This isn't really about buying or selling, but I hope someone can give me some insight.
We bought a house last year. The owners had it on the market for over a year. Price started at 399,000. When we saw it, they had accepted a contingency offer of 299,000. So we offered 275,00 with no contingencies and then found out the bank was involved (sort of a short sale I guess). Owners accepted and then we started haggling with the bank and settled at 285,000. So now to my question:
Purchased and moved in and in the spring received a tax bill with an assessment of 314,000. I understand that the town doesn't redo taxes except every 2 years. So fine. Well this year's tax bill arrived and the assessment went up. If the market showed that the price was reasonable at 285,000 (and real estate certainly hasn't gone up in this area since, it's gone down!) why the increase rather than a substantial decrease?
Anyone ever challenge an assessment and have any advice on how I should go about this?
Thanks in advance for any help.