Assessment of House Taxable Value at Troy, Michign
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Troy City Council
Troy, Michigan
Subject: 2007 Tax Assessments
We the following signatories are strongly protesting against the property assessments of taxable value for the calendar year 2007.
Having received home and/or property assessments of taxable value for the calendar year 2007 we have observed significant amount of increase in the assessed value. This is on top of last years increased assessed value.
We are all aware that the entire nation has suffered a decline in housing demand as well as drops in average home sale prices. Michigan has been at the top of these statistics and has posted double digit decreased in housing valuations over this period. Michigan Real Estate-Southeastern Region-Remax cites the market conditions for this year as follows:
the average listing price has remained almost unchanged from a year ago, while the average sale price has declined just over 9\%, probably largely due to the foreclosure rate increase. While Troy Real State Data [http://realestate.yahoo.com/Michigan/Troy] (please see the attachment) shows that Troy housing value decreased by 11.39\% compared to a year ago.
Last year we remained passive regarding increases in assessed values that did not coincide with market conditions in the belief that it takes time for a city government to feel the market trend and to correct accordingly.
However, we believe that we have allowed ample time for bureaucratic conditions to catch up with market trends and that the assessments recently received should be revised to coincide with market conditions and thus the real value of our property. Neighboring communities have already made such adjustments and Troy is now remiss in this regard.
Our research indicates that in order to bring assessed valuations in line with the existing economic trends and to correct for the 2006 tax assessment that the assessed values for 2007 should be reduced by not less than 20\% from the present assessments.
We anticipate that the City Council will honor the resentment of the residents and will revise the tax assessment as per the existing economic trends in housing.
Sincerely
The following signatories:
Copy to:
1. Michigan Governors office
2. Michigan Attorney Generals office
Troy, Michigan
Subject: 2007 Tax Assessments
We the following signatories are strongly protesting against the property assessments of taxable value for the calendar year 2007.
Having received home and/or property assessments of taxable value for the calendar year 2007 we have observed significant amount of increase in the assessed value. This is on top of last years increased assessed value.
We are all aware that the entire nation has suffered a decline in housing demand as well as drops in average home sale prices. Michigan has been at the top of these statistics and has posted double digit decreased in housing valuations over this period. Michigan Real Estate-Southeastern Region-Remax cites the market conditions for this year as follows:
the average listing price has remained almost unchanged from a year ago, while the average sale price has declined just over 9\%, probably largely due to the foreclosure rate increase. While Troy Real State Data [http://realestate.yahoo.com/Michigan/Troy] (please see the attachment) shows that Troy housing value decreased by 11.39\% compared to a year ago.
Last year we remained passive regarding increases in assessed values that did not coincide with market conditions in the belief that it takes time for a city government to feel the market trend and to correct accordingly.
However, we believe that we have allowed ample time for bureaucratic conditions to catch up with market trends and that the assessments recently received should be revised to coincide with market conditions and thus the real value of our property. Neighboring communities have already made such adjustments and Troy is now remiss in this regard.
Our research indicates that in order to bring assessed valuations in line with the existing economic trends and to correct for the 2006 tax assessment that the assessed values for 2007 should be reduced by not less than 20\% from the present assessments.
We anticipate that the City Council will honor the resentment of the residents and will revise the tax assessment as per the existing economic trends in housing.
Sincerely
The following signatories:
Copy to:
1. Michigan Governors office
2. Michigan Attorney Generals office
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