Protesting Property Valuations

[cowboyjosh]

So I got a couple calls from folks I have built houses for within the past 5 years. Seems in Colorado they re-assessed property valuations as required every 2 years. I had one homeowner who's house in a great neighborhood dropped from from 698k to 437k, another from 620k to 461k; amongst others I heard about. One the flip side I built a bitching house for a couple last year and the house, now that its been completed and it is its first valuation since completion the county valued the home at $2.34 million; whereas they bought the house turn key (including landscaping, lighting, everything) for $1.65 million.

So I scratch my head, if you all were the homeowners would you protest for the valuation being too low, basic-ly telling the county "ya'll, I want to pay more taxes".?

I know if I were the homeowner in the $2.34 million situation, I would protest the valuation.

Talking around I have heard that the county pretty much dropped all property anywhere from 9% to 35% based on sales of the past 2 years ending June 30, 2010; but if you had a new build in first valuation, they over valued the properties.

I know its a little tough to wrap your head around this, but what do ya'll think?

I reckon in 2 years anyones who's value dropped will get a kick in the balls now that the market is improving and prices are coming back, when taxes skyrocket.

 

[RBI]

Anyone with half a brain knows that the "tax valuation" has very little correlation to the real value of a property.

Around here there are multi-million dollar properties valued as agricultural land (with a mansion on it) and have a horribly low tax valuation, but a very high retail value.

The best tax strategy seems to be to keep the assessor's value as low as possible to save cash. Of course there are a lot of cities that as the tax value drops, they raise the tax rate to compensate for the lost dollars. That is where the hurt will really come in, the tax rates will stay high as the property values rise to their post-recession levels. Sadly tax rates are like gas prices, very quick to rise, very slow to fall.

EDIT: Holy lurker Batman, I never realized I had registered so long ago, yet never posted here.

 

[ScaldedDog]

We always protest ours. I want the .gov to think the house is worth $1. Buyers determine what the price is when you go to sell, anyway.

Mark

 

[theoldwizard1]

Anyone with half a brain knows that the "tax valuation" has very little correlation to the real value of a property.

In MI, by state law, all property is re-evaluated every year and the "state equalized value" must be 50% of the true value. There is also a limit on how much it can be raised year to year (but not on how much it can be lowered).

(From memory) New evaluation must be sent out before March 1. Your protest must be filed before April 1. Hearings start May 1 and are typically completed by May 15. There is an appeals process at the state level (appeals were backed up over 24 months not long ago).

Around MI, most evaluations have gone down 4 years in a row. Protesting works as 4 years ago. I got mine lowered on the basis that 2 house in my subdivision sold for less than my evaluation.

So it is a double edged sword. Good if your paying taxes, bad if you want to sell.

At the moment, my sister is trying to sell her house. Same city about 15 miles away. Her evaluation, doubled, (remember the 50% rule) is what she paid for he house over 20 years ago !

These lower evaluations a killing suburbia. Tax revenues are way down.

 

[BUGTHUG]

Its all a big scam, mainly on the bank, or lending instution. When they send people out that do appraisals, thats kinda a scammy formulation. Its based on property that has sold in the last 12 months, within so many miles of the property you are trying to sell.
One problem with this is, if you are trying to buy a home that is unusual, say a dome home, a log home, or anything else thats a little differnt, GOOD LUCK getting a fair $$ apprasial. No apprasial, no loan, no sale , no buy.
I tried buying a monolithic dome home in Pensacola last year. I have excellent credit etc, long story short, it did'nt happen.
I know if you refi your home loan for improvments, the county appraiser comes out and starts measuring your property, then the taxation amount always goes up.
Maybe the person with the low taxation, is trying to sell the property, and if its in a lower tax bracket, it could alter his asking price. JMO

 

[bazzateer]

As with most things, a house is only worth as much as someone is willing to pay on any given day. As for tax valuations ............................ I'm not surprised new builds are being over-valued, they have to recoup the money from somewhere.

 

[Papawswrench]

Until I turned 65, I protested the evaluation at least 4 times since we bough the house from my mother in 1976 for $10,000. the house is a run-down homebuilt by my father out of used material throughout. I have made no major improvements and live in a depressed neighborhood, but the "value" always seems to go up despite the unfavorable conditions. Once the city made me clear the back yard of all the old motorcycles and parts and a run down old garage apartment. Guess what happened next?
The evaluation went up because the property was "improved"!
There is only one new home in the general area and it is two miles away.

