Thursday, May 31, 2012

Once again the Herald misses the point.

Post by Mike Flynn

While the body of the story below is correct, the author made the following quote in the comments below the story:

As far as assessments go, the state inacted a three-year moratorium on assessments that ended this year, which also required what was tantamount to a revaluation on property. If your assessment went up, it's likely because A. you had some improvements to your home or B. The value of your home increased. Since assessors now have to figure in fair market value and comparable sales, many assessments actually went down. You apparently were just unfortunate enough to have yours increase.

Where did the writer get that information? Maybe from one of the tax assessors? Because if he had done any real research, he could find NUMEROUS examples of overvalued property. I understand these guys are over worked and under paid, but his comment below the story in just not accurate. Again... the digest value did not grow, it has been inflated.

Also consider the issue of the moratorium. The State froze values at the peak. Real estate went manic from 2002 to 2006, then the wheels came off. Values began to plunge around 2008. Then they were frozen - by the State. Meanwhile, the plunge continued.

Now that the moratorium is over, guess what, properties are over valued. If the reporter would just do some UNBIASED research he too would discover that the digest is over valued.

So if this expiration of the moratorium "was tantamount to a revaluation on your property", where was the army of hourly assessors? When where they given an hour long training session by watching a simple video? What company was outsourced to perform this RE-VAL?

As far as his B answer goes.... that shows a lack of real World experience or knowledge. He could also find many examples of property that has not been written down even with sales (more than 10% below subject) just a few doors down on identical property.

County short fall to be filled by fund transfer.


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