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twoshort

City of Grand Rapids Tax Assessments

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They increased my taxable value by 4.4% despite the value clearly falling. Hmmm. They cap the increase in taxable value to inflation, but shouldn't that just be a cap for when prices rise really fast? What about when prices are down?

The other weird thing I noticed was that my SEV increased by $15,600 from last year. I paid $142k for my house in 2006, which was pretty much inline with the market, and now they think my house is worth well over $170k. If I could sell it for that I'd do it in a heartbeat it's so far above market value!

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My SEV went down 20k on my primary, and I noticed that it better reflects what I paid for it a few years ago (about 50%). I was shocked to see such a dramatic change, but I'm not complaining. On the other hand, one of my rental properties went up 2k, and is more in line with 50% of FMV and not what I paid.

Interesting...

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Our taxable and SEV lost about 35%. I'm not complaining on the tax cut, but I don't think it accurately reflects the home value. I'm sure I'm like a lot of people out there saying 'my house is worth WAY more than that,' but really, in my case I think it's pretty far off.

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Our taxable and SEV lost about 35%. I'm not complaining on the tax cut, but I don't think it accurately reflects the home value. I'm sure I'm like a lot of people out there saying 'my house is worth WAY more than that,' but really, in my case I think it's pretty far off.

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I think part of the big swings may be a result of the city doing a mass re-appraisal last year. The was to more accuratley estimate value of properties after the real market value and SEV may have diverged over time. But it sounds like they went a little too crazy. I'll definitely be protesting the huge increase in my SEV. A 19% increase? :shok: WTF?

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I had my mother's house appraised a year ago this time so we could settle the estate. It was a fair market value so it could be "divided" among the siblings. The new assessed value is lower than 1/2 the appraised value but it's a year later than the appraisal - and values haven't gone up since. IMHO, it's pretty close, maybe a little high but not very far off.

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