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Goner Message Board / Memphis / My reappraisal?!?
Posted: Mar 30, 2009 1:58 pm
My appraisal went up $55K...which is probably what I could actually GET for this house! My deed says "Hein Park" so they always re-evaluate me on that ritzy neighborhood.

Can anyone point me to a place online I can find out what the houses around here are selling for? Like Holly St., etc. I did it on the tax assessor's website and, sure enough, they only have comparatives for Hein Park (200K-500K).
Posted: Mar 30, 2009 2:08 pm
Zillow.com has what others around you are either "worth" or what they recently sold for on a satellite photo.

Mine went up too, but altogether it means about $100 more in escrow for both city/county taxes annually.
Posted: Mar 30, 2009 2:13 pm
Thanks, saispas...I'll check it out.
Any other suggestions? I have to go loaded for bear when I contest this.
Posted: Mar 30, 2009 3:03 pm
I am an appraiser and yes you are correct, homes in Hein Park are not comparabale to your house. I think you said you live on Jackson near Hollywood right? Hein Park is technically superior to your specific location, so I think you have a pretty good arguement right out of the box! Zillow.com is inaccurate, as they do not factor in condition of the home, age etc.. Very inaccurate and misleading to say the least.
Posted: Mar 30, 2009 4:00 pm
Yeah, Zillow has every house on our street being "worth more" than ours and I can tell you now that our house is better than at least 2/3 of the others on the street and we have a lot in the top 3 largest of the block.

I was just worried I'd see a noticible monthly jump in escrow payments and that isn't happening. Too bad though cos I thought we'd be getting a nice little over-payment.
Posted: Mar 30, 2009 7:27 pm
Yeah, zillow wasn't very helpful.
My real estate friend sent me listings in VECA...but they're all way west of me.
Any suggestions as to where I could find this, colin? I'm interested in finding properties near Jackson/Hollywood (right). Holly, McConnell, etc.
Posted: Mar 30, 2009 9:53 pm
Ours jumped too, and when I did the "comparables search" on the Shelby county assessor's site, the listings were from the pricier part of cooper young. Noticeably missing were the listings directly around my house that have sold recently and for much less. Here's what you should be able to do but it will take time: The assesssor's site allows you to look up data on any address. One at a time you will need to input the addresses of houses you know have sold on your street in the last year Once you're on the page for the particular house scroll down and click on the link for past sales data. Print these out and submit copies with your informal appeal. Please note I haven't been on this site since the new appraisals came out but think it hasn't changed.
Posted: Mar 31, 2009 8:54 am
Does anyone know if your assessment changes your insurance coverage? Do you have to call the insurance company and tell them that your house is worth more or less than you insured it for?
Posted: Mar 31, 2009 8:57 am
So Alisa, your assessment for market value jumped $55K!??!? WTF? That is absolutely insane. Ours jumped $5700 to a fairly reasonable market value in my opinion. There were all these crazy warnings about what would happen in Colonial Acres since it started getting somewhat cool to start buying up those homes and many have really revamped them in the last few years, but $5700 really was fair.

However, I want to see what others on my street got, so I am going to spy for awhile.
Posted: Mar 31, 2009 8:58 am
Will the mortgage holder automatically readjust our payments for escrow or do we have to call them?
Posted: Mar 31, 2009 10:01 am
ours went up 40+ !!!!!! must b cuz that ritzy coffee shop opened down the street...thanks papster will definitely be checking that out
Posted: Mar 31, 2009 10:27 am
So Alisa, your assessment for market value jumped $55K!??!? WTF?

Yep, from 116K to 170.8K.

