Property Tax Question about Gross Assessed Value

[random_eyes]

I'm trying to clean up a 6 acre parcel of land in Greene County that was abandoned by a relative and "sold" to my Limited Liability Corporation.

Last year, line 1b. Gross assessed value of other residential property was $32,200 and 1c. other property was $3,400 for a total of $35,600.

Total liability was around $1000, tax cap reduced by $250 to $750.

I'm now paying someone to responsibly clean it up and haul away the old junk and trailers. My relative said that the tax would go down as soon as the trailers were gone. After studying the tax bill, I'm not so sure it will go down by any significant amount.

I have trouble believing the land alone is really worth $30,000. I'd guess the fair market value to be more like $15,000. Does anyone know if 1b includes some estimated value for the trailers, or if it's just the acreage?

 

[rockhopper46038]

Best thing to do is call the assessors office...they have been surprisingly helpful to me when I ask them increasingly esoteric questions about my property taxes. My guess however (because it applies to me, too), is that the property is being taxed at the higher "residential" rate, as opposed to the lower "other property" rate because it is still on the tax rolls as a "homestead". It's also high because no one is taking a "homestead exemption" on the property anymore. Once you remove the residential trailer and ask for a reassessment, it will drop back into the "other property" category, which is taxed at a lower rate.

 

[88GT]

Best thing to do is call the assessors office...they have been surprisingly helpful to me when I ask them increasingly esoteric questions about my property taxes. My guess however (because it applies to me, too), is that the property is being taxed at the higher "residential" rate, as opposed to the lower "other property" rate because it is still on the tax rolls as a "homestead". It's also high because no one is taking a "homestead exemption" on the property anymore. Once you remove the residential trailer and ask for a reassessment, it will drop back into the "other property" category, which is taxed at a lower rate.

<------Realtor/Broker

This is pretty much spot on. I've never had a problem with finding out what I wanted to know about my properties. And none of my clients have either when they've asked. (As an aside, I think it behooves every homeowner, particularly of older and/or rural properties to verify the information the assessor has on file at least every couple of years. Lots of people still paying for swimming pools they took down or a bathroom they don't have. I've even seen a home on a basement get filed as having a crawl foundation. But I don't recommend bringing to their attention errors that will cost you money.)

Vacant land is assessed as unimproved property while land with buildings (usually fixed foundations one) will be improved property. You get assessed for the value of the land and the value of the improvements. If your land was considered "improved" because of the trailers, your relative was right. But the caveat is that you will have to initiate the change.

Not sure if vacant land qualifies for the homestead. But that would be another means of changing the assessed value and total tax liability.

 

[random_eyes]

Great information, Thanks!

 

[kjf40]

You can see if your county has an assessors web site, lake county has one...you can go on there using a guest account and it will show you anyones address, the value of the property and the value of the land.

I use it to see how much they are sticking it to me since thats a much higher value than my house is worth....lol

 

[88GT]

You can see if your county has an assessors web site, lake county has one...you can go on there using a guest account and it will show you anyones address, the value of the property and the value of the land.

I use it to see how much they are sticking it to me since thats a much higher value than my house is worth....lol

Too right. But in most cases, the "property card" info isn't available on the public domain. And that's a component of what's used to determine value.

Did you know you can appeal your assessed value?

 

[mike8170]

With your property in Greene County, it might be the same problems we are having in Owen. Assesments went up across the board, I think 27% on the average. Everyone here is up in arms. Our family farmground went up 35%, which means it will no longer pay for itself, and now will be a loss each year. My house went up from 45k value to 90k in 1 year. We have filed for reassessment, but I had a friend go into the office and was threatend with his being raised higher. Nothing but a bunch of thieves in the local government offices, which cannot be tarred and feathered anymore because that would be a "terroristic activity."

 

[random_eyes]

Ouch. Well, they were quick to reply to my e-mail inquiry. If I can't get them to lower the rate, my next step will be to see if I can donate it to the Sycamore land trust. By the way, here was the Assessor's response:

"Once you get the dwelling completely removed, you will need to come in and fill out a Destroyed/Removal Form in the Assessor's Office. We will then re-assess your property and make the necessary changes."

I find it annoying that removing all of the windows, doors, siding, and walls is not sufficient for them to believe it is uninhabitable. Also, no electric or fuel supply on the site. The trailer still has a roof, so it's being taxed accordingly. My catch 22 dilemma is that I need to redirect the money that's going to taxes to instead go towards a roll off container for disposal of the debris that has been bagged up and stored under the roof to avoid it being covered in snow. Oh, well. Rules are rules.