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I'm wealthy and I didn't even know it

   Let me preface this post by saying that I know that it will supposedly all even out in the end, that the proverbial tide will rise for everyone. Having said that, though, I feel as though I'm about to get soaked.

   I live in Gates, which just completed a property reassessment of all the parcels in the town. The value of my 11-year-old home, which sits on little more than a quarter acre, will be set at $177,000 -- up about 18.5 percent from the current $149,100 assessment.

   The notice is accompanied by the standard disclaimers about how tax rates work. I know my actual tax bill won't go up by 18.5 percent because most other homeowners are also having their assessments bumped up by double-digit amounts. But any artificial increase -- and that's what a reassessment is -- raises a red flag. My town/county/school bill has already zoomed from $4,256 in 2003 to $5,266 last year. That's about 23.7 percent in just two years.

   I've got to believe that my proposed percentage increase is higher than the average, which sets me up for a disproportional increased burden. The assessment notice estimates a 4.3 percent increase in actual taxes. By the time the assessment office makes various adjustments and the town's mis-administrators get done cuisinarting their budget it could easily be a 10 percent hit.

   Again, I'd be OK with this process if it all evened out in the end, which is to say that I was actually able to sell me house for the assessed price. And that's the problem. I can't get $177,000 for my house. I keep searching the lists of property transactions from recent years and the current MLS listings. Nothing comparable has sold for more than $155K recently, and nothing comparable on the market right now is listing for $165K.

   So it's going to be left for me to put the documentation together and show up for an appeal. I've never had to do that, but I've heard the horror stories and know how the farce will play out:

  • I'll bring in supporting documentation that shows $155,000 to be a fair assessment.
  • They'll inform me that my methodology is invalid for whatever reason.
  • They'll cite a list of "comparables" for $175K that aren't really comparable because of location or type of structure, etc.
  • I'll offer to compromise at $162,000.
  • They'll counter-offer at $170,000
  • I'll tell them if they write me a check for $170,000 right now I'll turn over the keys by the end of the day.
  • They'll tell me to take it or leave it.

   One hundred and seventy-seven thousand dollars? I'd like to think that number was set by someone who lives in my community. Truth is, though, that I'm not sure they're even on the same planet.

Comments (2)

I work with 3 people from the Victor area that has the same complaints. They have run into the same complaints.

Attempts to get other people on their road to complain has netted 0 help, and has brought about the realization that a LOT of their community has been replaced by giant houses that are summer houses, or houses where Dad flyes to NYC for 5 work days a week, and mom is a mom-about-town.

I have heard talk about 'Exurbs' and the 'rich-flight' in the last few months, and I wonder if this is part of that trend?

Hey, How do I get to the admin interface, I'd like to edit my comments sometimes after I make them? I poked around and it wasn't obvious to me.

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