Appraisal – YYMSRK http://yymsrk.com/ Fri, 24 Sep 2021 17:50:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://yymsrk.com/wp-content/uploads/2021/06/icon-2021-06-25T171748.497-150x150.png Appraisal – YYMSRK http://yymsrk.com/ 32 32 There is a large “valuation gap” between black and white homeowners. https://yymsrk.com/there-is-a-large-valuation-gap-between-black-and-white-homeowners/ https://yymsrk.com/there-is-a-large-valuation-gap-between-black-and-white-homeowners/#respond Fri, 24 Sep 2021 17:50:00 +0000 https://yymsrk.com/there-is-a-large-valuation-gap-between-black-and-white-homeowners/ Home appraisal value in predominantly black and Latino neighborhoods is often much lower than homes in predominantly white communities, recent study finds analysis by Freddie Mac. The government’s chartered mortgage giant’s analysis includes more than 12 million home appraisals and shows where in the United States those appraisals were made. The researchers found that 12.5% […]]]>

Home appraisal value in predominantly black and Latino neighborhoods is often much lower than homes in predominantly white communities, recent study finds analysis by Freddie Mac.

The government’s chartered mortgage giant’s analysis includes more than 12 million home appraisals and shows where in the United States those appraisals were made. The researchers found that 12.5% ​​of homes rated in black communities were rated at less than the home’s initial cost of building. That figure compares to 7.4% of homes in white neighborhoods and 9.4% of homes in Latin American areas, according to the analysis.

The differences suggest that there is a “valuation gap” among owners of color and that it exists across the country, officials at Freddie Mac said. Michael Bradley, senior vice president of Freddie Mac, said in a declaration that the gap “could also mean that families might miss out on all of the wealth-building benefits of homeownership or might be unable to secure the financing needed to make the American dream come true in the first place.”

For some black and Latino families, owning a home is the first step in building generational wealth. A valuation spread would likely prevent these households from increasing their home equity, which would reduce their chances of borrowing against the property or selling it for a better profit later.


How redlining still hurts minority Americans

07:40

In addition to the valuation gap found by Freddie Mac, studies have shown that black and Latino homebuyers have a more difficult time to get a mortgage – and when they acquire a loan, it sometimes carries a higher interest rate than for whites in similar economic circumstances. In some cases, real estate agents are known to to manage Black home buyers in less desirable neighborhoods.

In April, homeownership rates for blacks, Hispanics and whites in the United States were 44%, 47% and 74%, respectively, according to the St. Louis Fed. The data.

Years of discrimination

To some extent, the data collected by Freddie Mac – who buys mortgages from commercial banks to help lower the costs of borrowing to buy a home – validates the many anecdotal allegations of discrimination that black and Latino homeowners say they have. suffered for years.

African-American landlord who had her home in historic Indianapolis assessed for $ 110,000 even though the actual value was closer to $ 259,000. Owner Carlette Duffy is now suing appraiser she says undervalued her property, the Indianapolis Star reported.

In Ohio, black homeowners Erica and Aaron Parker reportedly had their home appraised for $ 465,000. The couple then decided to delete their family photos and replace them with photos of white people before getting a second review, USA Today. reported. The second valuation was $ 557,000.

Housing discrimination experts say Freddie Mac’s analysis highlights racial bias prevalent in home ratings.

“What you have is arguably the most data-rich organization that publishes a scathing report on valuers,” Brookings senior associate Andre Perry told CBS MoneyWatch. “It’s the biggest authority on housing, and they’re basically saying there’s a rater bias that robs people of wealth.”

The report also highlights the role of automated property appraisal services as a means to combat racism, added Perry, author of “Know Your Price: Valuing Black Lives and Property in America’s Black Cities.”

“It will force the [appraisal] the industry really has to deal with its members and with racism, ”he said. “If you have an authority like Freddie issuing this report, there should be some type of follow-up and advice on how to hold people accountable. “

Freddie Mac’s data was based on ratings of single-family homes in the nation’s top 30 metropolitan areas. The reviews reviewed were submitted between January 2015 and December 2020. The research does not explain the cause of the discrepancy.


