Sunday, April 12, 2009

More Property Assessment Values vs. Sales Price

In an article that appeared in yesterday's Times Leader a property owned by Robert Mericle and his wife, Kim went on the market for $399,000.00. He successfully argued to the Luzerne County Assessment Appeals Board that the house was only worth $235,200.

Today another article appears in the Times Leader written by Jennifer Learn-Andes discussing a different property that seemed to receive the same treatment.

Former Luzerne County commissioner Todd Vonderheid’s property was in the sample group, with a sales price 56.7 percent higher than the assessment.

Vonderheid and his wife sold their century-old restored brick home on West River Street in Wilkes-Barre last month for $520,000.

The assessment: $331,900.

21st Century originally valued the property at $427,500.

Vonderheid said the appeal board granted the reduction because his appraiser valued the property around $331,900 based on the assessments of similar-sized homes in the same neighborhood, the “riverside historic” district.

The mantra of the reassessment was that property values were supposed to be uniform with others in the same neighborhood, Vonderheid said. He estimated school, county and city taxes on the property will increase from $4,500 to about $7,600 with the $331,900 assessment.

More interesting stuff.


Anonymous said...

I guess the connected had no probles with appeals

Anonymous said...