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I purchase some property in November for cash. I paid $36,000 for it. This property consists of 4 city lots (25 x 100) and 2 houses. The county assessor is valuing this property at $75,000. Needless to say, I am not happy with this tax rate and I plan to appeal it. Essentially, this property CANNOT be worth more than $50,000. I'm being appraised as the "best" property in the neighborhood, when I'm not even close.
Here is the crux of the issue:The county assessor sees 2 house and 4 total lots. Unfortunately, that's not even half the story.In reality, I have a 2400 square foot, 2-story 1910 craftsman-style building that used to be house, but is now more of a shed. The issues with the house include (but are not limited to):-no electricity-no plumbing-no walls (it is ripped down to studs)-severe termite damage to the floor joists-a wet basement with rotting sill plates-one water-damaged foundation wallThe other house isn't great, either. Its a 1936 brick-veneer bungalow. It is 2-bedrooms and 1 bath. Its issues include:-Bad wiring. -Frankenstein plumbing, leaving us with no water pressure.-No heating or cooling of any kind. -Rotting wood windows, plexi in place of glass panes.-An unlevel floor. I spoke to the assessors office and they will take my inspection reports into consideration, but they also want comps for the area. I've looked and my real estate agent has looked. The only things that come close to being similar to my property are half the lot size and selling for $12,000 to $20,000.Should I just use those and go on?
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