 

[ptschram]

Anyone with half a brain knows that the "tax valuation" has very little correlation to the real value of a property.

Then you must only have half a brain.

In Indiana, the taxed value has to be within 7% of the fair market value of the property. In the past five or ten years, this is the result of so-called property tax reform.

My taxes have consistently gone down over the past four years I've owned this house.

When I sold my old house, I got nearly twice its appraised value. I single-handedly raised the taxes on all the properties on the north side of town! Not only did I sell it for far more than it was worth, I had a piece of property that actually sold-LOL.

 

[bigdav160]

Then you must only have half a brain.

When I sold my old house, I got nearly twice its appraised value.

Didn't you just reinforce what RBI said?

In my area sometimes the tax assessor is wrong, sometimes he's right but you have to fight him every year anyway.

 

[ptschram]

Didn't you just reinforce what RBI said?

In my area sometimes the tax assessor is wrong, sometimes he's right but you have to fight him every year anyway.

I sold my house to a speculator/restaurateur who has since lost his ***.

The fair market value for that house was probably far below the appraised value due to the need for a roof and plumbing for the hot water heat.

It sold for that much as it was near a VERY busy corner, but was zoned residential with little to no chance for a zoning change.

Divine providence is the best way to describe that real estate transaction.

 

[justanengineer]

I would protest any increase in the assessed value as IMHO retail value of a home is NEVER more than the assessment, just those living on credit seem to think so. In northern NY two summers ago they reassessed a certain township when they discovered the tax collector was taking bribes and hadnt increased the taxes in this small township in 30 years. There was a big scandal about it because homeowners were protesting the sudden ~400% increase in their taxes, which forced several of them out of the area. They thought they just got lucky owning lakefront property in one of the lowest taxed areas of the state.

 

[SuperSocket]

I am not sure why you would be upset that the government thinks that your house is worth less?????

 

[Charles (in GA)]

Anyone with half a brain knows that the "tax valuation" has very little correlation to the real value of a property. .

Common assumption by the average joe, but here in Jaw'ja (thats Georgia for the rest of you) the fair market values placed on property by the appraisers/assessors are required to represent real fair market value for the property, and in most cases it does if the appraisers are doing their job.

Charles

 

[GarageEnvy]

I work as an appraiser and do a fair amount of tax assessment appeal work. My experience is all California based and we have a rather "unique" property tax assessment process with Prop 13. Way too long for a discussion here but basically the rate changes very little and usually only with local bonds added to the base 1%. Our properties don't get reassessed as often as the rest of the country.
I would obviously protest the over-valuation and in 21 years of this job I've only had 1 guy volunteer to raise his own taxes because he felt like he wasn't paying his fair share.

If I was going to protest my taxes I would 1) hire an appraiser who has done a lot of this work in that county and knows the specific procedures. 2) Familiarize myself with the formula they use and the guidelines for the appeal and 3) Try to remain as objective about the process as possible.

Why hire the appraiser?
In my county there is essentially a rubber stamp deduction for anyone who protests. It's been called that verbatim by someone on the assessment appeal board. The problem is it's a nominal deduction. Basically, they might just drop the value $10k-$15k hoping you'll go away. For a couple hundred bucks they might have had a more signicant drop.

Knowing the formula allows you to provide the information that proves your case. I can't tell you how many times people provide me with information that completely proves the opposite of what they are claiming.

It is so important to remain objective. People who just fly off the handle and start calling people stupid, crazy or just ranting about conspiracies just get dismissed as idiots. Again, you have to prove your point. I'm amazed at how many people appeal their assessment with no evidence to support their claim, solely relying on the "everybody knows" or "it's common sense" argument.

 

[nehog]

Some years ago, in Florida I believe, they had a system for protesting a high valuation. You could list your house at the evaluation, and if it sold you had to either accept the valuation or sell the house. If it did not sell then it would be reappraised or (IIRC) they accepted what you said was the true value.

Some people actually took them up on it...

 

[Charles (in GA)]

It is so important to remain objective. People who just fly off the handle and start calling people stupid, crazy or just ranting about conspiracies just get dismissed as idiots. Again, you have to prove your point. I'm amazed at how many people appeal their assessment with no evidence to support their claim, solely relying on the "everybody knows" or "it's common sense" argument.

