We got our property tax house valuation from the County Assessor's Office in the mail today. I think this is the time of year people used to hate because it meant their property taxes were about to go up...in 2009, this is the time of year people hate because it means they are about to find out how far their house value has fallen. I have two thoughts about this subject...
- First, we bought our house as a repo, so we paid $50,000 less than the other houses for sale in our neighborhood. Not only were we certain we got a great deal on our house, we have not worried about the falling housing market, because how far could it fall...it couldn't possibly fall that much in less than one year.
- Second, we are upside down in our house after less than one year. Our house is now worth $40,000 (and change) less than what we paid for it.
There are many reasons I am telling myself this doesn't matter.
- First, it means LESS property taxes - can you really complain about that?
- Second, we have no intention of selling our house in the near future...by the time we sell, the value will have gone back up, so it doesn't really matter.
- Third, we LOVE our house, our neighborhood and our ward!
- Fourth, even with all of these reasons why it shouldn't matter, it still bothers me...just a little bit.
3 comments:
Mine went way down too. Especially for next year. But the bright side is we will have lower house payments because the taxes are down. Yay! Love you, Grandma
First... you need to know that those silly little papers that determine how much we pay in property taxes ALWAYS value property at less than what the market will bear. NOW... things could be different this year.
BUT... something to know... when houses were selling for sky high prices our property taxes were about $250,000 LESS than what we could have sold our house for.
Low property taxes are a good thing! :-) Enjoy!
Oh, and even if you are 'upside down' all the reasons you mentioned for that not mattering are real!! You bought well!
yep, the only answer is... get comfy cause you're gonna be there a while.
I agree with Alison - For as long as we have lived in this house the number that we get for that Prop tax valuation has seemed incredibly arbitrary.
Nothing to worry about because after all, There is nothing more important than the reasons that you are happy in the house!
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