Sounds like you may want to grieve your tax assessment this year...That said, we're seeing a number of issues with appraisals in the past few months, especially when dealing with properties that are out of the norm. There have been many rule changes faced by appraisers, and the banks that employ them are scrutinizing the appraisal reports like never before. A little bit of the proverbial closing the barn door after the horse has escaped in my opinion, but that's what's going on.
The issue is likely the garage you built. You know what it cost, and the town has assessed you based on the value of the work you noted on your permit application, but it's hard for an appraiser to put a value on it without comparing recently sold homes with that same feature. I ran into the same problem myself recently when I built a new duplex on some land I own that also has a large steel building and a barn. I was given $0 value for those outbuildings when I went to get a loan on the package because nothing else like that had recently sold. Part of the problem is that appraisers are getting paid significantly less than before, and they've been asked to do more work on each individual appraisal. In some cases, I don't think the extra effort required to evaluate non-typical properties is being put forth.
Appriaisal values and "Current Market Values" are usually different. If you are looking to see how much your property is worth if it were to sell, then you may want to have a Current Market Analysis. I would be happy to stop by and do one for you for FREE! The Current Market Value (CMA) will take the new garage into consideration as well as the condtion of your house and any modifications, additions or improvements you have done. The difference? The appraisal is done to see the value of your "House". The Current Market Analysis is done to see what your house is "Worth" in the "Current Market". I've been doing this for over 15 years and I can honestly say that the market values vs. the appraised values are not usually the same.
Please call me at 448-9101 if you would like me to stop by and do the FREE Current Market Analysis for you so you can see the detailed value of your property in the current market. Have a great day!
Deborah Conti, Associate Broker, CSR, CBR, SRES, CIREB
Re/Max Park Place - Rt 9, Clifton Park, NY
Re/Max 100% Club - Multi- Millions in Completed Sales & a Re/Max Top Producer Agent