Never has a truer statement been made. We see appeals all the time that offer no evidence at all, or the usual "my neighbor is valued $50 thousand less than me and our places are just alike" and then it turns out the places are no where similar.

Charles

 

[thrifty bill]

Really a better word for it is "appealing property valuations". Around here, property is revalued every four to five years. So far, I have appealed (and won) every time.

Around here, appeals can be made for a few reasons. Regardless of value, is your appraisal equitable with others in your neighborhood. Maybe your value is accurate, but everyone else is much lower. Appeal. Secondly, did they get the condition wrong? They give every house a letter grade, and it has a dramatic effect on the appraisal. Third, does the house have serious marketability issues? Fourth, any lot issues (to appeal the land valuation portion)?

I have two houses in the neighborhood (3 houses apart). One is in great shape (been restoring it for five years), the other is in horrible shape (just bought it as my next project).

Disputed the nice house appraisal on several fronts. First, half of the lot is not usable due to a diagonal storm drainage easement running across the lot. Got the lot knocked down 40%. On the house, it is in terrific shape (now), but it is just one bedroom, one bath, no garage. Obviously has extremely limited marketability. Third, I had the dubious distinction of having the HIGHEST appraisal per heated square foot on the street. WTF?

Appeal resulted in a 30% reduction in property value.

On the other house, somehow they had it rated as being in "good" condition. I took in the homebuyers inspection report (two pages of defects), the termite report (not rosy either), and some current pictures of the inside (just bought it three months ago). Appeal resulted in a 50% reduction in property value (75% reduction in the house, no reduction in the lot, nothing wrong with the lot).

People around here love to gripe about increasing appraisals, but when I ask them, none of them file an appeal. I figure my three hours of work preparing for the appeal (including the 15 minute appeal meeting), netted me over $5K in savings over the next four years. No where else can I make that kind of hourly rate.

At least around here, go in with facts, be nice, take pictures, reports, details of other area homes, DO IT IN PERSON, and you do well. If you don't have the facts and information on your side, then accept the appraisal!

 

[theoldwizard1]

My sons house was listed on the tax roles as having 3 bedroom. The previous owner knocked the wall down between 2 of the bedrooms so now it only has 2 bedrooms. The tax board "that does not affect the value". Tell that to a family with a boy and a girl.

Also, the square footage is about 20-30% too high.

In MI, assessors do not have the right to enter your property.

 

[ptschram]

Why hire the appraiser?

In 2005 (or thereabouts) I tried to refinance my rental house. The appraiser claimed serious foundation problems and assigned the house a negative value and said that I should file an insurance claim and have the house razed (in the written report to my bank no less).

When the bank told me this, I politely requested a copy of the report as I felt the appraiser was overstepping her bounds and acting as a structural engineer, not an appraiser and that to make such statements was not within the purview of "appraising" a piece of property-as she was not a PE, I thought perhaps her appraiser's license might be in question. The bank told me they paid for the appraisal, I could not see it and the appraisal "tainted" my property and they refused to further discuss financing the home.

The next bank appraised it at almost $50K, wrote a note on it and we went on down the road.

 

[Charles (in GA)]

thrifty bill did his homework, prepared for the appeal, and did everything correctly, and got issues fixed with the numbers the appraiser put on the property. In our office, this probably would not even have required an appeal, just simply a visit to the office with everything and a visit to the property to verify it. We don't mind fixing mistakes we make or correcting for issues we do not see (such as the easement) but we gotta know about it before we can fix the issue.

The ones we cannot fix are "its just too high!!" when it happens to be the lowest one around for acreage, square footage, grade and condition, etc. and no homework has been done to show otherwise.

Charles

 

[shanker]

I appealed my 2010 appraisal on my house and got them to knock it down from 167 to 117 w/o even having to show up...they settled w/o a hearing!

it was my first appeal since being a homeowner for 5 years now.

If I were to sell my house, I'de ask 130 and prolly get about 125 for it, so I think its fair

 

[Craftsman_88]

I'm a new homeowner in Colorado and was informed my house is now worth $6000 less then at purchase. Okay cheaper taxes. But among purchase of the house I had 2 appraisals done as recomended by my realtor. Both appraisals came in almost $20,000 different then what the county claims it is worth. Whats the difference between the county assesors price and the appraisal I had done? I believe both claim to "real market value". Does this make any sense?

