[net.consumers] bidding on a house

slb@drutx.UUCP (Sue Brezden) (09/29/85)

>     If you are going VA then use the appraised value the VA put on it or
>     go to your local governmental hall of records and find out what the
>     taxes were last year. I believe (If I'm wrong correct me please) taxes
>     are 1% of value appraised.

Not necessarily true.  This depends totally on the area and what taxes
have been levied there.  There are high tax areas and low ones.  You should,
however, find out the mil levy before you buy anyway--so you can make the
calculation.

In addition, I understand (someone correct me if I'm wrong) the appraised 
value of a house bears little relationship to the actual value.  The tax 
appraisal was probably done 10-20 years ago and is out of date.  In addition, 
appraisals are very general, usually based only on number of rooms, size, 
and a few other variables.  They are not accurate enough to make offers on.

-- 

                                     Sue Brezden
                                     
Real World: Room 1B17                Net World: ihnp4!drutx!slb
            AT&T Information Systems
            11900 North Pecos
            Westminster, Co. 80234
            (303)538-3829 

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        Your god may be dead, but mine aren't.
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wmartin@brl-tgr.ARPA (Will Martin ) (10/03/85)

It is quite true that tax-rate computations are locally-dependent.
For example, here in St. Louis, MO, there was just a general
reassessment this past year. The property is assigned an "appraised
value", which is determined by an [external] inspection and by looking
at city records. If the property owner disagrees with it, he can appeal
the appraisal. (I found mine to be quite reasonable, less than I thought
it would be, so it is therefore "fair". :-)

The "assessed value" is 19% of the appraised value. The tax is then
figured by multiplying that by the current tax rate (.05482, if I
recall correctly). Both of these figures will vary by your locality, of
course -- the initial percentage may be fixed state-wide or not; that
may vary from state to state. The latter figure varies between
municipalities.

Will