Well, by now Jefferson County residents in Birmingham, Alabama have received their real property tax notices. Are you happy with the recent reassessments the county has made?
In a recent article on Al.com, they reported that approximately 80% of property owners WILL NOT see a change in their property taxes. They have stated that they cannot use foreclosure sales to calculate a homes market value. They have to use “market driven” sales to arrive at the value of your home. In today’s market, in certain areas, foreclosures do drive the market. If “normal sales” have to compete with foreclosure homes, and their sales price is a result of this competition, then foreclosure properties are driving the market. Have you seen the price of homes fall in your neighborhood? Was your assessment lower this year than in the past? It may be worth looking into. Please give me a call at 205-243-9304 if I can help.
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Interesting that they say that they cannot use foreclosure sales to calculate a homes market value but have to use “market driven” sales to arrive at the value of your home.
I just did an appraisal today where the market was driven by foreclosures, almost all of the sales in the past 6 months were bank owned properties.
Exactly Bryan! I think it is an excuse so they do not have to lower taxes and lose revenue, what do you think?