KCRag Forum

bobbyhawks wrote: ↑Wed Jun 26, 2019 5:57 pm IMO, there is no single house in the Westside that could sell for $1.5 million, yet at least one brand new property on a small lot in the Westside North was valued in the assessment at $1.5+ million. The properties with homes on either side of it are both under $175k (and both of those assessments were high). $1.5+ million is just an insane number no matter how you slice it, and there is no way this was done using anything other than winging it. The land value assessment went up 3,452%, and the home assessment without considering the land price (new construction + improvements) was still over $1.4 million.

I've not seen one house in that neighborhood sell for much under 1M

“They messed it up with such huge changes in one year,” said Ken Block, managing principal at Block Realty Services LLC, one of the largest commercial real estate brokers and developers in the metro area. “You can’t reassess properties and raise taxes that much all at once. They’re trying to change the whole system all at once.”

Pretty much sums up the whole fiasco.

bobbyhawks wrote: ↑Wed Jun 26, 2019 5:57 pm IMO, there is no single house in the Westside that could sell for $1.5 million, yet at least one brand new property on a small lot in the Westside North was valued in the assessment at $1.5+ million. The properties with homes on either side of it are both under $175k (and both of those assessments were high). $1.5+ million is just an insane number no matter how you slice it, and there is no way this was done using anything other than winging it. The land value assessment went up 3,452%, and the home assessment without considering the land price (new construction + improvements) was still over $1.4 million.

https://www.zillow.com/homedetails/1720 ... 4769_zpid/

They'll sell near to that price eventually. $322/sq ft is very reasonable for the amount of detail. It actually feels low, in any other part of town this home might be worth twice that.

I've been in this one on a homes tour. It's worth what's it's selling for. It would be worth a lot more without the freeway noise.

https://www.zillow.com/homedetails/1727 ... 6790_zpid/

This one is dramatically under priced. It's worth double that.
$180/sq foot is less than my much smaller home cost to build.

https://www.zillow.com/homedetails/1728 ... 4768_zpid/

KCPowercat wrote: ↑Wed Jun 26, 2019 9:42 pm I've not seen one house in that neighborhood sell for much under 1M

Don't know if you were joking, but a majority of houses sold in the area have gone for under $500k. Perhaps people fixate on the ones for sale at high price, but those generally stay on the market for a long time and require many large percentage price drops to sell.

flyingember wrote: ↑Thu Jun 27, 2019 8:22 am https://www.zillow.com/homedetails/1720 ... 4769_zpid/

They'll sell near to that price eventually. $322/sq ft is very reasonable for the amount of detail. It actually feels low, in any other part of town this home might be worth twice that.

If you look at the price history for that house, you can see they tried to sell it for $1.1 million two years ago and had to slash prices down 21% before they sold it for $770k, the highest selling price in the Westside North that I recall. The new owners are trying to flip it for twice that, are already discounting the price, and have had it listed for almost a full year. Nobody is biting at close to the current price. (BTW, the brand new house I mentioned in an earlier post valued at $1.5 million is nowhere near as huge and interesting and nice as this)

flyingember wrote: ↑Thu Jun 27, 2019 8:27 am I've been in this one on a homes tour. It's worth what's it's selling for. It would be worth a lot more without the freeway noise.

https://www.zillow.com/homedetails/1727 ... 6790_zpid/

I've been to it too. Very large (butt ugly IMO, but taste is subjective) awkwardly designed house with a lot of luxury elements. I just don't think there is much of a market for people who want to live next to the noise and pay a premium for very specific taste when you could build a house that is much nicer elsewhere in the Westside or somewhere like Beacon Hill (for less money). This has been in a constant state of someone trying to sell it for its entire existence.

flyingember wrote: ↑Thu Jun 27, 2019 8:29 am This one is dramatically under priced. It's worth double that.
$180/sq foot is less than my much smaller home cost to build.

https://www.zillow.com/homedetails/1728 ... 4768_zpid/

I agree that someone will likely find a good deal with this home, but it must find a very specific buyer (someone who will continue the B&B or someone with a huge family that likes old homes without much of an open concept). It's been on the market for over a year and is already down 10% from original listing.

Also worth noting, 1720 Jefferson was valued at $517k, and 1728 Jefferson was valued at $508k (which I feel are definitely under but another example of how wacky the valuations were). Can you imagine the house that would need to be built to be worth triple that in the eyes of the assessment team?

I'm not joking but 500k would probably be a more fair amount. 3 were just for sale all in a row and all above that number.

"Gail McCann Beatty just told the board she believes the large number of appeals, 22,000 was possibly an attempt to “crash the system.”
The board is asking her questions right now"

Ah okay a major cyber attack huh? Woo boy.

"crash the system" also refers to overloading a management process with more requests than they can process so they break some law by not processing them in time.

flyingember wrote: ↑Thu Jun 27, 2019 11:14 am "crash the system" also refers to overloading a management process with more requests than they can process so they break some law by not processing them in time.

Yes I understand. Let’s review numbers on Jackson county informal property tax appeals:

2017- 8,000 appealed
2019- 22,000 appeals

And there's still more than a week before the deadline to appeal. Let's crash it!

Jackson County legislators call for halt on reassessment

https://www.youtube.com/watch?v=FBSlm3redRc

Frank White says he 'will be politically courageous enough to stand up and do the right thing...' and not interfere with the assessments.

https://lstribune.net/index.php/2019/06 ... gislature/

So you're saying there might be a solution where the county phases in tax increases to a correct level and Frank White is out as County Executive?

Rubber stamping denials for informal hearings.

"I’m managing 80 homes that have been affected. There’s no way for me to do a BOE in one day for all of them. It took me 5 days of 15 hours/day to file informal reviews!!!"

Anyone else in a similar mess like this guy? I guess the BOE is going to try again on Monday, the day of the deadline, to appeal for an extension. Brilliant.

I'm confused what is being said in your post.

My hope is that the different taxing jurisdictions lower their rates so that the impact of all this isn't so great, but also they are able to keep their budgets fully funded. But..

I'm just going to go ahead and say this. As someone whos property was already assessed near market value, and who assessment went up about 10% to get me in line with market values, I am happy to see everyone else's property is getting inline with the rules on how it should be assessed. Those of us who have been at or near market value have been carrying a disproportionate burden for funding the county, city, school district and libraries. The fairest thing is for everyone to be at market value.

I don't love how abrupt it happened, or the PR around it.

Frank's gotta go man

County extended the BOE appeal deadline to the end of the month and are considering capping increases at 12-14%.