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With the new assessments in Cuyahoga County, most property tax bills will increase; see partial estimates for your city https://yymsrk.com/with-the-new-assessments-in-cuyahoga-county-most-property-tax-bills-will-increase-see-partial-estimates-for-your-city/ https://yymsrk.com/with-the-new-assessments-in-cuyahoga-county-most-property-tax-bills-will-increase-see-partial-estimates-for-your-city/#respond Fri, 24 Sep 2021 16:48:37 +0000 https://yymsrk.com/with-the-new-assessments-in-cuyahoga-county-most-property-tax-bills-will-increase-see-partial-estimates-for-your-city/ CLEVELAND, Ohio – The property tax bill for most homeowners in Cuyahoga County will rise, following a new round of assessments recently completed by the county. The exact amount, however, depends on where you live and the value of your property. The county sent out letters, which recently started arriving in mailboxes, showing the value […]]]>

CLEVELAND, Ohio – The property tax bill for most homeowners in Cuyahoga County will rise, following a new round of assessments recently completed by the county.

The exact amount, however, depends on where you live and the value of your property.

The county sent out letters, which recently started arriving in mailboxes, showing the value it believes the homes are now worth following the most recent appraisals.

County valuations in 2021 relied on nearby home selling prices through early this year – making consistent changes by county-designated areas in each city. House-to-house appraisals are not scheduled before 2024.

With a hot housing market fueled by low mortgage rates linked to the economic fallout from the coronavirus pandemic, affordable and upscale cities have seen sharp increases in selling prices over the past 15 months, which has likely affected homes. new evaluations.

Exactly what these new real estate values ​​will mean for individual tax bills will not be known for months, as county officials will perform additional calculations and await state certification.

Individually, this will depend heavily on how taxes are administered in each community. Some individual taxes in the overall tax bill go up and down with inflation; Others don’t.

However, cleveland.com and The Plain Dealer calculated an estimated portion of the increase in individual property tax bills based on information provided by the county as to which portion of bills allowed to increase under local and state laws. .

(You can see the estimates for each municipality at the bottom of this story.)

Some individual taxes within an invoice increase with inflation, including rates dictated by city charters and a small amount of other taxes called “internal factories” for each municipality.

According to calculations, a homeowner’s tax bill from these taxes will increase on average by $ 64 for every $ 100,000 a home is worth. This means that if a house is worth $ 300,000, the bill will increase by an average of $ 192 per year. If a house is worth $ 75,000, the bill will increase by $ 48 per year.

Some of the biggest increases were seen in the inner suburbs, which were hit hard by the foreclosure crisis of the mid to late 2000s. In Garfield Heights, for example, it’s estimated that a bill property tax will increase by $ 236 per year for every $ 100,000 of a home’s value, based on the portion of the bill related to municipal taxes and “inland factories” shared by local governments. In Maple Heights it is $ 191 and in Bedford it is $ 145.

It’s not just there, however. In Lakewood, where home values ​​are higher, the bill is expected to increase by $ 198 for every $ 100,000 of a home’s value just from charter and inside factories. This is based on the city’s average increase of 27%. Some parts of the city grew at lower rates, others at higher rates.

Some more upscale areas, for their part, will not see their bill increase. In Hunting Valley, which has the highest median property tax bill of any municipality in the county, homeowners should not see an increase in these fixed taxes, although other taxes that are part of the bill could result in a change once the county completes its calculations later this year. .

And while the county has said it doesn’t have exact numbers on property tax increases for residents, it does have estimates on how much each municipality will get from the new assessments.

The city of Cleveland, for example, will see its revenue increase by about $ 7.2 million due to the new valuations, according to those estimates. While many parts of the city have benefited from vibrant real estate markets in recent years, many parts remain poverty stricken and have residential values ​​that reflect this.

But other cities with higher real estate values ​​- and several charter taxes owners have to pay each year – may see their bills rise the most. For example, the county said the new valuations are expected to bring Lakewood more than $ 4.5 million in additional revenue per year.

City officials in the western suburbs have made no one available for this story.

And Garfield Heights, a city of about 27,000 people estimated to have seen the biggest increase in property taxes while having low-cost homes, is expected to receive just $ 1.62 million from that increase.

To get an idea of ​​the increase in taxes for each owner, we have calculated the figures below on the basis of charter taxes and interior mileage set by law; there are many other taxes in the overall tax bill that cannot change with inflation. These estimates are based on the value of $ 100,000 per home.

