By woody on 09-23-09
what a joke these reappraisals are…..
are we really supposed to belive that reappraisals in summer 2008 - when basically NO houses sold - still had the values of the top of the boom…
the reappraisals missed the top of the boom by about 2-3 years…..
and JB’ll happy - I got hammered from 195k appraisal to 445,000….well over 100% increase…..
I think EVERYONE should request a review of their new assessed values…... at the very least we can jam the offices and make them do some actual work…....
yuo have until Oct 2nd…..758-5700
By hotfishmt on 09-24-09
For the sake of compairsome…...back in Michigan the year 1978. I purchased a $50,000 house in the country….no lake views…..small lot in a small rural subdivision. My taxes on that $50,000 (new) house were $1,900 a year. If one fast forwarded that to this year…...I was getting screwed.
So in a way….its still cheaper in Montana. Course the powers to be in high places…..missed the disaster of the greedy wall street brokers making MEGA BUCKS…...and the events that happen in the financial food chain. Had the economy not nose dived in 2008….....would you complain about being able to sell your house for $2,000,000. But, no matter what…the people in Whitefish saw more than a fair increase in house values….and need to appeal the value. Course the number of Super Rich moving to the Whitefish Lake area…...does not help. One Super Rich person can mess up the all land values.
By KPD on 09-24-09
I just applied for a second mortgage on my home. The lender offered me one rate and amount that seemed reasonable, however after their “desktop appraisal” came back, they told me my home was worth much less, and they lowered the loan amount and raised the rate.
The amount that the appraisal came back at is LESS than my new tax assessment… unreal. Real Estate prices continue to slide, yet the taxable assessments continue to rise, further placing additional burdens on homeowners, many who are like me and have lost our job due to the recession, and are now working other jobs at a much reduced rate.
The point is that the State needs to address this situation, and address it quickly. If other programs in the state budget need to be trimmed or cutback, so be it. I am tired of the gov. continuing to place additional tax burdens on people when they are already suffering the consequences of this recession brought on by THEIR failure to control the outrageous lending practices that got us here in the first place.
P.S. The bank I am working with on my second refuses to supply me with a copy of their appraisal they used for my loan. This another issue that seemingly needs to be addressed. Previously, the appraisers were in bed with the real estate agents, providing lofty and unrealistic information to inflate loan amounts… now it seems they are in bed with the banks, providing extremely low and unrealistic values so that banks can refuse loans or charge higher prices.
I understand the appraisal process has been modified somewhat recently as far as how the appraiser is chosen, but why is it that the bank is not REQUIRED to provide a copy of this information to the applicant? Seems like a reasonable request… and it would also help me to argue my point about my current tax assessment. If the bank doesn’t think it’s worth that, why does the state?
By CJ on 09-26-09
KPD: First of all a “desktop” appraisal is not a real appraisal. It is some guy sitting at his desk running thru the mls and looking at other like houses and then determining your value based on that. There is no hard copy. Secondly, if they are raising your rate then this is a scam. You have been pulled in by the oldest scam in lending…bait and switch. If this is really a bank I would turn them in to the consumer protection organization, check on line and make sure its the government one. Third: If you are now low income and cannot handle the taxes on your house, go to the Dept of Revenue and let them know your plight. I have been able to reduce the taxes on my house by 80% which lowers my payment incredibly! Also, you may consider going over to Rural Housing and see if you can get a total refinance under their low income program. It might work and you would not end up with a 2nd on your house. 2nd’s are really bad ideas, they can cost a fortune now and in the future!
By grannysgadgets on 09-28-09
<raises hand> I was one of the lucky ones ^insert eye roll^, my property taxes went up…...
By KPD on 10-04-09
@CJ: Hey CJ, actually a desktop appraisal is a ‘real’ appraisal. It’s not an on-site appraisal in that sense (which I would have had to pay $450 - using an appraiser chosen by their HVCC group and no guarantee the appraisal would have gone up), however there is a ‘hard copy’ of the appraisal, and this appraisal IS what they used in considering my loan. Secondly, I had a realtor pull everything in my neighborhood that was for sale and every comp that has sold for the last year, so I understand what they were doing and how they arrived at their conclusion, I simply did not agree with their assesment and had my own documentation to contradict it.
I would not consider myself ‘low’ income, however, like many americans I lost a well paying job recently and have had to accept another job at a much reduced rate. While I agree a 2nd mortgage isn’t ideal, I really have no choice. As far as applying for any type of government assistance or govrnment loan program, I choose to deal with my debts myself and not futher burdern other taxpayers with my finacial problems. I’m glad you were able to have your real estate taxes reduced by 80%, but please tell all of us here how you did that, as I’m sure many of us would like an 80% reduction of their real estate taxes.
By CJ on 10-06-09
Yeah KPD, your right. I should have remembered that about the appraisal. It is done by an in-house appraiser and as such they can control the appraisal. I don’t agree that a government assisted program is a burden on the taxpayer. As the borrower you have to payback the amount your didn’t pay monthly if you ever sell the house. If you live in the house until you die, the money has to get paid back by your heirs when they sell it or if they qualify, they can receive the same program and keep the house. So this does not harm anyone else, it allows those of us that are on low fixed incomes to maintain a decent lifestyle while owning our own home. As to the 80% reduction, everyone one that qualifies can receive that. Go to the Montana Dept of Revenue office and fill out the papers. Real simple. Good luck.
By Kokanee on 10-06-09
Hey Guys We also filed for a re-appraisal as we just had a similar scenario as KPD with a refinance.My question is will it do any good for this years taxes.When we were in the tax office the line was out the door with people doing the same.
By Vud on 10-06-09
Kokanee :
My question is will it do any good for this years taxes?
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I believe if you missed the deadline to challenge the appraisal you may be stuck paying the taxes on that amount until the NEXT appraisal cycle.
In some areas this can be several years !
By Vud on 10-06-09
Oh. and…
http://www.mt.gov/revenue/forindividuals/property/documents/Understanding_Property_Taxes_2008.pdf
By Kokanee on 10-06-09
Thanks Vud I believe that we dropped it in their hands prior to the deadline. I just hope that it affects this years taxes.Going from two incomes to none then back to one has put a dent in the budget.
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