If only Minnesota County Property Assessors Would Care This Much

Not only am I licensed in Minnesota, but also in Florida. I specialize in the Northwest Panhandle, including Pensacola. I have just learned that the Escambia County Property Appraiser is asking for local Realtor help. With property taxes at their highest ever, Chris Jones wants agents to go back through their sales and make a note of any seller concessions, bonuses to agents, etc that would artificially inflate the purchase price. These items are viewed as a “cost of the sale” and not considered a part of the purchase price or “indicative of real estate value”.

Agents are being asked to log back into their SOLD listings and update these concessions in the area marked as “sale notes”, then forward these MLS numbers to the County property appraiser so he can make a case to lower the current assessed value on that property. Not only will this action help property tax assessments, but appraisers that use the sold MLS data as a basis for comparables, will also not give over inflated values for homes under contract.

Wow! Finally someone in a government position is looking at high taxes as a bad thing, and doing something about it. I always make a note in my sales data of any concessions that are part of the contract, just for this very reason. Now if only we could get local counties in and around the Twin Cities to do the same!
Has anyone had their local property assessors do something proactive similar to this?

About the Author:

Leave A Comment