How to fight and over assessment on my land

[Audiofn]

I just got my reassessment letter for my place in Maine. First I am horrified as it is quadrupel what I think it should be. Now I am trying to figure out how to fight it and I only have one week to get an appointment.

I have two lots that are almost identical and side by side of one another 1.38 acres each. One I purchased 6 years ago for 32K and the other I had an option for 32K and purchased last year. The land on the side of me sold for 40K about 5 years ago at the peak of the market. The two pieces of property were just assessed at 133,530 with 13K in exceptions for one and 126,440 for the other. First I am totally confused because one of the lots has a house under construction on it and is actually probably valued close to replacement value but market would be way lower. So my questions are as fallows:

1) Are they saying that the house is only worth about 7K, or do they split the house value over the two lots?

2) How do I fight this? I only have 7 days to get everything together as I just got the letter yesterday and have to make an appointment for next week hopefully Friday if they have any openings.

Thanks
Jon

 

[Ratickle]

Get you butt in there and file. I'm not sure with Maine, but once you've started the process, gives you a lot more time here in Michigan to develope the facts behind your case.

Get a real estate agent and pull the postings for every similar piece of property that has sold. The prices for similar property will develope your case.

If none has sold, what they are listed for to show they are overpriced and haven't sold.

If you just purchased it, that piece shows fair market value on the one identical piece right there. Makes your case for both. Besides what you paid, search every piece of documentation you have that shows how much property values have decreased in your area since the purchase of the first property, and the second. Take in the ones that work in your favor. If the identical piece sold for $40,000, and you have documentation by real estate studies, and government studies, property values have declined by % since, copies....

Your state should have laws about how soon they can tax property improvements. It should not be when they are started though. The house started should not make that difference. That accessed value should be when the house is completed.

You can never have too much paper working on your side. Print and copy everything even remotely making your case because even if they decline, your case is not over. In most states you can go way up through arbitration or even courts with jury's.

Dazzle with documented relevant BS........:sifone:

 

[bluellama]

+1 to what Rat said
....... Get a real estate agent and pull the postings for every similar piece of property that has sold. The prices for similar property will develope your case.

If none has sold, what they are listed for to show they are overpriced and haven't sold.
.......
If there are very few sales, then expired/cancelled listings are your friend.
I'm not sure how it is in Maine, but here in Ontario I can pull assessed values for any peice of property, you also need to make sure that your property and similar properties are valued the same. If they are all over priced, you may be able to get other landowners to help with your re-assessment fight.

 

[Trim'd Up]

In my area they can't tax improvements until the year after they are complete. If it is the same there then just wait till the house is done. Here, they also have a 5 year stay on taxes if you are doing improvements to an existing residence. The county just assessed my new garage at 60 g's, but I just had to send in some paperwork, and they won't raise my taxes at all, for any reason for 5 years.

 

[Audiofn]

I just talked to some of my neighbors and they are probably all valued lower then market. I have no idea were they got this number from but when I talked to the guy on the phone he did not even know that there was not a structure on my second lot. He kept telling me that I had made a lot of improvements. I have my apointment for 2:30 next Friday to go fight it. Now I just need to get all my ducks in a row and see what the other land owners close to me got hit with.

 

[Ratickle]

Two things you need to remember.

1. Valued lower than market is a good thing for taxes.......(you'll always think of it's maximum worth, don't give them an inkling, period).

2. Only find and copy the things that prove how little it's worth. Stacks of it. You just figured out they don't have a clue, (obvious someone who has aspirations of a higher political office), because they didn't even know if it had a house or not. You win, if not, go to the local paper and embarrass the heck out of them. Increasing taxes and not even knowing if there was a house or not. Morons.....:boxing_smiley:

 

[Audiofn]

I have a realtor friend that is up ther putting together a bunch of comps for my place. She said that this guy is fair and will adjust. What is amazing to me is how many people are probably just going to pay the bills! I guess that is what they count on. There was a recent sale of a lot across the street from me that the lot went for 120 that must be what they comp'd me against. The problem is that lot is on the river were I am across a street and have a shared waterfront. So she thinks my base line should get it back down.

 

[clayinaustin]

And y'all wonder why I rent...

 

[Audiofn]

Clay that is what I told my wife. If this is what they are going to do to us when the place is so far from being done imagine what it will cost once they see it done!! If they hold to this then I may think about going to back to renting a place. It is nice to have your own place however.

 

[Wrinkleface]

 

[MarylandMark]

Get an appraisal; an Appraiser carries much, much more clout than a Realtor does...

Make sure you tell them up front what the purpose of the assignment is in case any thing else comes of it- ie going to court over it or whatever.

 

[masher44]

1. Get a good apparaiser and have him do an appraisal with your input on the situation.
2. File a Grievance with the County

You probably will be fine if its in line with the other places in your area. I filed a blanket grievance on an entire 400 lots subdivion and came out great.

 

[JupiterSunsation]

And y'all wonder why I rent...

I thought you rented so you could bail in case you met that inevitable "baby momma" or psycho chick you can't get away from........:sifone: