Posted Wednesday, July 1, 2009
Homeowners in parts of NE Ohio have begun receiving re-valuation notices on their houses, and not surprisingly, most values are being revised downward. Some homeowners may argue the new value isn't actually low enough. Understanding those assesments and challenging them can be a complicated process. And in almost every case, the potential individual property taxes savings comes at a cost to the community. Wednesday morning at 9, we'll talk about how, why and whether to negotiate a lower value for your house and what lower home values mean for our cities.
Please follow our community discussion rules when composing your comments.
I’m a would-be home buyer who’s been waiting patiently for the market to correct. However, I don’t see correcting at this time. I agree with Dave’s comment: this is completely us vs. them. “Them” are the cities and schools who overinflated/ overinflate to get their tax money, the agents who love to show homes (still!) above your price range to get their commissions, the appraisers and banks who get a higher mortgage and commission...I can’t believe this is still going on! If the cities, states, and federal government would cooperate to revise taxes, provide government loans at 4 - 4.5 % like some European countries, lower agency rates and provide more Buyer’s agents, then more people would be able to live the American dream of home ownership, and not overpriced, overinflated “mortgage/ tax ownership”.
I’m looking to buy a home in Shaker Heights, but it’s actually been really hard to find one. They all seem overpriced, in bad shape, and the outdated values mean my tax rates would be an effective tax rate of over 5%!!! I’m not married and I don’t have any kids, so I really can’t justify spending that much. My real estate agent says Shaker likes to guard its home values and I’m not likely to get them to lower the value by a lot, if at all. Guess where I’m NOT going to live now?