29
Just about an hour ago I was at a real estate closing where my purchasers were settling on a home in Louisa County that had a 2008 tax assessment of $832,000. They paid $640,000. Where did the value of almost $200,000 go?
Well, you better believe one of the first things these new homeowners are planning to do is to appeal their tax assessment. They made that perfectly clear soon after having a ratified contract and reiterated it again this afternoon.
Oh yes, they like many others are now owning property that is assessed by their local governments for much more than market value.
Will many governments make adjustments that will truly reflect the current market down turn? Or, are homeowners simply setting themselves up for further frustration when they try to have their properties reassessed?
How will the local governments handle this without antagonizing their property owners and yet not risking a serious loss of income? Who will pay the bills the governments have piling up? Do the assessments go down and the rates go up?
The domino effect is alive and well. What do you think will be the outcome?
(This post was written in December 2008.)
If you or someone you know is thinking of buying or selling property at or near Lake Anna, Virginia please contact Kathleen ”Kate” Elim, REALTOR®.
Kate lives at Lake Anna, knows Lake Anna, loves Lake Anna, and specializes in Lake Anna area real estate.
Call Kate at 540-226-1964 or by e-mail at lakeanna.kate@gmail.com.
Copyright © 2008 By Kathleen “Kate” Elim, All Rights Reserved. *Boy, are the Tax Assessor’s Going to be real BUSY*.