I protested both my BF's and my property values with our CAD. The CAD offered a settlement, and neither of us are happy.
Both settlements came with a value report. My BF's has a list of 5 "comps" to his house that sold last year.
The report provides the following values:
Sales price
Time adjusted sales price
Final adjusted sales price
None of these are equal to the actual 2023 values reported for the properties on the CAD website. So, each comp has four protege values associated with it from the CAD. In most cases, the actual CAD value is the highest of the four values.
I understand the time adjusted price - basically the CAD took the sales price and adjusted it up a fixed percentage depending on how long before Jan 1, 2023 it sold. All of the time adjusted values are higher than the sales price expect for one property that sold after Jan 1 (it was adjusted down).
The final sales prices are a mixed bag. Some are higher than all three other values and some are in between. One might be lower, but I can't remember for sure. It's clear from the actual values that some homeowners have already successfully protested.
CAD also provided ALL the recent sales in the area going back to 2020. All properties sold in 2022 have a time adjusted value but only the five in the report generated for his property have a final adjusted value.
Can someone help me sort this all out? What is the final adjusted value? Why are all of these number different from the actual 2023 property values on the CAD website? Which one is most important for our protest?
I'm thinking what matters most is the sales price and the actual CAD values, given that some people have already protested and gotten their values reduced to either the actual sales price or, in some cases, less than that.
Both settlements came with a value report. My BF's has a list of 5 "comps" to his house that sold last year.
The report provides the following values:
Sales price
Time adjusted sales price
Final adjusted sales price
None of these are equal to the actual 2023 values reported for the properties on the CAD website. So, each comp has four protege values associated with it from the CAD. In most cases, the actual CAD value is the highest of the four values.
I understand the time adjusted price - basically the CAD took the sales price and adjusted it up a fixed percentage depending on how long before Jan 1, 2023 it sold. All of the time adjusted values are higher than the sales price expect for one property that sold after Jan 1 (it was adjusted down).
The final sales prices are a mixed bag. Some are higher than all three other values and some are in between. One might be lower, but I can't remember for sure. It's clear from the actual values that some homeowners have already successfully protested.
CAD also provided ALL the recent sales in the area going back to 2020. All properties sold in 2022 have a time adjusted value but only the five in the report generated for his property have a final adjusted value.
Can someone help me sort this all out? What is the final adjusted value? Why are all of these number different from the actual 2023 property values on the CAD website? Which one is most important for our protest?
I'm thinking what matters most is the sales price and the actual CAD values, given that some people have already protested and gotten their values reduced to either the actual sales price or, in some cases, less than that.