpayers. (Here, in Summerville, it seems to be speed traps, but I digress……).
When your assessment comes out, the notice will give you information on appealing the assessment. Pay attention to the time limit you have in which to appeal. Call ahead and ask what type of proof they will accept regarding the valuation and what the procedures are. Most of the time, they are informal. Obviously, the best evidence would be an appraisal by a licensed appraiser. The down side of this is that it will cost $300 or so. A CMA (comparative market analysis) would be a good substitute, which will show recent sales in your neighborhood. Also, if the property was just recently purchased in an arms-length transaction, argue that you just bought it for fair market value. Show the listing, the settlement statement, that you were not related to the seller, and other relevant facts.
Above all else, pay attention to the particular procedures and requirements in your location.
Any tips on how to fight a 25% increase in property valuation?