 

[nehog]

One nice thing about where I am now, is that everyone's appraisal is public. You can go online and look up everyone's home (or business, or whatever) and see exactly how they come up with the numbers. And if you see a couple of properties relatively identical to your house, valued lower, you have grounds to get an abatement/adjusted appraisal.

 

[GarageEnvy]

PT Schram and Craftsman 88
Appraisers are no different than any other profession. There are good ones and bad ones.

PT Schram,
There's no way of commenting on your specific case w/o inspecting the property but I will say that in 21 years I've specifically noted a structural issue twice. Once was well documented and very public. A whole street of homes were built on a poorly compacted canal. House cracking, pool cracking, fences sagging. The other was a case that was post and pier and you could literally see the failure from the basement all the way up through the second story. It was so bad I left the house ASAP. Most good appraisers will note what they see and then they can complete the appraisal using an "extraordinary assumption" which basically means you are appraising the property as though the foundation is solid even though you don't know if it is. Then an inspection by an engineer/contractor is required or recommended.

Having a Realtor recommend 2 appraisals is very unusual. Most want to avoid it at all cost as it could blow up their deal. If the property was a "jumbo" loan or a "flip" the bank probably would have required it.

As far as not getting access to your appraisal goes it is important to know your rights. The bank is the client and the appraiser can only convey the report to them but the bank is legally obligated to give you a copy of it. Some make you request it in writing and jump through hoops but if you notify them that you know you're legally entitled to it, you'll be surprised how fast they can magically produce it. They don't want to give you a copy because they're afraid you are going to do exactly what you did....go to another lender. The transportability of an appraisal is a whole other topic.

Appraisals are opinions of value which can be different but IF they were working under the same guidelines and the same definition of market value then the results should be within 10% or so of each other. Twenty thousand or even 200,000 off on a 2 million dollar home isn't unusual. Twenty thousand off on a 100k house and somebody is wrong. Banks can work under their own guidelines but usually those requirements would cause the opposite effect.

 

[jimp]

Why complain, I just got mine today on our mountain home. Gunnison County, up 33%. I am pissed.

 

[cowboyjosh]

I talked to the fella who's house I built was valued at 620k and dropped to 461k, and he is appealing claiming the value is 585k. He talked to his realtor and attorney and they have had several folks who are going to appeal that the value is too low for various different reasons. Property valuations are one of those things where no one is ever happy, either **** goes up or falls too much.

 

[ddawg16]

Based on my experience, GarageEnvy is pretty accurate.

To add to what he said...because of prop 13, your property value is set on the price you paid when you bought it. If you bought 20 years ago for $100K, even though everything around you might be selling for $400K, your tax rate is based on $100K...It does go up a little each year....but not much....I think my tax increases something like $50/yr..

A few months after I built my garage, we got an ammeded tax bill....they wanted to increase the valuation of my property by $125K because of the garage. WHAT? I called....talked to a guy....he was real nice about it and took the time to explain....said the appraiser came by...no one was home...from what he could see from outside it looked like we had a rec room on the second floor of the garage.

We got the appraiser to come back out a few days later....he explained that when he looked in the window he saw the spiral staircase....and because of the windows, assumed we had a rec room up there....once he climbed the stairs and saw all the stuff being stored....no rec room....it's just a garage. Added value to my property...$28K.

As noted above....screaming does not help....I find talking to them like fellow human beings (which they are) works best. Like 'most' of us...they have a job to do. And like 'some' of us...they try to be reasonable.

 

[danski0224]

The municipality still manipulates the multipliers, resulting in very little change on the tax bill.

 

[472scout]

I talked to the fella who's house I built was valued at 620k and dropped to 461k, and he is appealing claiming the value is 585k. He talked to his realtor and attorney and they have had several folks who are going to appeal that the value is too low for various different reasons. Property valuations are one of those things where no one is ever happy, either **** goes up or falls too much.

So I take it he's planning to sell in the near future and thinks the county appraisal is going to affect the sale price? Or does he just want to contribute his fair share?

 

[ptschram]

As far as not getting access to your appraisal goes it is important to know your rights. The bank is the client and the appraiser can only convey the report to them but the bank is legally obligated to give you a copy of it. Some make you request it in writing and jump through hoops but if you notify them that you know you're legally entitled to it, you'll be surprised how fast they can magically produce it. They don't want to give you a copy because they're afraid you are going to do exactly what you did....go to another lender. The transportability of an appraisal is a whole other topic.