Municipality Home value
to augment
Tax increase
Bay Village 16% $ 103
Beach wood ten% $ 38
Bedford 17% $ 145
Bedford Heights 17% $ 149
Bentleyville 2% $ 6
Berea 17% 83 $
Bratenahl 12% $ 37
Brecksville 15% $ 66
Broadview heights 12% $ 52
Stream park 25% $ 77
Brooklyn 20% $ 74
Brooklyn Heights 18% $ 55
Sorrow Falls 15% $ 46
Township of Chagrin Falls 0% $ 0
Cleveland 23% $ 129
Cleveland heights 11% $ 63
Cuyahoga Heights 11% $ 34
Cleveland East 6% $ 35
Euclid 18% $ 72
Fairview Park 22% $ 114
Garfield Heights 22% $ 236
Gates Mills 3% $ 9
Glenwillow 9% 28 $
Highland heights 7% $ 24
Highland Hills 20% $ 61
Hunting valley 0% $ 0
Independence 9% $ 28
Lakewood 27% $ 198
Linndale 0% $ 0
Lyndhurst 18% $ 96
Maple heights 29% $ 191
Mayfield 13% 40 $
Mayfield Heights 14% $ 71
Middleburg Heights 16% $ 49
Moreland Hills 9% $ 48
Newburgh Heights 7% $ 21
North Olmsted 20% $ 112
North Randall 20% $ 61
North Royalton 13% 40 $
Oak wood 18% $ 55
Olmsted Falls 16% $ 49
Canton of Olmsted ten% $ 31
Orange 7% $ 29
Parma 24% $ 74
Parma heights 22% $ 112
Pepper Pike 6% 25 $
Richmond heights 11% $ 69
Rocky River 19% $ 93
Seven Hills 19% $ 58
Shaker heights 5% $ 24
Solon 8% 25 $
South Euclid 18% $ 93
Strongsville 15% $ 46
University heights 15% $ 85
Valley view ten% $ 31
Walton Hills 18% $ 55
The heights of Warrensville 18% $ 55
West Lake 12% $ 64
Woodmere 0% $ 0

Can’t see the city-by-city chart? Some mobile users maybe need to use this link instead of.


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Black house valuation gap is real and persistent, reports Freddie Mac | Business https://yymsrk.com/black-house-valuation-gap-is-real-and-persistent-reports-freddie-mac-business/ https://yymsrk.com/black-house-valuation-gap-is-real-and-persistent-reports-freddie-mac-business/#respond Thu, 23 Sep 2021 19:14:00 +0000 https://yymsrk.com/black-house-valuation-gap-is-real-and-persistent-reports-freddie-mac-business/ The racial gap in home valuations is a real phenomenon, sabotaging the wealth-creating power of property in black and Latino neighborhoods, mortgage giant Freddie Mac said Monday. The company released an analysis showing that estimated values ​​are more likely to be below the contract price for homes in census tracts with a higher share of […]]]>

The racial gap in home valuations is a real phenomenon, sabotaging the wealth-creating power of property in black and Latino neighborhoods, mortgage giant Freddie Mac said Monday.

The company released an analysis showing that estimated values ​​are more likely to be below the contract price for homes in census tracts with a higher share of black and Latino households. The conclusion was based on Freddie Mac’s review of 12 million valuations ordered for purchase transactions from 2015 to 2020.

The valuation gap is important because it creates a barrier for black and Latino consumers hoping to buy a home.

“This is a persistent problem that disproportionately affects hundreds of thousands of black and Latino applicants,” said Michael Bradley, senior vice president of modeling, econometrics, data science and of Freddie Mac’s analysis.

A measurable racial divide

Freddie Mac’s study added data indicating that appraisers may unknowingly undervalue homes in non-white neighborhoods. Valuing a home is an imprecise art, of course, so Freddie compared the appraised values ​​to the purchase prices buyers had agreed to pay.

His study found that homes in predominantly black and Latino census tracts were given appraised values ​​below the contract price more frequently than homes in white areas. While 12.5% ​​of homes in predominantly black areas were priced below the contract price, only 7.4% of homes in predominantly white areas experienced valuation deficits.

