Holy smokes! Did you get your 2007 assessment yet?
I did. Received it last week and boy was I shocked.
Maureen Francis over at miOaklandCounty.com has been posting on Proposal A and the pop-up tax and the effects it has had and will have on real estate this year in Michigan. My concern, after seeing our assessment, is what the future will bring to our municipalities.
While Maureen posits that we will see a rise in our assessments, but hear and see nothing but bad news in regards to the 2006 real estate market, our assessment dropped 6%!
From the Dickerson article Maureen references:
First, there’s the fact that the property assessments homeowners will begin receiving next month are based on home sales during a 24-month period that ended almost a year ago, on April 1, 2006.
Sheesh! That means that for the 24 months preceding April 1st, 2006, my assessment value dropped 6% or more. While I could believe that for 2006 and maybe parts of 2005, I’ve got serious quadries about the 2004 market.
Anybody else got a feel for this? Have you gotten your assessment and been surprised? What future scenarios do you see as a result of declining assessment values?
The immediate concerns that I see, will be the continued shortfall in community coffers. With assessed values declining, it seems to me that appraisers have had and will continue to have to utilize an extremely sharp pencil when it comes to valuing a property’s worth.