This was shortly after I'd complained about one of their mortgage bankers. She's now in Federal prison for scamming folks. Turns out for many years, she was calling folks who'd just closed on mortgages and told them they had left open debts and they'd have to come in and pay cash to clear up the shortage. When she called me, she said "you know how this game is played, you've been to several closings", yes, I do know how it's done and that's not the way it's done. She got eight years, IIRC, $800K in restitution and cannot work in the financial field, nor any position where she'd handle other people's money.

Judy Quackenbush, Tower Bank, if you wanna look it up.

I sold my stock in the bank and closed all my accounts when they started playing with my rental house appraisal. I'd had enough by that time.

 

[GarageEnvy]

PTSCHRAM
It looks like you really did get screwed over and this advice may be too late but if you really believe that the appraisal was fraudulent or incompetently prepared there is a complaint procedure. Appraisal licensing offices are self-funded. They get all their revenue from licensing fees, testing fees and fines. With the real estate meltdown there are far fewer people becoming appraisers and far fewer appraisers renewing their licenses. Want to guess where they're looking for revenue? If you do have a complaint, please take the time to consult with someone who knows about appraisals. All too often a homeowner, who may have a case, files a complaint but comes across as a disgruntled homeowner who just didn't get what they wanted. The complaints are dismissed.

 

[denis4x4]

I live in a county with the cheapest property tax rates in Colorado. The only time I've had to protest values (and won) is on patented mining claims. Got my appraisals yesterday and they went down 8-10 percent.

 

[csp]

La Plata county has the cheapest rates? I haven't ever bothered to look at that. We have 25 acres right off of Junction Creek Road to build on someday.

Got my card in the mail yesterday. Ours dropped about $65k. Our tax appraisal is now almost $200k lower than what the house/property appraised for when we built it in 2007.

 

[martyp]

I'm close to csp here in Douglas County - ours dropped ~$125K - and I'm not complaining

 

[Dale Rogers]

PTSCHRAM
It looks like you really did get screwed over and this advice may be too late but if you really believe that the appraisal was fraudulent or incompetently prepared there is a complaint procedure. Appraisal licensing offices are self-funded. They get all their revenue from licensing fees, testing fees and fines. With the real estate meltdown there are far fewer people becoming appraisers and far fewer appraisers renewing their licenses. Want to guess where they're looking for revenue? If you do have a complaint, please take the time to consult with someone who knows about appraisals. All too often a homeowner, who may have a case, files a complaint but comes across as a disgruntled homeowner who just didn't get what they wanted. The complaints are dismissed.

Intersting Garage Envy; around here the Buyer is the Client because they are the ones paying for the appraisal. Values are changing (down) so fast it is a nightmare for everyone.

 

[GarageEnvy]

Intersting Garage Envy; around here the Buyer is the Client because they are the ones paying for the appraisal. Values are changing (down) so fast it is a nightmare for everyone.

Dale,
There's two issues that I was addressing and there might be some confusion. With a tax appeal the homeowner is indeed the client. However, the other comment was addressed to a response about a mortgage related appraisal. All appraisals done by licensed appraisers must conform to USPAP guidelines. Part of that is specifying the intended use and users of the report. In a mortgage situation the lending institution is specified as the client and the intended user. This is important because if you go out and hire an appraiser and have yourself (as the homeowner) specified as the client, the lender will not be able to use the report. There's a lot more to this topic and it's fairly unrelated to tax assessment appeal. If you'd like more information on the details PM me.

 

[lute1812]

My property was assessed at $116,600 (2x58,300) in 2012 in the state of MI, I went to a protest mtg yesterday, after not receiving any depreciation on my property since purchase in 7/09 (nearly three years), with a licensed certified state of MI appraiser's report that valued my property at $83,700.

This would drop my assessed value from $58,3000 to $41,850, which is a substantial drop and at least $10,000 below others in my area. My home was owned by a single woman for 45 years and she never maintained or updated it for 45 years before I purchased it.

Anyways my appraisal report clearly reflects my property's true vale vs the pooled appraisal by the township. Can the township review board bounce this value and stay with the 58,300? Their interests are taxes, of course, where my numbers would drive the Taxable Value down an equal amount as the TV must be less-than-or-equal-to the AV in Michigan.

