African artwork and photos of black people lowers home value $149k

But systemic racism isn’t a thing.

(oldfella)
SURE, everything looks racist if you tell the truth!
Stupid tattletale liberals.

I can’t see the article because Europe, but not only does the assessor sound like a prejudiced twat but also professionally stupid. Valuing (for mortgage/survey) is pretty formulaic, so getting it so wildly wrong would soon raise questions about your ability imho.

It was two separate accessors appraisers (thanks @Jenee) that gave the super low values.

Apparently the comps (comparables) used when the house was ‘black’ were different than the ones chosen when it was ‘white’.

Does this work?



Or this one?

That’s terrible, I thought it was just a single rogue assessor.
Here we use comps, construction type, state of repair and have to write a report to justify our valuation for new mortgages. Occasionally we do “drive bys” for remortgaging (basically check there’s no obvious decay to a property) but undervaluing by so much is just insane.

This is why I plan to do as little face-to-face anything when buying a house and I'll have my white passing brother there for appraisals.

Assessors value an entire neighborhood at a time, not individual houses.

So, ... for example:

Neighbor A

All houses were built in the same ... 2 or 3 year span
All houses were built using the same quality of materials
All houses were built using the same 1 or 2 or 3 builders
All single story houses
All two story houses
All split level houses

Over the past 3 years, all single story houses in this neighborhood that sold, sold for an average of $xxx,xxxx
Over the past 3 years, all two story houses in this neighborhood that sold, sold for an average of $yyy,yyy
Over the past 3 years, all split level houses in this neighborhood that sold, sold for an average of $zzz,zzzz

Therefore, the assessed value of a property will always be lower than the market value.

Divide that by square footage

Apply that value to all homes in that neighborhood.

The assessor wasn't looking at her art.
The assessor doesn't decide a home's value
The assessor can't tell banks to limit how much to loan someone when purchasing a house.

Same here.

The second clip (found while looking for the first) says that when the house was ‘black’ the assessors picked comps from nearby predominantly black neighborhoods (so lower value, which is a whole ‘nother convo) whereas when the house was ‘white’ the assessor used comps from nearby predominantly white neighborhoods.

See my above response.

Here’s the article the woman read that made her try an unblack her house:

https://www.nytimes.com/2020/08/25/realestate/blacks-minorities-appraisals-discrimination.html

Depending on demographics, neighborhood boundaries may change over time. But, just based on who bought the house .... I just don't see that happening - based on my knowledge of how assessor's offices work.

Appraisers and Assessors are two entirely different jobs and value homes for entirely different purposes.

So, are we talking appraisal or assessed value?

Assessor's value properties within specific neighborhoods.
Appraiser's value properties by looking for similar homes that sold close to the value that the mortgage broker gave the assessor.

Any idiot who demands their assessor raise the value of their property should not be complaining about their property taxes.

We have various valuations over here, wonder if it’s similar over there?

Estate Agents value to put on the market for sale. They’re not regulated and don’t have to be qualified. They do marketing values.

Surveyors (my field) are regulated and assess structure and judge the market price for mortgage purposes (usually new and high loan to value mortgages).

Assessors (mortgage) check to make sure the property values up against the risk of lending (new or remortgage).

Yea, we only have two here.

Assessor's.

They value properties within a township and report those values to the county clerk.
The values are calculated using the values for properties in that neighborhood have sold in the previous 3 years.
Those county clerk takes those values and the totals of all the taxing bodies in that township and divide and multiply and throw in some calculus just for fun and that's how you get your tax bill.

Appraiser's

They get a call from a mortgage agent and say "I need 'this' house appraised. Seller is asking X, Buyer is proposing Y"
They scour similar homes that have sold (should be in the same neighborhood, but doesn't always work out like that) recently and compare to the subject home



Appraiser is paid by the mortgage broker
Assessor is paid by taxpayers

Also, one last thing, real property (homes, commercial, vacant land) does not come with a price tag like Wal-Mart.

Real property values are based solely on what a knowledgeable buyer would pay for that property.

Yeah that’s the same here - the market price set by the estate agent is negotiated on.

How you work out your tax sounds more sensible than over here - when council tax bands were set in 1991 they were called “second gear valuations” because the job was so large, and properties in a locality so varied, they were banded by some bod driving by and basically guessing, never to be properly reassessed.

I think it's probably the same in the eastern states here. But, anything west of ... Michigan, Ohio, Tennessee ... basically, the Lewis and Clark expedition, they measured out and surveyed the land. Broken down into 1 mile squares and 36 square miles in a township. An assessor for each township. That makes ad valorem taxing so much easier.

$259k for a house lmao

*cries*

It is not insane, it is racist. This is how you keep black people from getting value from their long term investments.

no kidding! 259K is on the high side in my zip code.

And the low side of mine.

Also, it'd be interesting to see what these would do to the value of a house.

$259k would buy a nice shack or trailer home in mine.

I paid $144k for my three-bedroom.

*slits his wrists in a $100k bathtub*

You guys have to actually buy houses? *laughs in Detroit*

Our house cost us the equivalent of USD$270k and we were overjoyed at the bargain.

that's about typical for where I live, and it's not a high violent crime neighborhood by any stretch.