I have to do this every time, but it's never been this bad. It's annoying and time consuming. Looks like I am going to have to pay for a Chandler Report.
Posted: Mar 31, 2009 10:32 am | Edited by: gina
Mine went up $30k from the previous appraisal (but only about a grand higher than my purchase price in May 2008, though, so probably a fair market value). I need guidance on what this means regarding mortgage payments and insurance, too. Help!
Posted: Mar 31, 2009 11:04 am
I just found out from our ins. lady that they don't go by these appraisals. They do their own, I guess.
Ours jumped 22,000, and we were only compared to houses that are east (and mostly north) of us. Most(over 90 percent) of the houses that we were measured against are not even in our zip code.
I guess we are contesting it, too.
Anyone get a lower reappraisal?
Posted: Mar 31, 2009 11:21 am
how is it that homes prices are dropping like crazy and yet the appraisals are still up? i guess this question is for colin
Posted: Mar 31, 2009 11:53 am
Well first of all, all as a whole the city's real estate values are in a state of decline. Theres no doubt about that. I also think that the assessor tries to "make up" for the decline in neighborhoods that they think they can over appraise properties. In other words where folks just say"oh well..guess its good our property values are going up"! Im finding that this year more than ever they have completely gone crazy, in some cases raising homes $100k more than they were appraised at last year. Chandler Reports is offering a service where you can pay a certian amount and get the latest comps etc.. which should be of great help in making your appeal. The only other thing to do is actually pay for an appraisal whcih these days the going rate is $300 for a single family residence. If you do get the Chandler Reports deal..here are some tips.
Typically you wanna look for comparable homes that have sold within the past 12 months, are around the same age as your home, are of similar size to your home(meaning within 200+/- sq. ft. if possible), are within a mile of your home(and in the same market area..meaning if you live in Cooper Young you wanna try and stay in Cooper Young) and have the most similar bedroom/bathroom count as your property. Its also good to try and find homes that are in similar condition as your home, meaning if your home has been renovated, find Comps that appear to be renovated(either by looking at them from the exterior or having prior knowledge) and vice versa. Its also good to maybe try and bracket the comps by square footage, meaning to find a couple that are bigger and a couple that are smaller. We as appraisers make adjustments for these things, but for your purposes and the assessor knows that most people arent appraisers, try and make some sense of it by what these properties sold for. It can be a rather complicated process, but hopefully I have helped out some of you. I may be mistaken, but I think the Chadler Reports deal is $50 which is a pretty good deal. The Chadler Reposrt site has a button you click on the frontpage that tells you about appealing you appraisal. Heres the link.


Alisa, you live in a rather difficult location that will take more than a little reserach to make an appeal or appraise for that matter. Im in no means discouraging you for doing so, but I think we have it right. Maybe look for comps on Holly, Mcconnel..possibly University Circle and maybe if you have to Hallwood, Univeristy north of Jackson, Sheridan, Kensington etc.. You also live an a busy traffic thoroughfare which factors into it as well. The market would prefer not to live on Jackson(or any other busy street for that matter) so you may have that working for you if you were to point that out.
Posted: Mar 31, 2009 12:01 pm
Right, colin.
I did this before...even went past the appeal process to a hearing in front of the board (nerve racking). Have been successful in having it lowered every time.

I talked to the lady from Chandler this morning, and explained my situation. She was VERY nice, and said that yes, even her first comps were coming up Hein Park. Told her the streets I needed, and she said she'd do some research on it. She also told me that there were tons of houses in foreclosure on the streets I needed, and that wouldn't help me as the appraisers don't take foreclosures into account.
The compartive report is $15...you can get other reports for other prices and that $50 whole shebang thing.

Thanks, colin.
Posted: Mar 31, 2009 12:05 pm
Im in no means discouraging you for doing so, but I think we have it right.

