Real Estate ValuesA friend of mine down the street has been trying to sell his house for quite a while now and when I saw him today, he said that he read that there were around 1500 homes for sale in the Orange Park area last month and only 7 were sold. I dont know how accurate that figure is, but if it is anywhere even close, it is a telling sign to the way the whole market has been heading... which led me to think about how they calculate the value of my property every year. I know they are limited in how much they can raise it each year, but what about a year when the value goes down? I know the government is not capable of lowering the number, but it would be ludicrous to accept an analysis that would increase the value. With all the real estate people out there, maybe one of you can shed some light on how they calculate our property values evedry year and whether or not we should start getting upset over seeing an increase when it should go down. Kurt Musser Related: Report Abuse | USMA72's blog | login or register to post comments | printer friendly version
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Kurt,
I'm an Appraiser and even I don't understand the convoluted process the County Appraiser uses for valuation.
I was told that the assessment for an investment home I have is based upon the sales in the subdivision. Yet if I go through public records and look at the sales and look at the increases in assessment there is no common sense logic to it. The percentages of increases even with homesteaded properties is inconsistent.
Assessments can, will and do go down when values fall or the property goes into disrepair. Our assessment was lowered last year due to the closure of the golf course.
There are many areas in the County where values have fallen, some areas just have virtually no appreciation at the moment but are holding their own with values, it all depends on where you live.
http://24.23.126.8/Petition for choice in Nov. 7 Commissioners or 5.