Do you know about - High property Taxes Got Me Down!
Erie Insurance! Again, for I know. Ready to share new things that are useful. You and your friends.I've been a licensed appraiser for sixteen years. I appraised in Maryland, Washington, Dc and Virginia until I moved back to the Buffalo, Ny area about eleven years ago. Buying a home in the Buffalo area was a nice surprise when I found out that I could purchase a home practically three times larger than the home I owned in Maryland for the same price. Then the asset tax situation was explained to me and reality came crashing down. My monthly mortgage (principle and interest 0), was going to be eight dollars less than the monthly taxes and guarnatee (8) that I needed to pay (for a total payment of 08). That means after thirty years of paying off a mortgage, I would still have to pay an equal number per month for taxes and guarnatee for the rest of time I lived in the house. In follow I would have two mortgages for the price of one and that's if taxes don't go up. I believe taxes will continue to increase. As a matter of fact I do everything I can to make sure I pay the right number of State, Federal and asset tax. I own some revenue properties and have had the assessments reduced. I have challenged assessments for clients and have only lost one time. The asset evaluation challenge process is pretty right forward at the beginning but gets more involved at higher levels. I'll write about that process in later blogs. Right now I'd like to write about a topic that has been near and dear to my heart for some time...property tax statistics. I know what you're thinking, get a hobby.
What I said. It is not outcome that the real about Erie Insurance. You look at this article for information on an individual wish to know is Erie Insurance.How is High property Taxes Got Me Down!
The National Taxpayer Union (Ntu) settled in Washington, Dc is often quoted about the asset taxes in the United States. They say that homes in the Us are 30%-60% over assessed. They make this statement but I have never seen any statistics backing up the numbers. So, because of the asset tax situation in Ny and the fact that I have the many Listing aid (Mls) I decided to see if I could prove or disprove the Ntu's statement in my little part of the country. It just so happens that Western and Central Ny have the top six out of six top taxed counties in the country when you correlate home values to the number of tax paid as a ratio according to the Tax Foundation also settled in Washington Dc. I will check the sale prices of homes against the assessed value of those homes to see how exact the local assessors are. This will be done at the town and city level and I will give an whole evaluation for each county I research.
As an appraiser I know that nobody can predict exactly sale price of a home. Appraisers give an appraised value on a home but we realize that a range would be better. If I use the factory that 30-60% of all homes are over assessed then a home that sells for one dollar less than its assessed value is over assessed. That seems pretty ridiculous but it is the premise. So just to be fair I will check to see if the properties are over assessed and I will check to see if the properties fall within a range of +/- 10%. This means the local assessor has a 20% margin or range in which to value the property. I will post both sets of numbers on this blog.
Erie County is up first, let's see what we have. We used single family residential homes that sold in the last six months. All homes that were estate sales, foreclosures, Hud homes, owned by a bank, homes less than ,000 or otherwise not arms distance transactions were not used. The data was taken from the local Mls and Realist taxes. The assessed data is entered into the Mls by real estate agents so random samples were taken and checked against the Realist tax data for accuracy. There were a small number of inaccuracies in assessed value but not enough to significantly change the outcome. We predict a +/- 4% error. If the local evaluation equalization rate was not 100% we made the adjustment to the assessed value to bring it up to 100% of market value. A little over 3000 properties were used.
After compiling all the data it seems the Ntu's statement is true for Erie County Ny. The County has 40.05% of its single family residential homes over assessed by one dollar or more. The County only has 22.53% of its homes over assessed when we give the assessors +/- 10% to work with.
The real surprise here is the fact that the county has practically 60% of its homes under assessed by one dollar or more. That is a lot of money not being paid into the coffers. This tells me that the assessors and the home owners both need to work to find equilibrium. The home owners should make sure their home is assessed properly and not over assessed and the assessors should work to make sure homes are not under assessed.
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