Re: contested appraisal
Ayuh,...........<br />Around here, Assessors come with an Tax Assessment Value............<br /><br />Realtors will do an Appraisal, to determine a Market Value.....<br />Different Words for the Same Issues......<br /><br />Anyway,<br />A little story from many years ago.............<br /><br />Back in 1983 I found a Severely Distressed Boathouse on a little pond called Lake Bonaparte(a nice Spring-fed lake with an excellent fishery, more importantly, Just Outside the Infamous Adirondack Blueline)....<br /><br />I contacted,+ met with the owners... They'd been trying to sell for a considerable time,+ had dropped the price from $10,000. to $5000.......<br />Sitting there in a local Ginmill, I wrote out My own purchase contract, Giving them they're Full asking price,.... I gave them $250.Cash,+ Promised the balance upon Bank Approval,+ I'd be given Immediate possession.......<br /><br />I then threw a Party,+ Myself,+ many Friends jacked,+ leveled the building........ After that I called My banker... He came over with the bank's appraiser,+ they spent maybe an hour looking it over..... <br />Several days later Craig, My banker, called with the Good News...... They gave me an appraisal for $9900.,+ He was willing to loan the Full Value......<br />I signed,+ payed the former owners the $4750. that I owed them,+ pocketed the balance.......<br /><br />Well, That year I learned that the town Taxed me on a $10,000. assessment...Even though it was Twice what I'd Just Payed, That was less than $200. a year, so I figured I'd just pay My share,+ Didn't contest it.............<br /><br />After several years, there was a Fire..... The Camp was destroyed.....<br />That year, My taxes Didn't go down, reflecting the loss of the Structures on the property......<br /><br />That's when I decided to Contest the Assessment...... I did my homework,+ went to the board meeting................<br />When My turn came up, I was told that even though the building Wasn't habitable, the Pile of Ashes Was Still There on the Assessment Date, So I was Taxed at the Previous rate...........OK, So be it.....<br /><br />They told me they would be willing to lower the rate to reflect the loss of the structures,+ asked me what I thought was a Fair Value........<br />I responded $1400..... <br />To which they replied, " That's a Totally Unrealistic value for 40' of Waterfront"..... " Where did you(I) come up with such a low figure" ???<br />My responce,..." Your Tax Files.. total value $12,000. Land Value, $1400"........<br />They stuttered,+ backpeddled abit,+ told me they'd notify me of their findings by mail..........<br />2 weeks later, in the mail was a notice from them............<br />Tax Assessment, Total Value,...$1400..........<br /><br />Total Tax Assessment, today many years later, $3400......... That's a little over $50. land tax,+ about 3 times that in school taxes...............<br /><br />So, to illistrate the differences between an Assessment,+ an Appraisal.........<br />All the Dockage,+ Improvements that I've done over the years are Not built into the Assessment... No Buildings.....<br /><br />But, If you think for 1 minute that I'd sell this little nugget for the $3400. Assessed Value........ <br />You're Crazier than I am..........<br /><br />The Appraised Value is Much Closer to $1000.@ Foot, Waterfrontage......................
