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How much info should I give Assessor

Old 03-30-2017, 04:23 PM
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Default How much info should I give Assessor

These bastards are out of control, They just sent me a 3 page form that gives me 4 days to give them this info. They are asking for way more info than I believe necessary to assess my buildings.

They claim Wisconsin law requires that they consider all valuations methods including the income approach. I have had them try this a few years back, and we hired a Florida Company to dispute our assessment's. The were successful in getting them lowered. Any of you guys run into this and how did you handle it?
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Old 03-30-2017, 04:29 PM
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You may as well fill out the form. If you don't they'll fill it out for you with very high estimates and then you'll be fighting to get your assessment lowered again.

Too bad that city doesn't have a city income tax. If they did, you could send the assessor a copy of that and tell them they already had that information if they would just get off their lazy butts and look. That's sure to help you make friends.

FWIW, I managed a dozen rental properties in Ohio for 5 years and was never asked for such information, but did successfully protest the assessments on most of the properties.

Last edited by yarcraft91; 03-30-2017 at 04:47 PM.
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Old 03-30-2017, 06:07 PM
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As little as possible. Unless of course this is an insurance situation.
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Old 03-30-2017, 06:44 PM
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The income approach is standard valuation practice in most jurisdictions.

Do not lie.

Depending on the outcome, hiring a RE tax attorney to run the appeal traps could be money well spent.
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Old 03-30-2017, 07:02 PM
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Give em your net sch e income and be done with them
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Old 03-30-2017, 07:20 PM
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Originally Posted by STEELA View Post
Give em your net sch e income and be done with them
I was going to say, that is similar to a Schedule E. Under expenses for "other", load it up with depreciation.
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Old 03-30-2017, 07:32 PM
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Originally Posted by anonymous_coward View Post
I was going to say, that is similar to a Schedule E. Under expenses for "other", load it up with depreciation.
Can't do that.
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Old 03-30-2017, 07:39 PM
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Originally Posted by Fish'nFool View Post
Can't do that.
Do you see the words " gross rents" anywhere on that form?

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Old 03-30-2017, 09:29 PM
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Originally Posted by Fish'nFool View Post
The income approach is standard valuation practice in most jurisdictions.

Do not lie.

Depending on the outcome, hiring a RE tax attorney to run the appeal traps could be money well spent.
I wont lie, and I am going to go this route, It still boils down to, what business is it of a tax assessor to demand this information. Surely he can do some work on his own and come up with comps.
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Old 03-31-2017, 04:41 AM
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It sucks. I would not provide comp info, only income and expense info for your property. They may employ the income method when there is a lack of comparable sales data.

The big questions are, what cap rate and mill rate will they apply. unfortunately you won't find that out until the property is assessed. This is often a function of the cities revenue projections/shortfalls.
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Old 03-31-2017, 04:46 AM
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Having worked both sides of the tax table, I wouldn't give them Jack. Your individual income is NOT their business. Once they come up with a valuation, then decide if you want to appeal. See how the valuation compares against both other properties in terms of tax valuation and the actual market.
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Old 03-31-2017, 05:58 AM
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Originally Posted by yarcraft91 View Post
You may as well fill out the form. If you don't they'll fill it out for you with very high estimates and then you'll be fighting to get your assessment lowered again.

+1
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Old 03-31-2017, 06:03 AM
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Originally Posted by Restrain View Post
Having worked both sides of the tax table, I wouldn't give them Jack. Your individual income is NOT their business. Once they come up with a valuation, then decide if you want to appeal. See how the valuation compares against both other properties in terms of tax valuation and the actual market.
I was going to go that route, but a few years ago they asked for the same info, and if I recall if I did not provide it I basically would waive my right to appeal.

My thoughts are this, say you have two identical property's such as stores right next to each other, same exact floor plan, and square footage. One property is poorly managed the other managed well, why should there be a difference in assessment's between the two, Using the income approach the well managed property is subject to a higher assessment?
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Old 03-31-2017, 06:08 AM
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Originally Posted by mikeloew View Post
I was going to go that route, but a few years ago they asked for the same info, and if I recall if I did not provide it I basically would waive my right to appeal.

My thoughts are this, say you have two identical property's such as stores right next to each other, same exact floor plan, and square footage. One property is poorly managed the other managed well, why should there be a difference in assessment's between the two, Using the income approach the well managed property is subject to a higher assessment?
Yep. The process is sugar coated with the right to appeal, but in fact, tax authorities often do pretty much whatever they want.
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Old 03-31-2017, 06:11 AM
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Hire a tax assessment dispute firm and let them handle it ....
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Old 03-31-2017, 06:31 AM
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Originally Posted by triplenet View Post
Hire a tax assessment dispute firm and let them handle it ....
I did. By the way guys some of these company's are very good at disputing your assessment. I tried doing it on my own years ago, with no success. I hired a company and they got my assessed value WAY down. Money well spent. It just seems wrong to have too do this every few years when nothing on our end has changed.
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Old 03-31-2017, 06:33 AM
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Usually you use the income approach when you have more than 4 units.
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Old 03-31-2017, 06:39 AM
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Originally Posted by mikeloew View Post
I did. By the way guys some of these company's are very good at disputing your assessment. I tried doing it on my own years ago, with no success. I hired a company and they got my assessed value WAY down. Money well spent. It just seems wrong to have too do this every few years when nothing on our end has changed.
I have a company do it for all my commercial properties.... but handle it myself on my rental homes.... Typically the assessment is lower than market value so I keep my mouth shut
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Old 03-31-2017, 06:39 AM
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Originally Posted by r_ventura_23 View Post
Usually you use the income approach when you have more than 4 units.
Maybe, have 3 identical 10 unit buildings right next to each other, 2 have the same assessment, third is different by about $700.
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Old 03-31-2017, 06:43 AM
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Read the cover letter carefully. In FL I see Property Appraiser requests like this frequently. If you read the request carefully, it says the Property Appraiser is required by statute to collect information in order to assess property value. It doesn't say you have to provide it. The letter is actually asking your assistance in helping the PA achieve it's required goal. I advise clients to toss the requests.
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