JMortensen Posted September 1, 2005 Share Posted September 1, 2005 You ought to thank the appraiser then. Lower appraisal means less property tax. Quote Link to comment Share on other sites More sharing options...
Tim240z Posted September 1, 2005 Share Posted September 1, 2005 Jon, Actually, that is what I thought, but when we completed our addition, they did not levy taxes on the new appraised value, but rather just on a portion of the new addition (not sure how that works), but it was definitely assessed on far less than the full appraised value. Quote Link to comment Share on other sites More sharing options...
JMortensen Posted September 1, 2005 Share Posted September 1, 2005 Hmm, you could be right Tim. I'm trying to remember how that worked, and I'm thinking maybe its when you SELL the house that the new buyer has to pay taxes on the appraised value. Quote Link to comment Share on other sites More sharing options...
Tim240z Posted September 1, 2005 Share Posted September 1, 2005 Hmm, you could be right Tim. I'm trying to remember how that worked, and I'm thinking maybe its when you SELL the house that the new buyer has to pay taxes on the appraised value. Yup.....one of the main reasons we decided to do an addition instead of buy another place. Up to the point of the addition, we were only paying taxes on $280k......didn't want to bump that up to paying taxes on $800-900k That...and selling and buying a house means throwing away about $60k on realtor commissions!! Quote Link to comment Share on other sites More sharing options...
dmyntti Posted September 1, 2005 Share Posted September 1, 2005 Yeah, When you go for a bank appraisal the appraiser knows what you are trying to borrow. They rarely appraise it for much more than that. I have had appraisers give an appraisal from just a drive by look at the house I was buying. When I asked the appraiser why the value wasn't higher he said that since I was only borrowing $35,000 he didn't need to go inside the house to come up with an appraisal to make the bank happy. The appraisal he gave was $50,000. When the house got flooded a year later with no major modifications the appraisal showed a value of $90,000 in preflood state. Quote Link to comment Share on other sites More sharing options...
Phantom Posted September 1, 2005 Share Posted September 1, 2005 You 'coasters' scare me when you talk about what real estate is going for. I've got a 2250 sq ft home on a fully landscaped lot that is paid for. Looks like I'll be staying in Texas because it would put me back into house payments on the coasts. Then there is my Aunt who owns a home in Los Angeles that cost her $17,000 in 1951! Quote Link to comment Share on other sites More sharing options...
Tim240z Posted September 1, 2005 Share Posted September 1, 2005 . Then there is my Aunt who owns a home in Los Angeles that cost her $17,000 in 1951! Wait until the tax man gets a hold of those capital gains!! Quote Link to comment Share on other sites More sharing options...
Corzette Posted September 1, 2005 Share Posted September 1, 2005 Wholly crap! I got a new 2200 SQFT house, 4 bedrooms and loaded with three acres in Texas for $164,000 in 2003. Damn I hope the wave hits us here..... http://pic5.picturetrail.com/VOL83/533777/768886/110651481.jpg Terry Quote Link to comment Share on other sites More sharing options...
Tim240z Posted September 1, 2005 Share Posted September 1, 2005 Damn Terry!! That is about 3 million bucks worth of home here at the Coast!!! Quote Link to comment Share on other sites More sharing options...
Pop N Wood Posted September 1, 2005 Share Posted September 1, 2005 Wait until the tax man gets a hold of those capital gains!! I think there is a one time exemption on capital gains tax. She should be alright. Quote Link to comment Share on other sites More sharing options...
Tim240z Posted September 2, 2005 Share Posted September 2, 2005 only up to $250k.... Quote Link to comment Share on other sites More sharing options...
Moridin Posted September 2, 2005 Share Posted September 2, 2005 My parents bought their home in 1986 for $125,000 here in the Bay Area. Its 1300 sq ft with three bedrooms (tiny master bedroom), and two baths. With the fence falling over, in need of a repaint, etc... the home just appraised for $615,000. Its ridiculous. Anywhere else this home wouldn't be worth much at all. Quote Link to comment Share on other sites More sharing options...
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