I bought a property in CA for about $1.5M. I just got a letter from the assessor's office that the new assessed values are 1.35M for the land and $150K for the house. The total is correct but the ratio is clearly wrong (the house is large and in decent shape should be at least $500K; a recent nearby lot only deal puts the land value at about $800K; the previous assessed values were $600K for land and $500K for the house). I think the right values should be at least $900K and $600K.
I am planning to spend $200K on the house and then will attempt to sell it in the Spring. If I cant make a decent profit, I will live in the house for a while and then attempt to sell it in couple years.
I cant decide if I should make a fuss about this or keep it as it is.
Any advice? Shall I file an official appeal? The informal review by the assessor did not reveal anything of importance.
Any help is appreciated.
Happy New Year!!
My deadline to object to the assessment is approaching. Any opinion whether it is better to have low assessed Land vs Improvement value ratio and whether I should file an official appeal is greatly appreciated.