I don't really understand how it would be "right", though. Maybe in ten years...but there's no way in hell my "fair market value" is $170,800. If it is, I have a house for sale...NOW!
Posted: Mar 31, 2009 12:06 pm
No problem...and yes, when appraising a non-foreclosure, we do not compare it to foreclosures. Foreclosures typically sell below market value due to the overall condition of the property(typically very torn up) and the stigma of foreclosure.
Posted: Mar 31, 2009 1:10 pm
I got the Chandler report, and I averaged the comp.s that they came up with for my house. I ended up within a few hundred dollars of our 2005 appraisal. Weird that there would be a 20,000 dollar discrepancy, and that these mistakes don't seem to run in the homeowners' favors.
Colin, are you sure there's nothin' shady going? I mean, could there be some incentives to give high appraisals, or something?
Posted: Mar 31, 2009 1:24 pm
What does the county use to do these? Is it all done by a computer? I mean, I am not necessarily complaining as ours really didn't go up too much and we could likely get what ours is assessed for at fair market value, but I am confused as to how they get these numbers.
Posted: Mar 31, 2009 2:40 pm
The county makes money on appraisals and the county needs money. The county has its own appraisers. Draw your own conclusions from that. They make estimations on how big homes are as there is no way possible possible to measure every house. They make alot of assumptions and Im sure they have acomputer model that they feed the info into that spits out a value. Yeah...its hokey at best. Thats why I have to keep from laughing when I go out to do an appraisal for a refinance and the homeowner says"wel...the assessor has this amount on it so thats gotta be what its worth". Not the case. Yes...your taxes are based on a guess!
Posted: Mar 31, 2009 3:59 pm
hey colin, one more thing...
Do I need to take pics of the inside as well as the outside of my house when I go to contest it? Size of rooms, etc.?
Posted: Mar 31, 2009 4:32 pm
And one MORE thing, do we need to contact the mortgage holder and notify them re: escrow account/mortgage payment increase for the increased taxes?
Posted: Mar 31, 2009 5:09 pm
Yes, I have this question too. Just bought my first house in October of 2008, and my appraisal went up 28k from the last appraisal. I don't want to get socked with a big tax bill at the end of the year.
Posted: Mar 31, 2009 5:13 pm
Pictures wouldnt hurt for sure. I dont know anything about the mortgage holder/mortgage payment side of it!
Posted: Mar 31, 2009 6:03 pm
Crap. I just opened mine and it went up $21,400 to 119K. As if. The last round of appraisals caused mine to go up something crazy like 45% right after I bought it--'05 I think. I appealed it all the way up to in-person, but since the reappraisal was so close to the actual sale price of the house, I lost that time. She did say though that the next time it was reappraised I would win--does that sound feasible? My house is the smallest one in the comps, but with a higher price per SF. The last two houses on my street that sold went for around 50K, and one's for sale right now for 40 something. Like I need another pain in the ass to deal with ...
Posted: Mar 31, 2009 6:11 pm
Ours went up. So did my sis-in-law's.
I call bullshit.
I don't necessarily want my value to go down, but this assessment is for taxes.
It's like MLG&W runs this shit.
Posted: Apr 3, 2009 10:45 pm
My less than 2000sf, zero lot house went down from $140 to $135. I'm not complaining, but I don't get why it went down. Neighborhood's OK and all... and my friends who are a 3 minute walk from my house had their place go up. I can only think we went down because we have a lot of people move on my street-- houses and yards are small and they tend to be starter homes, or temporary digs since people around here seem to get transferred a lot-- and there's been a few foreclosures too.
Posted: Apr 9, 2009 3:52 pm | Edited by: tigergreen
colin, since we're in the same 'hood, it seems like they just went through our area & appraised for the last sell price.

ours is now appraised at almost exactly what we paid for it back in 2005, which made it go up about $36K from the last appraisal.

are they just leveling the playing field in our neighborhood?
Posted: Apr 9, 2009 4:23 pm
Got mine lasterday. Appraised value almost doubled.
Posted: Apr 9, 2009 4:55 pm

What are they saying a Midtown bungalow is worth these days?

Our went up only $5K so I am not complaining. But I really don't get how all you Midtowners got so screwed.
Posted: Apr 9, 2009 4:59 pm
that zillow site said mine went up 11k since i bought it last April. I have no damn clue what it means. if they'd seen all the work i've done inside since then, it might go up more. do i need to do anything? contact insurance people? check the effect it may have on taxes?

<----- 1st time buyer.
Posted: Apr 9, 2009 5:14 pm
Zillow is very, very innacurate and dosent take into consideration many important factors. Damn Eric...doubled? Yeah thats ridiculous.
Posted: Apr 9, 2009 6:15 pm
do i need to do anything? contact insurance people? check the effect it may have on taxes?

