Topic: What is the relevance of a recent purchase to the assessed value of the very same home?
What is the relevance of a recent purchase to the assessed value of the very same home?
The day we closed on our new house we filed a property tax assessment appeal becuase the existing assessment was significantly higher than what we paid (and significantly higher than any price at which the house was ever listed). the seller was not in any sense distressed; no short sale; etc. Shockingly, after 9 months, we just found out that our appeal was denied. The assessor told us that it was denied based on surrounding home sales. Isn’t the purchase price that we in fact paid the best evidence of our house’s true fair market value, or is true fair market value not the DC standard for assessment? we will continue w/ the appeals process, which i understand eventually ends w/ an independent board– or at least i hope that is the case. our row house is really big for the neighborhood and has not had any improvements made in a long time, such that it needs love. i think DC must have disregarded our sales price and taken the average price per square foot of nearby homes times our square feet. i think this computation is misleading as applied to our particular house, and should be irrelevant given the best evidence represented by the recent arms length transaction.
i have no doubt that DC would have raised the assessment if we had paid more than the assessed value?