Echoing Al Marks’ letter in The Times on Friday, the recent property re-evaluations leave something to be desired. I generally support the idea of reassessment, particularly for properties that have not been assessed or sold in a long time. But what is the logic for assessing properties that have very recently been sold, instead of using actuals?
The best source of information on “fair market value” should be an actual sale in the free market. In my case, we bought our home on the lake in the winter of 2012. It had been on the market for well over a year. We paid $560,000, and at that time it appraised high by the bank’s appraiser at $600,000. So, a few months later, the county’s tax assessor comes by, measures the outside, and subsequently re-evaluates the property at $626,000.
I guess they know better than the free market, 12 months in the competitive marketplace, and a thorough inside and out appraisal by a professional assessor, including comps. Funny how errors like this generally fall on the high side.
I will appeal, but I don’t expect much.