I called my mortgage company about this yesterday (wells fargo). She said taxes are due in August, and that they review your account, escrow, etc. in June and adjust your payments accordingly, and send you a notice. I imagine this is pretty standard practice for mtg. companies.
Posted: Apr 10, 2009 9:32 am
Yeah, I called Countrywide and they said the new tax amount (payable in December for me) is digitally transferred to their computers and they adjust everything ahead of time for your payments to escrow.
Posted: Apr 10, 2009 9:50 am
Yeah, I called Countrywide and they said the new tax amount (payable in December for me) is digitally transferred to their computers and they adjust everything ahead of time for your payments to escrow.

cool. then i guess they will do the same for my account. thanks!
Posted: Apr 17, 2009 6:08 pm
OK seriously what the hell? +46,800? not a chance, jack. my house is literally a one bedroom (the second bedroom was made into a "master bath" before i moved in) & 1.5 baths.

so looking through the "View Qualified Neighborhood Sales" on the Shelby co. Assessor's site, I've found homes ON MY STREET that are larger with more bedrooms & baths that sold within the last year for significantly less than my appraisal.

so am i really going to need to shell out for this Chandler Report? or could i just pdf the 2009 Appraisal and Assessment Information for nearby properties and send them into this "Informal Review"?

God this is so dumb.
Posted: Apr 17, 2009 6:15 pm
I've found homes ON MY STREET that are larger with more bedrooms & baths that sold within the last year for significantly less than my appraisal.

that should read: were APPRAISED THIS YEAR for less than mine.
Posted: May 24, 2009 9:16 am
Got my results from the informal appeal. They lowered it to $131.2K - up from 116K but quite a bit down from 170.8K.

So what do you think, colin? Worth my time to persue a formal hearing? I've been through one before and it's a pain in the butt. Though, my house would probably not fetch near 131.2.
Posted: May 24, 2009 9:37 am
(That would be pursue.
How come I can't spell anymore? It's really weird.)
Posted: May 24, 2009 12:31 pm
Thats up to you. I might just be happy that they lowered it $40,000 at this point. Might not wanna push it, but I do agree that $131,200 is a stretch!
Posted: May 24, 2009 12:54 pm
Might not wanna push it

I don't know about Memphis, but up here in Toronto, the official I spoke with strongly hinted that I might not want to pursue a re-evaluation as the city could issue work orders on my house if it was actually as I described. Which may or may not have been a scare tactic. Either way, I dropped it.
Posted: May 24, 2009 1:22 pm
Thanks, colin. I have a few days to think about it...

Driver...when you coming back?!
Posted: May 25, 2009 9:41 am
Driver...when you coming back?!

oh man, I'd love to drive down there this summer. We'll see.
Posted: May 26, 2009 10:14 am
they met me half way on my informal appeal, but it's still too gd high and I'm probably going to do the formal hearing.
Posted: May 27, 2009 9:03 pm
Happened to our street, too!
Posted: May 27, 2009 10:43 pm
If only i married into money....wow...you guys have the life!
Posted: May 27, 2009 11:33 pm
yeah, it's pretty sweet being taxed for twice what anything is worth
Posted: May 28, 2009 12:45 pm
Foreclosures typically sell below market value due to the overall condition of the property(typically very torn up) and the stigma of foreclosure.

While they may not be true comps for assessing values for properties in maintained or better condition, they do sell for market value. Mortgage holders start these out as REO's listed with real estate agents at a minimal discount and drop the price progressively in steps as soon as they become dead weight to get them off the books. There are also many hidden fees in a foreclosure purchase not reflected in the purchase price.

The auction process is where I would agree the less market reflective steep discounts do exist, but only a small fraction of foreclosed properties are sold at auction, and it's mostly to a small number big fish real estate investors.

Which may or may not have been a scare tactic. Either way, I dropped it.

It's called tyranny.
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