Looking at just 30-40 various residential properties around town, I think the new values are pretty good...most all up of course, but a few down a bit. I'm guessing the residentials will be up an average of around 25% overall based on a very limited sampling. I do note that a few very, very low, 2002-based assessments have been raised to realistic current values resulting in increases of 60%- 100% !
A quick review of *Uptown* Lebo leads me to believe that rents will be increasing substantially for tenants in several buildings and/or businesses will be closing or moving out, and a few buildings may be up for sale in the not too distant future. Haven't looked at Beverly, Cochran or Galleria areas yet.
My 6,800 little lot went from 30k to 70 k. Same parcels in Bethel and Scott are 25-50% lower. Mt.Lebo is getting the worst of it. Three little old ladies around me have gone from 160,000 to 240,000, 160,000 to 280,000, and 140,000 to 240,000.
Bill, you know the house that was just built behind my house? It is on the market for $549,900. It was reassessed to $50,000. The picture of the condemned property is still on the county website. The condemned property went up $15,000 from $35,000. No, I'm not forgetting a zero. Elaine
I would love to hear from the Fraaschs, Harts, and Matthews of the world who saw the handwriting on the wall. Glad to see we only need one more school board director to vote yes on the poll. Elaine
Last month I took the CPI from the Bureau of Labor Statistics for the period 2002 to the end of 2011 and applied that to my current assessment, just as a starting point for a guess. The CPI for that period is 26%. My 2013 assessment increased by 42.6%. The CPI only measures the devaluation of money, but it is probably a component of the mathematical algorithm used by the assessors to evaluate property. I'd love to see the formula they used.
Because it is a slow business day I looked at 30 mostly random properties in my area, and in all cases it was the land value that was the biggest driver of the increase. The average land value increase was nearly 100%. Of course, one cannot make an overall conclusion based on 30 properties.
Over on Blog-Lebo Tom Moertel promises to do some serious crunching of the assessment numbers. Mr. Moertel is good at that kind of thing, and I look forward to his analysis.
Here's a question. If the assessed value of your home is based on a number of factors, one being comparable properties should one of your comparable's appeal their assessment and win, does your change also.
I know it complicated to follow, but if they win a reduction based $$$ alone shouldn't yours automatically change too.
If they win, because of error in room number or living area etc. then that changes them as a comparable to your property and shouldn't have any affect, that I understand.
I decided to look up some "random" business addresses. Talk about increases!
250 Mount Lebanon Blvd. 295.74% increase 2101 Greentree Rd. 58.38% increase A certain mini golf on Hamilton Rd. 96.5% increase 1910 Cochran Rd. 127.51% increase
James Cannon Jr. I believe one of the SB members won’t need to file an appeal since his went down. But if history repeats itself, at least one SB member will file an appeal and win. Elaine
'splain to me-- if the renovated high school is designed to keep our property values high, how is it certain desirable properties saw a huge drop in their assessed values, even from their recent purchase price?
Wow. Mine was actually a bit "low" compared to what I thought it would be. I guess I can take that burned out car out of my front yard now.
ReplyDeleteLooking at just 30-40 various residential properties around town, I think the new values are pretty good...most all up of course, but a few down a bit. I'm guessing the residentials will be up an average of around 25% overall based on a very limited sampling. I do note that a few very, very low, 2002-based assessments have been raised to realistic current values resulting in increases of 60%- 100% !
ReplyDeleteA quick review of *Uptown* Lebo leads me to believe that rents will be increasing substantially for tenants in several buildings and/or businesses will be closing or moving out, and a few buildings may be up for sale in the not too distant future. Haven't looked at Beverly, Cochran or Galleria areas yet.
Bill Lewis
My 6,800 little lot went from 30k to 70 k. Same parcels in Bethel and Scott are 25-50% lower. Mt.Lebo is getting the worst of it. Three little old ladies around me have gone from 160,000 to 240,000, 160,000 to 280,000, and 140,000 to 240,000.
ReplyDeleteThanks,
Mike,
Bill, you know the house that was just built behind my house? It is on the market for $549,900. It was reassessed to $50,000. The picture of the condemned property is still on the county website. The condemned property went up $15,000 from $35,000. No, I'm not forgetting a zero.
ReplyDeleteElaine
My home went up 59.07%.
ReplyDeleteI would love to hear from the Fraaschs, Harts, and Matthews of the world who saw the handwriting on the wall. Glad to see we only need one more school board director to vote yes on the poll.
ReplyDeleteElaine
Last month I took the CPI from the Bureau of Labor Statistics for the period 2002 to the end of 2011 and applied that to my current assessment, just as a starting point for a guess. The CPI for that period is 26%. My 2013 assessment increased by 42.6%. The CPI only measures the devaluation of money, but it is probably a component of the mathematical algorithm used by the assessors to evaluate property. I'd love to see the formula they used.
ReplyDeleteBecause it is a slow business day I looked at 30 mostly random properties in my area, and in all cases it was the land value that was the biggest driver of the increase. The average land value increase was nearly 100%. Of course, one cannot make an overall conclusion based on 30 properties.
Over on Blog-Lebo Tom Moertel promises to do some serious crunching of the assessment numbers. Mr. Moertel is good at that kind of thing, and I look forward to his analysis.
Ouch...41%.
ReplyDeleteBut again, it's all relative. Thanks to Musneggi, he will be carrying me a little bit!! I owe you a beer, buddy!
We won't know how we fared until we see how much Mt. Lebanon increased as a whole. Now if you find that number, it'll be gold!
Here's a question.
ReplyDeleteIf the assessed value of your home is based on a number of factors, one being comparable properties should one of your comparable's appeal their assessment and win, does your change also.
I know it complicated to follow, but if they win a reduction based $$$ alone shouldn't yours automatically change too.
If they win, because of error in room number or living area etc. then that changes them as a comparable to your property and shouldn't have any affect, that I understand.
Dick Bachman
I decided to look up some "random" business addresses. Talk about increases!
ReplyDelete250 Mount Lebanon Blvd. 295.74% increase
2101 Greentree Rd. 58.38% increase
A certain mini golf on Hamilton Rd. 96.5% increase
1910 Cochran Rd. 127.51% increase
Elaine
It'll be interesting to see how many SB members are quick to file an appeal. After all, they should pay their "fair share". It's for the children.
ReplyDeleteJames Cannon Jr.
ReplyDeleteI believe one of the SB members won’t need to file an appeal since his went down. But if history repeats itself, at least one SB member will file an appeal and win.
Elaine
'splain to me-- if the renovated high school is designed to keep our property values high, how is it certain desirable properties saw a huge drop in their assessed values, even from their recent purchase price?
ReplyDeleteDick Bachman