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I just got a nice notice in the mail, and the way it has to be one of the dumbest, most retarded, wtf way of doing so. Per the notice my house is appraised for 30% more than its actually worth. Next year it will be appraised for 40% over what i could ever get for it. Based off the notice, what they do is take the land value and appends it to the house value. So that little 200,000$ crap shack is actually 150,000 for the land + 200,000 for the house, which brings the total to 350,000. However, when you try to sell the house for the appraised value, anyone would laugh you out the door because NO ONE would ever pay such a price for that place. So really when Jersey appraises houses, they base it off whatever bullshit number they want, and fuck you if it doesnt match reality.

I just got a nice notice in the mail, and the way it has to be one of the dumbest, most retarded, wtf way of doing so. Per the notice my house is appraised for 30% more than its actually worth. Next year it will be appraised for 40% over what i could ever get for it. Based off the notice, what they do is take the land value and appends it to the house value. So that little 200,000$ crap shack is actually 150,000 for the land + 200,000 for the house, which brings the total to 350,000. However, when you try to sell the house for the appraised value, anyone would laugh you out the door because NO ONE would ever pay such a price for that place. So really when Jersey appraises houses, they base it off whatever bullshit number they want, and fuck you if it doesnt match reality.

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[–] [deleted] • 1 pt

Check state law regarding tax values, many places illegally do that shit when the law often states "fair market value". Go protest the valuation and printout a copy of the state law, the tax assessors love that. They will keep doing it unless stopped by a court and they profit a lot from it....

[–] • 0 pt

who is the notice from? a bank, municipality, tax office?

what's the purpose of the notice? is it to all customers or residents like an FYI, or is it specific to you and your home?

appraisals do start with the land and then the permanent improvements to said land (house, garage, etc.), but how you're describing it does sound like some monkey business to give the appearance of an increased value.

if you don't want to share personal information no problem. but I could try to help you understand what's going on if I knew a bit more.