Additionally, as the concentration of Black or Latino residents in census tracts increases, the valuation gap increases, Freddie Mac found.

And the culprit doesn’t seem to be a small number of uninformed reviewers – a large chunk of reviewers who conducted assessments in minority and non-minority areas generated statistically significant discrepancies, said Freddie Mac.

His study indicates that the lender will continue to examine “the root cause of the gap.”

Housing industry targets valuation gap

Freddie’s study reflects a new focus on the racial gap by big players in the housing industry. In an earlier finding on the same topic, a 2018 Brookings Institute study found that black-owned homes are dumped by an average of $ 48,000.

And this year, Chase pledged $ 3 million for the Appraiser Diversity Institute. The mega-bank said its goal was “to eliminate bias in the home appraisal process.”

In a separate statement on Monday, the Evaluation Institute praised Freddie Mac for exploring the issue.

“Unconscious biases are real and exist in all industries,” the trade group said. “Valuation is one part of a larger ecosystem, and valuation groups work alongside consumer groups, real estate brokers and agents, banks, government agencies, think tanks and others. to explore where housing inequalities may originate and what combination of solutions should be considered. . “

Appraisals are just one part of a stubborn racial divide in the US real estate market. Black Americans are less wealthy overall, so they’re less likely to own a home – and when they own a home, they’re more likely to pay higher mortgage rates.

Black homeowners often struggle to build long-term wealth because their properties are undervalued – and there is no simple, straightforward way to challenge or change a valuation.


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SCISD board files appraisal on Centro property after community voices concerns https://yymsrk.com/scisd-board-files-appraisal-on-centro-property-after-community-voices-concerns/ https://yymsrk.com/scisd-board-files-appraisal-on-centro-property-after-community-voices-concerns/#respond Wed, 22 Sep 2021 23:25:21 +0000 https://yymsrk.com/scisd-board-files-appraisal-on-centro-property-after-community-voices-concerns/ Members of the San Marcos community expressed concerns about an appraisal and possible sale of the property where the Centro Cultural Hispano de San Marcos is located at a recent school board meeting. The board of directors of San Marcos Consolidated ISD was scheduled to discuss obtaining an appraisal and publicity for the sale of […]]]>

Members of the San Marcos community expressed concerns about an appraisal and possible sale of the property where the Centro Cultural Hispano de San Marcos is located at a recent school board meeting.

The board of directors of San Marcos Consolidated ISD was scheduled to discuss obtaining an appraisal and publicity for the sale of 2.5142 acres of SCISD real estate at 501 S. LBJ Drive, where Centro is located, during the regular meeting on Monday.

Dr. Rosina Valle, former teacher and administrator of SCISD and founding member of Centro, was one of many community members to speak during the public comments, asking the board to reconsider the valuation and sale. possible ownership.

“Take a step back and continue the conversations about what preserving a historic building does and how it benefits the community,” said Valle. “I’m here to talk about preservation. History is our collective memory – a source of wisdom and strength that we can draw on when we need it. Preservation is one of the few things that brings us together as a nation, community and people. I’m actually disheartened to be here tonight to defend the contributions of our Hispanic heritage, history and culture and the Centro.

The mission of the Centro Cultural Hispano de San Marcos is to serve as a community beacon for the preservation, development, promotion and celebration of Hispanic arts, culture, heritage and values.

“What Centro is is more than the courses and programs we offer. It is the sustenance of the soul and the future of our community, ”said Gloria Salazar, program coordinator and co-founder of Centro. “The value of Centro’s impact on the life of our community in the long term cannot be measured in today’s dollars. The opportunities offered to children, especially economically disadvantaged children, these opportunities can change their life course and affect their whole family. The lessons learned, the creativity nurtured, the sharing, the joy of the diversity of our community will surface and be revealed in the caring adults and leaders they become. Every community needs a Centro. Let us work together again to keep our treasure, our Centro, in our community.

The board was to hold the discussion in camera, however, the trustees chose to speak in open discussion following concerns raised by the community.

Administrator Miguel Arredondo asked when and why the item was put on the agenda after the board’s agenda meeting on September 7th. The president of the council, Clementine Cantu, clarified that the item had been placed on the agenda on Tuesday, September 14. Administrator Kathy Hansen added that the council’s central office subcommittee decided to put on the agenda the assessment of two plots of land – 501 S. LBJ Drive and 11,958 acres at the intersection of Suttles Drive and Hunter Road – to find out the value of both properties.

