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Not Funny Ha-Ha
Trying to make sense of our tax assessments here in Franklin County lately has begun resembling a skit from one of those old “Hee Haw” shows.
No, really.
Remember the one with Archie Campbell, where he’s a barber cutting Roy Clark’s hair and tells him about something bad that happened to him, only when Clark tries to commiserate and say, “That’s bad,” Campbell disagrees and says it was actually good? And on and on the story flip-flops, and hilarity inevitably ensues? (Watch it here).
Well, cue the laugh track.
Back in June, the Franklin County auditor in Columbus sent out a letter to everyone saying he thought the assessed value for properties here had dropped significantly. One cause of this has been the increase in foreclosures and short sales. (Even though the auditor doesn’t make calculations based on a foreclosure’s selling price, he does use the sale that follows.) In addition, some foreclosed homes have been sitting empty for so long that they’ve deteriorated, reducing the value once a buyer purchases it after foreclosure.
(Gee, that’s bad).
Yeah, but as a result, our real estate taxes have gone way down. In fact, my own taxes went down something like 15 percent.
(Wow, that’s good).
But here’s the thing. As a result, we’d been having all these tense conversations in closings, where the seller wants to decrease the amount he’s handing over to the buyer for taxes, and the buyer is saying, “Well, hey, how do we know that the tax rate isn’t changing also?” And since we didn’t know if the tax rate was going to change, it became a matter of negotiation between the buyer and seller to determine what values we were going to use. It was stressful. We held a lot of money in escrow waiting for tax assessments to come out so we could properly calculate some of those transactions.
(Yikes. That’s bad).
Well, finally, FINALLY, we got our tax bills a few weeks ago, so now we’re able to work with verifiable numbers. It’s been an incredible relief. And since assessments in Franklin County last for three years, we can look forward to some stability and lower taxes in the near future.
(Woo-hoo. That’s good).
Unfortunately, with those reduced assessments and taxes, our county will be taking in a lot less money. I wouldn’t be a bit surprised to see the county revalue properties again as soon as possible, just to help its bottom line. I mean, it needs those revenues as bad as everyone else.
(Huh. That’s good).
In closing -
Hey wait, that’s not how it works. You’re supposed to say, “That’s bad.”
(Seriously? How long are we supposed to keep this hamster-wheel conversation going? Besides, if assessed values of properties start climbing again, that should be good. It’ll help encourage sales, and over time those better values will bolster the refinance market. Oh, and your “bad thing/good thing” shtick? It’s about as funny as a three-hour Carrot Top tribute hosted by the cast of MTV’s “Jersey Shore”).
(Um, that’s bad.)
Scott Stevenson
IF YOU HAVE QUESTIONS ABOUT SHORT SALES OR JUST ABOUT SELLING YOUR HOME OR BUYING A NEW ONE, DON'T HESITATE TO CALL, TEXT OR EMAIL ME. 614-657-2005
My promise to my clients: I try to always remember what it is like to walk into this incredibly complex world of buying and selling with little or no knowledge of how the process works. I know that behind the door of your home and in your life there is much more going on than just your real estate transaction. I work with each person, not the house, and with the whole person, not just the issues surrounding the transaction. When I attempt to put myself in your shoes and contemplate what you are dealing with I am most effective.
The Benadum Team
Amy Bumpus
Straight Talk—Always
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