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Real estate assessments flat, some depreciation
01/24/2009 8:19 AM by John M
The 2009 real estate assessments are now available online. A spot check around the neighborhood shows flat values and, for the first time in many years, some small depreciation. Previous years: 2008 | 2007 | 2006 | 2005
Along North 23rd Street in Fairmount values have held steady. Higher valued properties on the 2700 block of East Broad show reduced valuations. A quick scan of the properties on North 32nd show flat assessments.
My assessment dropped almost 3%, along with a few other homes on my block (North 29th).
My house and the house next door are both assessed at almost twice what they are worth. If we tried to sell either of them at the assessed value, buyers would ask us if we were nuts. I certainly wouldn’t pay THAT much for THIS place.
I’m in southside, not Church Hill, but mine went up 38%. Whoa.
Mine didn’t go up but it’s still 20k more than I paid just last August. I intend to appeal. Needless to say, real estate values have not gone up in the past five months.
Well, hell. Ours was *ONLY* up 108% on the building, and we’ve not done any improvements in years. How nice. Already have my call in…
Why does the property search not allow you to search letter streets? I live on Q street, and it says that you need 3 letters in your street name to find that address.
I’m able to get it to work for R Street (for random example). Feel free to email your address to murden@gmail.com and I’ll see if I can pull up a link to send back to you.
Per #5, actually some real estate values have gone up in the past year. My assessment went up this year 21%, bringing me to the sales value I think it has. Assessments are a very local, very specific science. It doesn’t deal with California or Chesterfield. It deals with you type of house, in your neghborhood, with sales in 2008. That being said, appeal, by all means. About 30% or appeals are successful. Some go up, though, so be sure of your facts.
I am on Southside and there was no change this year for the first time since I have been in this house, 1993.
Our house assessment went up about 15%. I had the assessor stop by 6 months ago so I thought it would jump up.
My assessment fell by twenty percent!
rosi and others, it doesn’t matter if “you” have done any work on your house. It depends on if others on your block or immediate neighborhood have especially total restorations. They change the market value of surrounding houses (hence a similar thread mentioning gentrification). It is a fact of life if you move into a up and coming neighborhood – property values increasing due to the neighborhood improving.
Just like the person who has a 1958 Corvette which is nothing but a shell and without an engine in the garage being taxed the same amount as one that is 100% restored. Is that fair? Just encourages you to either fix it up or sell it to someone who will – or junk it and get it off the books.
This assessment was not flat for all residents. The market may be bad but not all house were assessed the same or lower. I am not surpirsed though the news is not covering this apsect of the assessments.
My assessment was up 40 percent from last year. I have been remodeling my house so I understand the assessment and am glad that the work was figured into the assessment. Unlike many, my house is now worth more than I paid for it, and in this economy that seems to be rare.
Anyone notice that land assessments went up (in some cases) while the value of the structure went down? reducing the total value. what do you suppose that means in the future … whats behind it and how does the Ciy benifit do you suppose?
The land assessments went through the roof in 2007 – a lot of people had large increases in their assessments that year due entirely to that. This year the land is holding steady while some of the structure values go down. It doesn’t really make a difference to the city, since we’re paying taxes on both pieces, but I can see where it might affect insurance. I’m not sure how that works, though, because replacing a structure is certainly not any cheaper than it was a couple of years ago.
Lisa,
It’s my understanding that this is just a paper adjustment…they try to keep a ratio between land and improvements, and when that ratio slips they make an adjustment. The only value that counts for taxes is the total figure.
RE: #16 – I’m pretty sure that it doesn’t affect insurance. Not positive, but that is my inkling. My understanding is that replacement value is the criteria that they use.
My homeowners made me insure my place for $350, when I bought it for $70 because that was the supposed replacement value.
Shannon…
It wouldn’t be “replacemet” value because ours is about $750k while the assesment went up almost $100k to 303K.
Eric