bullets13 Posted January 22 Report Share Posted January 22 This is the hidden content, please Sign In or Sign Up Quote Link to comment Share on other sites More sharing options...
bullets13 Posted January 22 Author Report Share Posted January 22 I want to hear your guyses thoughts on this, as admittedly this is far from something I know much about. A democrat in Nebraska has introduced a state bill which would consider a local county's assessed property valuation the same as an offer to purchase that same property for the amount they valued it at, if the homeowner decides to sell. Basically, whatever the county appraises your house value at, they're obligated to match that value and purchase the house if you choose to sell it at that price. For those of us who have consistently been screwed by the county over valuing our properties so that they can overtax us, this seems like a really nice weapon to use against them. That said, I know this would cause issues in other ways, but it sure would be nice for it to reign in over valuations. Quote Link to comment Share on other sites More sharing options...
Bobcat1 Posted January 22 Report Share Posted January 22 4 hours ago, bullets13 said: I want to hear your guyses thoughts on this, as admittedly this is far from something I know much about. A democrat in Nebraska has introduced a state bill which would consider a local county's assessed property valuation the same as an offer to purchase that same property for the amount they valued it at, if the homeowner decides to sell. Basically, whatever the county appraises your house value at, they're obligated to match that value and purchase the house if you choose to sell it at that price. For those of us who have consistently been screwed by the county over valuing our properties so that they can overtax us, this seems like a really nice weapon to use against them. That said, I know this would cause issues in other ways, but it sure would be nice for it to reign in over valuations. We use the apprasial districts value when we submit Home Equity Loans, but 9 times out of 10 the member pays $20 for an AVM (automated value model) to get a higher value to increase the loan amount. This would hurt banks and credit unions as well. Quote Link to comment Share on other sites More sharing options...
baddog Posted January 23 Report Share Posted January 23 The state of NY says it is a criminal offense to over value your property. What scumbags we all are. I think this could drive down property values and that’s a bad thing. Quote Link to comment Share on other sites More sharing options...
thetragichippy Posted January 23 Report Share Posted January 23 19 hours ago, Bobcat1 said: We use the appraisal districts value when we submit Home Equity Loans, but 9 times out of 10 the member pays $20 for an AVM (automated value model) to get a higher value to increase the loan amount. This would hurt banks and credit unions as well. He send an appraiser out for full appraisal or drive by. We never go by tax evaluation. So I don't see it hurting banks Quote Link to comment Share on other sites More sharing options...
Bobcat1 Posted January 23 Report Share Posted January 23 2 minutes ago, thetragichippy said: He send an appraiser out for full appraisal or drive by. We never go by tax evaluation. So I don't see it hurting banks At BBVA we did full or drive by - At AMERANT we did AVM unless they wanted to pay for full appraisal. At my credit union now, we go off HCAD. If you're obgliated to sell your home at what the city appraises it at, then what would be the point in getting a full apprsial? Quote Link to comment Share on other sites More sharing options...
SmashMouth Posted January 23 Report Share Posted January 23 I’m sure there may be some merit to this proposal, but I can see some failures with it too. What if 100 people want to sell their house to the county at the same time? How can the county afford to buy all of them? What will they do with them? Is this socialized realty? Lol. Call me crazy, but the less dealings I have with the government, the better. Also, being that it was proposed by a politician, a Democrat at that, it couldn’t be a well thought out plan. 5GallonBucket and baddog 1 1 Quote Link to comment Share on other sites More sharing options...
BS Wildcats Posted January 24 Report Share Posted January 24 5 hours ago, SmashMouth said: I’m sure there may be some merit to this proposal, but I can see some failures with it too. What if 100 people want to sell their house to the county at the same time? How can the county afford to buy all of them? What will they do with them? Is this socialized realty? Lol. Call me crazy, but the less dealings I have with the government, the better. Also, being that it was proposed by a politician, a Democrat at that, it couldn’t be a well thought out plan. The last sentence tells it all Quote Link to comment Share on other sites More sharing options...
bullets13 Posted January 24 Author Report Share Posted January 24 Nice to read all the responses. I don’t know the right answer, but I do know there’s been a lot of over appraising property values to drive up taxes in my area. LumRaiderFan and Reagan 2 Quote Link to comment Share on other sites More sharing options...
SmashMouth Posted January 24 Report Share Posted January 24 13 hours ago, bullets13 said: Nice to read all the responses. I don’t know the right answer, but I do know there’s been a lot of over appraising property values to drive up taxes in my area. No doubt. Lumberton is getting insane. bullets13 and LumRaiderFan 2 Quote Link to comment Share on other sites More sharing options...
CardinalBacker Posted January 24 Report Share Posted January 24 Unfortunately, your homes value is determined by what some yayhoo was willing to give for a ""comparable" house this year. The state has access to sale prices and the rest is history. What drives me bonkers is they keep looking at comparable sale prices without subtracting the realtor fees and costs of the sale. If the house sells for 200k, the realtor netted $12k. The actual value to the seller was $188.... unless, of course, they agreed to contribute towards the buyers' closing costs. Now you're at $180k of actual value to the seller/owner. If you then back out the thousands of dollars spent "making the home ready for sale" by painting, landscaping, bringing items up to code, etc, the actual value of the property might have been $165k or so... but now everybody in the neighborhood is paying based on that one dude's sale price of $200k when NONE of the houses on the street are carrying an actual value of more than 165k. Quote Link to comment Share on other sites More sharing options...
SmashMouth Posted January 24 Report Share Posted January 24 29 minutes ago, CardinalBacker said: Unfortunately, your homes value is determined by what some yayhoo was willing to give for a ""comparable" house this year. The state has access to sale prices and the rest is history. What drives me bonkers is they keep looking at comparable sale prices without subtracting the realtor fees and costs of the sale. If the house sells for 200k, the realtor netted $12k. The actual value to the seller was $188.... unless, of course, they agreed to contribute towards the buyers' closing costs. Now you're at $180k of actual value to the seller/owner. If you then back out the thousands of dollars spent "making the home ready for sale" by painting, landscaping, bringing items up to code, etc, the actual value of the property might have been $165k or so... but now everybody in the neighborhood is paying based on that one dude's sale price of $200k when NONE of the houses on the street are carrying an actual value of more than 165k. Yep. Quote Link to comment Share on other sites More sharing options...
1970 Posted January 24 Report Share Posted January 24 Interesting, and clever, but I'll be very surprised if the proposed bill passes as written. Apparently the bill states that the assessed value is a 90-day offer. I didn't read it through, so I don't know what happens after that. I'm over 65 so my rate is now frozen, but not my home's value. And the value increased by 10% each year for 3 years after I turned 65. The most that they can raise the value per year (in Texas) is 10%, if I understand it right. Last year the value was dropped, essentially, due to the legislation that they passed in Austin last year. Quote Link to comment Share on other sites More sharing options...
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