Property Assessments
 

All I have to say is BOOOOOOOOOOO!

Plus, why is it that my property took a huge hit, yet my tax assessment drops by only a few dollars?! Taxes go up, property assessment goes down, and it all reverses all the efforts I took to pay down my mortgage.

:mad:

Yeah I'm just waiting for my assessment too. I fully expect the mill rate in June to compensate for any drop in property value. I don't really expect government to say something like "Oh well guess we'll have to make do with less income now. Hey, see we're just like you." WE have to make do with less, but not them, nooooo.

I'd do anything to get rid of my mortgage. I have about a billion years left on it. Give or take a couple hundred thousand years. Ok maybe not but I will be an old, old man at the rate it's currently going down. Buh.

They're all online, and today we got ours in the mail. I'm still seething over the drop - $73,500! I originally had a goal to pay off the mortgage in 10-12 years, however given recent developments I think I have to temporarily shelve the project.

Consider yourselves lucky! My assessment went up by 7.3%!!! How is that possible? I just have a very plain 30 year old box in a modest part of town.

I am appealing this.

Good news is, it will be paid off in a little over 4 years now. Big party coming!

not sure the connection between the payout time on a mortgage and the assessment.

The assessment is for the province and the city to charge taxes. The assessed value may drop but the mill rate may increase.

The real value is what you can sell the house for, not what the assessment says.

I agree with Mark, why should there be any correlation between assessment and amortization remaining.

There's no connection, none that I was implying anyhow, apologies if it seemed otherwise.

yup our house dropped almost 100 thou even after some major upgrades and renos ,cant win

This is true, our condo's value is much, much more than our assessment. It's a good thing since it keeps our taxes down a little. I would hate to pay taxes on what our place is actually worth on the market right now!

Im not really sure how a low assessment is a bad thing? I may be missing something though. I am quite new to mortgages :wink:

A low assessment is good for paying less prop taxes. Banks won't use assessed value they will get an appraiser to get the real value of the property.

Realtors will sometimes try to niggle down the purchase price becuase of assessed value.

our place went up almost 10% this year that sucks. being layed off and all now we have to find some where to get even more money we pay ours yearly the bank does not get the colect interest on my money while they wate for the end of the tax year to pay it out.

The corrolation for me between assessment and remaining mortgage is that my bank uses the difference between the two as part of their calculation of net worth when seeking loans not using your home as collateral. That is on top of other assets in your posession.


I wanted a new car this year, and this past week the bank and I had been discussing loans. So that's the correlation for me.

if you bank is doing that find another bank and switch your mortage when you can. assedments have no bearing on the value of a house they only reflect the average selling prices for houses in that area. my assesment went up 65K from what it was last year as housing sails have taken off in the second have of the year again.

I have borrowed against my old houses and the only thing the bank used to figure out how much I could borrow was a proper aprasal.

Steve

I would be telling my bank the fair market value of the house not the property assessment value.

Ya, Catherine,I would find another bank! I borrowed from our home when the assesment doubled the other year, and they wouldnt even look at the assesment. Needed to get a proper aprasial. $250 for aparasor, but got true value of house, which was about double the assesment!

PS, when our Mtg is up next year, I'm seriously thinking finding another bank too. Kinda leaning towards Credit Union, I don't know.

My bank and mortgage holder are completely different companies. It was just one of the criteria that they have chosen to use when gathering information for a loan. Also if you note I said when NOT borrowing against your house.