Frustrated with Taxes (RANT!!!)

[Aidenbaby]

I just got my Real Property Notice of Valuation. It says my property value dropped from $136,504 last year to a whopping $87,718 this year. Yes, folks, that is a drop in value of 36% or $48,786. To make matters more lovely, I've just been informed that for the next year I will be overpaying into my escrow account and there is nothing anyone can do about it. The mortgage company says that they can not adjust the amount being withdrawn until they receive a new bill from the assessors. The assessors say that they will not be releasing the new assessment until NEXT JANUARY!!! I want to so badly. I feel like the mortgage company is going to be holding my money (surely the taxes will drop) ransom without paying me any interest. Next year, we will receive the difference when they do our account settlement but I don't want to give them that money in the first place.

 

[miss_thenorth]

i agree. it's better in your bank acct than in theirs, after all , it's your money. I'd press forward and see if you can get the new bill to the mortgage co. There has to be something you can do!

 

[hennypenny9]

My parents are having the opposite problem! Their property value has skyrocketed based on the sale of land near them. But they're fighting it, since they would prefer not to be taxed out of their land. Anyway, I hope you fight it, too.

 

[Aidenbaby]

Henny, I think in cases like your parents, you can have the assessor come out to do a more exact valuation. Mind you, it has the possibility of hindering as much as helping. If they've made improvements that the assessors didn't know about, it could raise them.

 

[hennypenny9]

Actually, they just told me that someone from the bank came out. They're getting a loan to consolidate all their payments. They have at least six payments, and some are about to have the interest rate go through the roof. They'll save about $600 a month by using the loan to pay off all these things. Annnyway, the bank rep had to come out to make sure their property is worth enough or something. This person valued the house significantly lower than the county had. So they can use this to fight it.

But my parents are old hand at dealing with various corporate and government arms. I still remember my mom calling on something or other. "Hi, what was your name again?" She writes down the date, time, and name of the person she's talking to. She keeps it with the paperwork, so it's easily accessible, and then she has proof when some other person denies what the other one said. Keep making calls, it wont hurt anything, and just maybe you'll get someone who knows enough to help you.

 

[sylvie]

Henny, I think in cases like your parents, you can have the assessor come out to do a more exact valuation. Mind you, it has the possibility of hindering as much as helping. If they've made improvements that the assessors didn't know about, it could raise them.

Correct.
There is a form that the Auditor/ Treasurer office has for you to challenge the valuation amount and ask for a new assessment. I think the deadline is June 30th for 2010, but a call to that office will give you all the info for your town.

We went from $900 per year to $3000 per year with no advance notice to save. $250 per month on a fixed income is tough. We got a Homestead Exemption on our taxes but it didn't help much.

So many in my community complained that they are adjusting the valuation amount down by $10,000. That will only decrease ours by $100-$200 per year. Were there many complaints in your town regarding the valuations for them to adjust so low?

 

[Woodland Woman]

My property valuation has dropped also. Unfortunately, my taxes will rise slightly. I think it has something to do with the actual "cost" of running things.

 

[Aidenbaby]

Sylvie, probably not. It has everything in the world to do with the boying market. If I had the cash, I could have bought a house around the corner for $60,000. I would have too. It had an ENORMOUS backyard which would have been perfect for more chickens or even a goat.

 

[Big Daddy]

I just got my Real Property Notice of Valuation. It says my property value dropped from $136,504 last year to a whopping $87,718 this year. Yes, folks, that is a drop in value of 36% or $48,786. To make matters more lovely, I've just been informed that for the next year I will be overpaying into my escrow account and there is nothing anyone can do about it. The mortgage company says that they can not adjust the amount being withdrawn until they receive a new bill from the assessors. The assessors say that they will not be releasing the new assessment until NEXT JANUARY!!! I want to so badly. I feel like the mortgage company is going to be holding my money (surely the taxes will drop) ransom without paying me any interest. Next year, we will receive the difference when they do our account settlement but I don't want to give them that money in the first place.

Collecting an escrow to pay your insurance and taxes is a service the mortgage company provides. You should be able to tell the mortgage company that you will be responsible for your own taxes and discontinue the escrow. I think that is usually an option. Be worth checking into

 

[inchworm]

I found it was less of a service and more of a requirement. The mortgage company wants to make sure you are paying for insurance and the property taxes because it insures them against loss. If you have more money down, they might let you out of it -- certainly worth a call. The last time we refinanced, we managed to opt out of the escrow. You have to have the self-discipline to recalculate every year what you think you will need to pay your taxes and insurance and set that money aside every year and absolutely don't touch it for anything else!

Inchworm