Silly people didn't like the County Appraisers determination of the value of their property, so they appealed. The County hires an appraiser who specializes in such property. The new assessed value is more than triple the old value. What a hoot!
http://www.koamtv.com/story/32304236/galena-business-sees-property-assessment-triple
I'm one of the first to bring up the topic of crazy numbers in the valuation of property according to Tax Rolls.
From my point of view, the value of anything apparently is dependent upon what form the value is being used and who it is for.
The tax man wants high values
Seller wants high values
Buyer wants low values
I've heard about devaluation, depressed area, raw land, no water sources and structures too old to be of any value one month and the next it was prime location, developer's welcome, no restrictions, community resources available and fixer upper dream.
Have seen many people denied the opportunity to get their dream home because they were not chosen to borrow that much and in a few years the property to be overpriced because it is now appraised at 60% of what it was purchased for.
IN one rural area I was working there were half a dozen 50ac tracts divided from an estate that were practically identical in shape, with timber, water and road frontage. Each had a diverse value from $8k to $60k.
When it comes to property with a house on it, they insist that they must have a bunch of comparable properties in the same area to give an appraisal. Then there is the property that is so unique there is nothing to compare it to. All the building supplies and labor it takes to build cost the same whether it is being used to build a home in the city or in the middle of nowhere. How does that relate to the difference value of the same house in a different geographic location?
The thing I have never began to understand is why an appraiser has to have a copy of my survey before they can set a value on the property.
They are among the group that think our fees are too much.
