Condo value reappraisal question
In October of 2015 I purchased a condo in the San Francisco, CA Bay Area for $215,000.
This condo had been appraised at $220,000 in August of 2015.
I have now received a supplemental property tax statement from the county of Alameda where they have assessed the total value of my condo at $310,000 (with a gross assessment of $229,529).
In my neighborhood there are homes that are valued at $300,000 to $550,000 and up. The problem is that I didn't buy a home I bought a condo. My condo is inside of an apartment building with a total of 19 condo units. On this same property is a second condo apartment building with another 19 condo units within it.
My questions are:
1. Does the county have the right to reassess the value of my property simply so they can collect more in property taxes?
2. If the county does have the right to do this what means can I take to have the value of my condo fairly appraised? There is no way that the value of my condo has increased by this much so quickly. I live in a 1 bedroom 1 bath condo and there are other 2 bedroom 2 bath condos (that are 200 square feet larger within my condo unit) that are currently on the market for $270,000.
My realtor has already told me that the county doesn’t have the right to reassess the value of my condo simply so they can collect more in property taxes. What actions can I take to stop the county from doing this?
This condo had been appraised at $220,000 in August of 2015.
I have now received a supplemental property tax statement from the county of Alameda where they have assessed the total value of my condo at $310,000 (with a gross assessment of $229,529).
In my neighborhood there are homes that are valued at $300,000 to $550,000 and up. The problem is that I didn't buy a home I bought a condo. My condo is inside of an apartment building with a total of 19 condo units. On this same property is a second condo apartment building with another 19 condo units within it.
My questions are:
1. Does the county have the right to reassess the value of my property simply so they can collect more in property taxes?
2. If the county does have the right to do this what means can I take to have the value of my condo fairly appraised? There is no way that the value of my condo has increased by this much so quickly. I live in a 1 bedroom 1 bath condo and there are other 2 bedroom 2 bath condos (that are 200 square feet larger within my condo unit) that are currently on the market for $270,000.
My realtor has already told me that the county doesn’t have the right to reassess the value of my condo simply so they can collect more in property taxes. What actions can I take to stop the county from doing this?
SOLUTION
membership
This solution is only available to members.
To access this solution, you must be a member of Experts Exchange.
ASKER CERTIFIED SOLUTION
membership
This solution is only available to members.
To access this solution, you must be a member of Experts Exchange.
SOLUTION
membership
This solution is only available to members.
To access this solution, you must be a member of Experts Exchange.
ASKER
Does anyone else have any further information or comments on this matter?
SOLUTION
membership
This solution is only available to members.
To access this solution, you must be a member of Experts Exchange.
SOLUTION
membership
This solution is only available to members.
To access this solution, you must be a member of Experts Exchange.
ASKER
Can you please provide me with the Assessment Appeals Board website address for this city and county?