Thanks

 

[DekeT]

My property was assessed at $116,600 (2x58,300) in 2012 in the state of MI, I went to a protest mtg yesterday, after not receiving any depreciation on my property since purchase in 7/09 (nearly three years), with a licensed certified state of MI appraiser's report that valued my property at $83,700.

This would drop my assessed value from $58,3000 to $41,850, which is a substantial drop and at least $10,000 below others in my area. My home was owned by a single woman for 45 years and she never maintained or updated it for 45 years before I purchased it.

Anyways my appraisal report clearly reflects my property's true vale vs the pooled appraisal by the township. Can the township review board bounce this value and stay with the 58,300? Their interests are taxes, of course, where my numbers would drive the Taxable Value down an equal amount as the TV must be less-than-or-equal-to the AV in Michigan.



Thanks

The key issue is equalization. Is your house being taxed at the equivalent rate as very similar homes in your immediate area? Nowadays appraisals are made reflecting protection of the banks investments and not the true value of the property. The appraisal is also made for the real property and not the real estate value. The usual market price for a home is more than the house and land. There are a number of qualitative factors that enter into the desirability and subsequent value of real estate.

There is little chance the board will reduce your home as low as you suggest because that would put you into a tax rate lower than your equivalent neighbors. There may be some chance for lowering. I would emphasize the lack of upgrade in the home for many years as reason to lower your values based on condition.

 

[lute1812]

The key issue is equalization. Is your house being taxed at the equivalent rate as very similar homes in your immediate area? Nowadays appraisals are made reflecting protection of the banks investments and not the true value of the property. The appraisal is also made for the real property and not the real estate value. The usual market price for a home is more than the house and land. There are a number of qualitative factors that enter into the desirability and subsequent value of real estate.

There is little chance the board will reduce your home as low as you suggest because that would put you into a tax rate lower than your equivalent neighbors. There may be some chance for lowering. I would emphasize the lack of upgrade in the home for many years as reason to lower your values based on condition.

Thanks.

There are a number of issues that irritate me
.
1. I have not received a penny depreciation since I bought the home in 8/09, I did a survey last years of appraised values of all my neighbors on parallel streets and my own. On 6 streets there were 319 property taxpayers, in 2010 ALL 100% 318 neighbors received deprec credits roughly between <4000> and <8000> and I received $0, in 2011 again 100% of my 318 neighbors received deprec credits roughly between <4000> and <8000> and my property apprec $600.
2. The assessing mgr told me on the phone that my 2012 value went up because of a finished basement and its bath. The problem is the 2010 Protest board accepted my 2009 appraisal $56,000 (.5x112,000), which included those assets (done by the prior owner) in its value and I gave the Protest Board that report. Nothing like being double bilked.
3. Also the assessing manager told me I had nothing to protest when I talked to him a few weeks ago, but to my surprise he was setting in the protest meeting. I thought the board was suppose to consist of residents of the township.

My home is nowhere near the value of two similar sized properties, both have new roofs, new windows through out, ... whereas my roof at a minimum 25 years old and all my windows are the original 1959. I told the board in 2010 and 2012 that I would not be making any improvements.

It doesn't seem fair that my property is locked into a specific bracket even though it is far inferior to those homes as indicated by my appraisal.

i mailed a letter to the Attorney General, after the meeting yesterday, knowing he had no influence of the outcome, but to illustrate what I feel is unfair-and-inequitable treatment by the township. I suppose the AG will contact the township, which is fine, but there's another neg they will add to influence denying my proof to decline my AV.

 

[Deltarat]

Then you must only have half a brain.

In Indiana, the taxed value has to be within 7% of the fair market value of the property. In the past five or ten years, this is the result of so-called property tax reform.

My taxes have consistently gone down over the past four years I've owned this house.

When I sold my old house, I got nearly twice its appraised value. I single-handedly raised the taxes on all the properties on the north side of town! Not only did I sell it for far more than it was worth, I had a piece of property that actually sold-LOL.

The tax appraisial for my two houses is twice what my houses would bring on the open market. If I could get twice the appraisial for them, I would be out of here. I would probably take the appraised value for them.
In the next county they would be worth at least twice the apprasial, but here they are worth half. There is not a house in this town that is worth the appraised value of my house.