Summit County has deemed my property to have increased 71% in value in the last three years (when they last adjusted it). I know the market is hot, but that seems extreme. If true, and I could actually sell for near that, I did quite well investment wise. But I doubt I could. And I’d rather not pay more than I have to on taxes. They say it isn’t proportional, but it still jumped up 52%. That puts me well above the max taxes I wanted when looking for a house.
Last time they had said it was about 30% more valuable than what I had paid less than a year prior. I was easily able to file the form and have it adjusted to what I paid, because they said that prior sales within three years were the best indicator of value. I’m out of that range this time, though.
I’d like to file, but they want to have a specific value that I think it is worth and why. I’d find it hard to come up with a specific number. I wonder how much it is to get an appraisal that would be sufficient for them. The one I got when I was buying the house was less than the amount my taxes increased for half a year, but obviously the value isn’t going to go all the way back to where it was. But over six years, even a little would pay for it. I’d have to do it fast, though, because the form must be filed by the end of the month.
If it weren’t for the amount of stuff I have and the time it would take and the progress I’ve made with this house and the comfort it provides, I’d consider looking for something a little lower rent.