“We discussed that we should be looking at the properties that we’re not using to potentially review, I guess, to help us with funding our central office,” said administrator Mayra Mejia, who is part of the sub. -committee of the central office. “Anyway, we have discussed that our property needs to be submitted for appraisal as it hasn’t been appraised for a few years, so it’s necessary.”

District attorneys provided the trustees with a presentation regarding the two properties and proposed two possible motions that would state that the properties are “no longer necessary for the operations of the school district and would authorize the district administration to assess the property and announce the sale of the property with the district. state law and policy and, if necessary, retain the services of a real estate broker to facilitate advertising and solicitation of bids.

Hansen said both motions went “way beyond” what the subcommittee was looking for.

“We’re just asking what is the value of these two assets. Just an assessment, ”said Hansen. “We don’t look at anything else. “

The trustees have chosen to table any further discussion regarding the valuation of either property.


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Global S-Epichlorohydrin Market Share 2021 https://yymsrk.com/global-s-epichlorohydrin-market-share-2021/ https://yymsrk.com/global-s-epichlorohydrin-market-share-2021/#respond Wed, 22 Sep 2021 09:04:41 +0000 https://yymsrk.com/global-s-epichlorohydrin-market-share-2021/ Global S-Epichlorohydrin Market Contains Latest Market Plans and New Business Improvement Offered By MarketsandResearch.biz. The probable indispensable outcomes in the S-epichlorohydrin region are investigated and the elements that are and will lead to the improvement of the business are merged. The assessment schematizes past events of progress, current progress and constantly expanding new developments. The […]]]>

Global S-Epichlorohydrin Market Contains Latest Market Plans and New Business Improvement Offered By MarketsandResearch.biz. The probable indispensable outcomes in the S-epichlorohydrin region are investigated and the elements that are and will lead to the improvement of the business are merged. The assessment schematizes past events of progress, current progress and constantly expanding new developments.

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Toepfer, the sale of Sweetwater parks still undecided https://yymsrk.com/toepfer-the-sale-of-sweetwater-parks-still-undecided/ https://yymsrk.com/toepfer-the-sale-of-sweetwater-parks-still-undecided/#respond Tue, 21 Sep 2021 22:08:00 +0000 https://yymsrk.com/toepfer-the-sale-of-sweetwater-parks-still-undecided/ Months after Douglas County offered to buy Toepfer and Sweetwater Parks, the final decision remains with the Douglas County School District. In June, Douglas County Commissioners authorized county staff to negotiate the purchase of the 10-acre Toepfer Park at Highlands Ranch and the 30-acre Sweetwater Park near Lone Tree. Both parks were donated by the […]]]>

Months after Douglas County offered to buy Toepfer and Sweetwater Parks, the final decision remains with the Douglas County School District.

In June, Douglas County Commissioners authorized county staff to negotiate the purchase of the 10-acre Toepfer Park at Highlands Ranch and the 30-acre Sweetwater Park near Lone Tree.

Both parks were donated by the developers to the school district for future school sites. Earlier this year, the school district announced plans to sell the land in both communities because the sites are not needed for the schools.

Residents of Highlands Ranch and the Lone Tree area have spoken out against the possibility of the school district selling the parks to real estate developers. Douglas County Commissioners agreed with the public feeling that the land should remain open space.

In June, Dan Avery, chief land use planner for Douglas County, submitted an offer to purchase based on the county’s assessment of the land. As negotiations continued in the background between the school district and the county, a point of contention was over the appraised value of the land, according to county officials.

The county and school district have differing views on the value of the land, Avery said. While the county’s assessment is based on the current zoning designations for Toepfer and Sweetwater parks, the school district’s assessments focus on the value at which the land would be assessed if developed.

Currently, Sweetwater and Toepfer parks are zoned as open spaces. If sold to a potential developer, Avery said the potential landowner would have to go through the county to have the property dezoned for development.

The county’s independent appraisal of land has Toepfer Park valued at $ 48,000 an acre. Sweetwater Park is valued at $ 1.3 million under current zoning designations. While Sweetwater Park totals 30 acres, Avery said only 10 acres of the property had been donated to the school district.

