Davis Co. property taxes gone wild!

[jeeper]

how much equity do i need in my house to refinance out of having to pay mortgage insurance? Getting out of it would save me about $300 a month

Typically 80%.

 

[skeptic]

My house went up 25% this year as well. Honestly, I think it's a correction and was too low in previous years (or perhaps just not correctly adjusted last year). Looking at what the neighbors have recently sold for and what other neighborhood houses are on the market for I'd say my current assessed value is about right, if not a bit low. Yes, taxes are going up, but I'd also consider this a plus as I have an apt. to talk to my bank about re-financing on Saturday. Assuming my house appraises for enough I'll be able to combine my 1st and 2nd mortgages (damn divorce) into a single 15 year loan, no PMI, lower interest rate, and be roughly the same or possibly less monthly mortgage payment. I didn't do it last year because I saw how low the appraised value was and didn't want to go through the hassle and expense only to find my house wasn't worth enough (which was likely the case).

Home values are rising quick, or bouncing back if you prefer, but that's not necessarily a bad thing. I plan to leave UT in about 8-10 years, I'd love to see home values go through the roof here (and not where I'm moving to).

 

[thefirstzukman]

Seeing that the housing market has gone totally insane in the last year, I'm not surprised to see this. Ive seen the same house built across the street 1 year later in Herriman go up in price over $100k. I just met with a builder today who is doing a $750,000 spec home, you don't take those kind of risks unless the housing market is really strong. Most counties have usually been shy on values in the past, but I am sure they are just trying to get revenue where they can and this is an easy way to do it. There used to be a guy that would come to the gun range all the time who was a real estate agent and an appraiser who had been hired by Utah county to assess the value of homes in the county, I'm sure it was a small price to pay for the extra taxes received.

 

[skeptic]

My house went up 25% this year as well. Honestly, I think it's a correction and was too low in previous years (or perhaps just not correctly adjusted last year). Looking at what the neighbors have recently sold for and what other neighborhood houses are on the market for I'd say my current assessed value is about right, if not a bit low. Yes, taxes are going up, but I'd also consider this a plus as I have an apt. to talk to my bank about re-financing on Saturday. Assuming my house appraises for enough I'll be able to combine my 1st and 2nd mortgages (damn divorce) into a single 15 year loan, no PMI, lower interest rate, and be roughly the same or possibly less monthly mortgage payment. I didn't do it last year because I saw how low the appraised value was and didn't want to go through the hassle and expense only to find my house wasn't worth enough (which was likely the case).

Home values are rising quick, or bouncing back if you prefer, but that's not necessarily a bad thing. I plan to leave UT in about 8-10 years, I'd love to see home values go through the roof here (and not where I'm moving to).

FWIW, my guess was right, the county estimate was a bit low even after the 25% adjustment. I realize appraisers have a bit of leeway, especially with a re-fi, but he appraised it $15k above the county and $10k above where I needed to avoid PMI.

 

[Unimog]

I've appealed my taxes out here in Tooele County and won. Just had to have an official appraisal. This is unrelated, but I also appealed unreasonable taxes on my semi truck when I first registered it. The county commissioners said they were standing behind the county appraiser and denied it so I appealed to the state. Within days, the state called the county, the county called me and negotiated a reasonable amount. Don't give up!