March 2, 2005
assessment shock
We’ve just received our real estate tax assessment this year. The assessed value of our house rose 33%! This would be great if we were looking to sell… Some houses on our block had their assessments go up 200+%. One property went from $36k to $112k — and it’s a boarding house as far as we can tell.
Ouch - that’s terrible for the short term (paying taxes and whatnot) - what a huge jump! But it does mean that you’ll get a “higher class” of neighbors as new people move in to the area, right? So in the long run it could work out well.
I feel for you though, that’s a tough hit to take when you’re already knee deep in renovation costs. Hope it works out for you guys!
~Mindy
Of course if, like me, you need to take a loan out against your equity to finance improvements, this is really good!
They most likely came by while our house while it was still naked from stucco removal but ours jumped 85% and our neighbor 125%.