I'm going to go in & deal with this but wondering if any of you have any information that will help.
Got my notice of appraised value on one of our rentals : a 4-plex. It was high - raised $12K from last year. I went in, had tons of back up & was nice to everybody - definitely not a jerk. They said they'd get back to me.
Well, they did. Got a **CORRECTED** one in the mail today. Value now up another $12K. I called & they said they switched it to an "Income Based" valuation & that they had raised all multifamily this year. Well.... no they didn't until they revised. We are now valued at $24K over last year. No improvements - as a matter of fact, we took in pics of siding that needs replacing, etc.
How do they figure that value? How do they know what we make less expenses, etc?
I don't don't think we could get what they are saying it's worth, they've had us the highest 4-plex in town since we bought it in 2015.
I'm going to have to figure out what income they base things on. Appreciate ideas/advice on my argument?
Got my notice of appraised value on one of our rentals : a 4-plex. It was high - raised $12K from last year. I went in, had tons of back up & was nice to everybody - definitely not a jerk. They said they'd get back to me.
Well, they did. Got a **CORRECTED** one in the mail today. Value now up another $12K. I called & they said they switched it to an "Income Based" valuation & that they had raised all multifamily this year. Well.... no they didn't until they revised. We are now valued at $24K over last year. No improvements - as a matter of fact, we took in pics of siding that needs replacing, etc.
How do they figure that value? How do they know what we make less expenses, etc?
I don't don't think we could get what they are saying it's worth, they've had us the highest 4-plex in town since we bought it in 2015.
I'm going to have to figure out what income they base things on. Appreciate ideas/advice on my argument?