Property Assessment

Winnie and I had to travel up to the courthouse today to meet with our local Board of Equalization about a reassessment of our house. Only a year ago our assessment had been increased from $86K to $155K. That seemed reasonable to us, given there hadn't been a general reassessment in about 10 years. But the new valuation, of $224K seemed a bit much.

Our property, lying so close to US 17, is zoned B-1. As part of a reevaluation, they had decided to increase the assessment on our land by over $89K. That's a pretty hefty hike considering our lot is only 0.3 acres. There wasn't to be any change to the value of the house.

So, we wrote them a protest letter, noting the great increase, that this property though in business zoning was, in fact, our residence, comparing the (old) assessments of other properties in the area, and noting the current advertised prices for B-1 zones lots in our area.

Amazingly enough, they agreed. Since they can't do anything about the formula they use to calculate the value of the land, they are decreasing the valuation on the house to $1000 (that's not a mis-typing) from $101K. So, our overall assessment will decrease by $11K, bring us back in line with what we think it is worth.

For their part, I guess it provides a recognition that anyone that wanted this property for a business would be planning on razing the house anyway. What a pity that would be, given all the time and effort we've put into fruit trees and such.

I just hope this doesn't freak out the guys at Allstate. Remember folks, I have a replacement value policy!