Wednesday, January 4, 2012

Roanoke City Real Estate Assesments Are Down by 1.6 Percent


Well it is that time of the year. Property Tax Assessment Appealing Time....

And the government research is done. Even though the former president of the Realtor Association, Richard Limroth, says that we have taken about a 20% hit in value to Roanoke Properties since the bubble popped and REI of Roanoke says this hit was substantially larger in many areas, the city has decided otherwise against the views of professionals in the industry.

Listen to thy loving government as they always know best. Your loving government never has ulterior motives because they are a shining example of moral and ethical behavior.

Roanoke City has determined that since the bubble popped Roanoke City has had a 1.6% drop in property values. Great News For All Of Us!!! That means that this whole housing bubble thingy didn't ever happen here. YAY!!! It's good to know that no one is or has experienced any problems with the sale of their house at the price that they want for it... Well... they have to take a 1.6 percent cut but that's nothing.

And Roanoke City has told the citizens of Roanoke the good news that this 1.6 percent decrease in value to some areas of the city is only going to require them to lose about 1 million dollars. They are not worried about it though because they are getting it back threefold from other income streams. IE: Highest meals tax in the country @ 12%.

Let me ask you a question. If the real estate values have dropped by a minimum of 20% as experts such as REI of Roanoke and Richard Limroth have suggested, and the city only cuts your real estate taxes by 1.6%, and continues to tax a much higher property tax value than it is really worth, IS THAT THEFT?

OK, we all know why they are doing it. They don't want to cut the size of the local government.  Well, don't let anyone tell you that there is not room for massive cuts.... especially to things such as entitlement programs.

So I can tell you from personal experience that the junker areas of town went down by approximately 5.5 to 6.5 % by their projections.  The city told the Roanoke Times that NW Roanoke was hardest hit. But I have reason to doubt that considering the fact that I have houses all over the hardest hit areas and from what I see SE Roanoke was the hardest hit. A little research I will be doing and this will be confirmed.

The reality is that these low income area properties are being sold off the MLS for 50% of their tax assessed value every day. And you have the right to appeal your tax assessed value whether you believe it is too high or too low. Mine are all too high. It's funny how I buy a 5 plex house on Patterson for 21K and get two lots next door to it for free right off the MLS. Its funny how it was sitting on the MLS for over a YEAR and what I paid isn't fair market value? NOPE, Fair market value in their eyes is $87,100.00. Maybe they will be willing to buy all of my properties for fair market value. Whohooo, I'll be rich!!!

SO YOU HAVE UNTIL FEBRUARY 1ST TO APPEAL YOUR ASSESSMENTS!!!

Don't miss the deadline. Not that hard to do. All you have to do is to get your Realtor to do some comps on all of your properties and bring them down there to the Real Estate Valuation Office. Facts don't lie.

And those of you who are selling, get on down there and get those tax assessed values back up. They hurt you pretty bad by knocking your values down. They got me good on 2 of mine that I'm trying to sell.

And throw a few bucks to your Realtor for helping you out. Contingent on success.... No worries, I have been told that they are willing to look at hard evidence of properties values and in the end will do the right thing.

Sooo, another money saving or making tip from REI....  It's real important for these tax assessed values to be accurate. They have over 40,000 houses in Roanoke City to look at and it's easy to make mistakes with that many properties.

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