Dear Bill and List,
First - Tax bills throughout the city seem to be containing many errors. Everyone should review any "Notice of Change of Assessment" carefully and make a measured decision as to appeal. I am working with a lot of Sellers and sometimes I have to say, "reality check - If you want to list with me for $240,000 your Assessor may not buy your defense of the old $60,000 value, and you may want to settle for an assessed figure of $110,0000, before they really hit you with an increase". Ditto for Buyers who just paid $200,000. Second - I would not blame the developer for not predicting future tax increases. As an Agent, I can only reveal "what is". I expect properties to age, accidents to happen, lightening to strike and taxes to increase, but the foreknowledge of the when, where and how of these things is beyond my skill set. As a general tool, I usually expect the land value, of a residential urban property, to be about 10% of the total value. So, if a developer turns a $10,000 lot into a $300,000 home in a $300,000 neighborhood, than he has changed the land use and tripled the land value. But, the city is often 2 or 3 years behind its own recording deadlines. No one can predict the if and when of the City's reassessments. I think the Developer appropriately revealed the current Tax Rate. Further, while the increases are unexpected the actual amounts seem to be about $250.00 or about $11/ month / house. So, the buyers can spend energy looking for someone to blame or they can count their blessings, that they had the means to buy new construction. And, it can be good for all of us - Buyers, Developers / Sellers and the rest of us who share the Tax Base, if development of vacant property is promoted. Displacement would open a separate thread, not today - I am too busy counting my blessings that the kids are back in good local schools and simpler schedules can be resumed. All best wishes for a safe, happy and fruitful academic year to Students, Teachers, Support Staff, etc. And Happy New Year to our Jewish friends and neighbors. Liz On Tue, 10 Sep 2002 11:56:04 -0400 "William H. Magill" <[EMAIL PROTECTED]> writes: > > On Monday, September 9, 2002, at 03:30 PM, [EMAIL PROTECTED] wrote: > > > When the news first came out about people in some parts of town > (not > *too many* > > in UC this year... but wait!), getting clobbered with real estate > tax > increases, > > it was pointed out that people improving their properties could > apply > for > > 10-year tax abatements. Well, some folks in the Northeast thought > > they had > > abatements of this type. And guess what. The city reassessed the > land > *under* > > the houses so they could raise taxes. The abatement applied to > the > structure but > > not the land. So much for defraying the costs associated with > expensive exterior > > work. > > The article points out that first off, the tax bills sent out were > in > error and > secondly... > "...the owners of the Fox Run homes were probably given > estimates of > the > taxes by the developer who sold the homes. However, the > official > assessment > on the properties was not made until last year." > > Or put another way -- these people were conned, sold a bill of > goods, > by the Real Estate > Developer -- Led to believe that they would have a certain tax bill, > > when the developer > had no reason to believe that it was true or correct... just his > "estimate." > > It's like the folks who tell you -- "Your monthly housing cost is > really your mortgage payment > minus a tax credit" -- but then you discover that the bank won't > accept that net figure as > your monthly payment because your real out of pocket cost is your > monthly mortgage payment > PLUS your tax and insurance payments... > > T.T.F.N. > William H. Magill > [EMAIL PROTECTED] > [EMAIL PROTECTED] Elizabeth Campion - Neighbor & Real Estate Broker - Mailto:[EMAIL PROTECTED] Direct & VM: 215-790-5653 / Cell Phone (emergencies): 215-880-2930 Mail to : P.O. Box 23632 / Phila, Pa 19143 PRUDENTIAL, FOX & ROACH - Reception:215-546-0550, Shared Fax: 215-546-9781 Office at 210 W. Rittenhouse Sq., Suite # 406 / Phila, Pa 19103 ---- You are receiving this because you are subscribed to the list named "UnivCity." To unsubscribe or for archive information, see <http://www.purple.com/list.html>.
