? I was told by a broker. So I don't have to pay more on taxes. I already pay enough I think. First Time Homebuyer, I know we got screwed on our first home. Enough said, just want to know. Because this difference is that our home is value 30% less than what we bought & it was appraised at the time of purchase. Plus the contract application has the house built in a different year, than what it should be. Who should have caught this? Does this change anything on our contract because the year when the house was built is wrong? No, we didn't use a realtor, buying our first home was a last minute decision. I guess you would say, you have to learn your lesson one way or another. Can anybody give me some advice or ideas. Thanks

home 30% less than what we paid for it. It is our first home. The home we bought was previously a foreclosure home and bought by somebody that remodeled the home. What are we going to have to do to get this house at the value it should be?

Depends on where you are. What is the appraisal used for? How long ago did you buy it?

The home owners market has been suffering a lot for forclosures. What that does is drive the average prices down of the homes your in. It's a waiting game at this point. The best you can do at this time is sit tight. Its going to be awhile until any kind of recovery happens.

I don't know where you are but in my area of NY the home buyer doesn't tell the appraiser/assessor anything - tax (sale price) is based on the deed stamps when the deed is filed. Deed stamps are according to the price paid.

I do not see an incorrect building date as a pivital problem, something which would have caused you NOT to buy the house if you had known the correct date. Please let me know if I'm wrong.

I've merged your threads since they bear on the same issue.

You need to give more info on why this matters to you. If taxes are based on appraised value (as some counties do) then you want your appraised value lower.

All sales are reported to the county so they will know how much you paid.

I will give you an example here, if the tax value of the home is more than the actual value, you can appeal the tax, you prove this by
1. what you paid for the home
2. what similar homes are selling for in your area.

Merely you over paying or you getting a real good deal is not the only factor looked at.

I appealed mine this year, I had to show several other similar properties that sold the last year or where for sale, and show their values.

For my example, the taxes were cut almost in half for me, since all of the foreclosures are seriously lowing values.

Now in some areas ( same state as mine) the county has refused their appeals, and they have to now appeal those to either the board or to independent mediation.

The rules will vary by where you live.

You are required to report the value of your home, to the best of your ability each year on a form the tax office supplies.

*** also they will know at the tax office exactly what you pay for your home, When I bought my home, what I paid for it, was up on the county web site before I was totally moved in.

We bought the home almost 3yrs. Ago. We had to get appraised because it being financed with a FHA. It was appraised back then for $85000 or $86000. We bought the home @ $83600.