Q In 2006, the assessed value of my house had climbed to $750,000, and then dropped to $714,000. After much investigation, I filed an abatement based on the information I obtained from our local government, and I got the assessment down to $530,000. However, around the same time, I refinanced based on a bank appraisal of $670,000. Currently, the county’s assessment is under $450,000.
I think by filing for a tax abatement I shot myself in the foot. I really believe the house is worth more than $500,000, but know that potential buyers look at the assessed value.
I want to sell my house. Can I realistically list it at the price I believe it is worth, and expect a real estate agent to explain the situation to potential buyers, or am I stuck with an asking price closer to the current assessed value?
A I don’t believe you shot yourself in the foot. For a couple of years at least, you have been paying the real estate tax at a lower rate. It is true that potential buyers look at the appraised value. Especially in today’s economy, appraisers who do work for mortgage lenders will be extremely conservative.
But in many jurisdictions, the appraisal has not caught up with the true market value of the property. Appraising real estate is not an exact science. The best test for market value is what a buyer is prepared to pay for the property.
You have the absolute right to list your property for whatever you believe it is worth. That does not mean you will find a real estate agent willing to accept your listing. Brokers and agents spend a lot of time working for their clients; no one wants to waste time trying to market a house that is way overpriced.
You could, of course, try to sell it on your own, and you may find a potential buyer. But real estate sales — although picking up in many parts of the country — are still quite sluggish.
Q I recently purchased a condo, and I have a noise problem with the unit above me. I can hear the people walking back and forth, and performing normal, everyday activities. A new owner purchased that condo last week. I believe the previous owner installed a low-grade laminate directly onto the plywood floor with no padding or sound-dampening material. I talked to the condo association manager and he says there is nothing that can be done. Is there any legal action I can take?
A Noise is very subjective. Some people are more sensitive to sound than others, so it will be your obligation to prove the noise you hear is above normal standards.
Acoustical engineers specialize in determining whether the noise in your unit is within acceptable decibel range. You should retain an engineer at your expense so that you will have the proof to demonstrate that the noise you hear is not imaginary. That engineer should also inspect the upstairs unit, so that he can provide some suggestions to resolve the problem.
Once you have such a report, show it to your upstairs neighbor. Explain that you are very troubled by what you hear, and ask him to take appropriate steps to correct the situation. For example, carpets could be put on the floor throughout the unit; in some cases, floorboards could be tightened. Often, hammering down nails will solve the problem.
You should also review your association documents, especially the rules and regulations. Many associations require that 80 or 90 percent of a unit must have adequate floor covering, such as rugs. If that is the rule in your association, demand that the manager inspect the upstairs unit to determine if it is in compliance.
If there is no such rule, discuss your concerns with the board of directors. It may be persuaded to enact such a rule for the future.
If all else fails, you certainly can take that owner to court, claiming a private nuisance. But litigation is time-consuming, expensive and uncertain. Discuss your situation with an attorney to determine if it’s worth the effort.