In total, the county has offered the school district $ 942,000 for the two parks, for a total of 20 acres.

Almost three months after the official land offers, the school district has yet to publicly discuss or counter-offer the offer to purchase.

County officials point out that for now, the ball remains in the school district’s court. On June 22, the Douglas County School Board held an executive session with lawyers to discuss the properties. Another closed-door meeting took place on August 10, where again the board did not discuss anything regarding negotiations in the open part of the agenda.

If the county reaches an agreement with the school district, the Metropolitan District of Highlands Ranch will manage the parks as open space.

Giving the go-ahead for county staff to negotiate a deal with the school district earlier this year, Commissioner Abe Laydon said it was what residents want, referring to the results of the community survey where more than 98% of respondents agree that protection and it is important to preserve natural lands and wildlife habitat.

Of those surveyed, 96% believe that funding for county and municipal parks and outdoor recreation programs and protecting scenic views is very important.

When the negotiation process began, Avery said there was no set timeframe for the process to be completed.


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Fusion21 refreshes the consultant framework | News from construction applicants https://yymsrk.com/fusion21-refreshes-the-consultant-framework-news-from-construction-applicants/ https://yymsrk.com/fusion21-refreshes-the-consultant-framework-news-from-construction-applicants/#respond Tue, 21 Sep 2021 06:12:20 +0000 https://yymsrk.com/fusion21-refreshes-the-consultant-framework-news-from-construction-applicants/ A total of 112 consultants were retained, of which around 80% are classified as SMEs. Companies are expected to support more than 100 projects each year. The extended framework is divided into a dozen lots to cover a wide spectrum of consulting services, from multidisciplinary to topography; monitoring and evaluation of stocks; architectural; environmental; engineering […]]]>

A total of 112 consultants were retained, of which around 80% are classified as SMEs.

Companies are expected to support more than 100 projects each year.

The extended framework is divided into a dozen lots to cover a wide spectrum of consulting services, from multidisciplinary to topography; monitoring and evaluation of stocks; architectural; environmental; engineering and project management.

Four new lots in the fifth generation

The complete structure of the lot includes:

Lot 1 Project management and multidisciplinary consulting services and senior consultant

Lot 2 Stock monitoring and assessment

Lot 3 Building Data Modeling – NEW

Lot 4 Architectural

Lot 5 Planning advice – NEW

Lot 6 Heritage and conservation

Lot 7 Structural and civil engineering

Lot 8 Building engineering services

Lot 9 Facilities Management Consulting – NEW

Lot 10 Principal designer

Lot 11 Zero carbon and sustainability – NEW

Lot 12 Assessments

Peter Francis, Director of Operations at Fusion21, said: “We are delighted to have strengthened our popular offering of consultants, having listened to feedback from our members and the wider market. “


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New York State Revises Solar and Wind Property Tax Calculator | Pierce Atwood LLP https://yymsrk.com/new-york-state-revises-solar-and-wind-property-tax-calculator-pierce-atwood-llp/ https://yymsrk.com/new-york-state-revises-solar-and-wind-property-tax-calculator-pierce-atwood-llp/#respond Mon, 20 Sep 2021 16:15:15 +0000 https://yymsrk.com/new-york-state-revises-solar-and-wind-property-tax-calculator-pierce-atwood-llp/ On September 17, 2021, the New York State Department of Taxation and Finance released a second (revised) preliminary assessment model to assess solar and wind energy projects. Its first preliminary assessment model was released on August 2, 2021. Comments on the two proposed property assessment models are expected October 1, 2021. All local tax jurisdictions […]]]>

On September 17, 2021, the New York State Department of Taxation and Finance released a second (revised) preliminary assessment model to assess solar and wind energy projects. Its first preliminary assessment model was released on August 2, 2021. Comments on the two proposed property assessment models are expected October 1, 2021.

All local tax jurisdictions in New York will require the use of the tax assessment model to assess renewable energy projects. The publication and use of a uniform methodology for valuing renewable energy projects is one of many recent changes to New York Tax Laws (RPTL) that the state recently passed to promote energy projects. solar, wind and other renewable energies.

One of those changes required local tax assessors to take a flat income capitalization, or discounted cash flow, valuation approach to valuing renewable energy properties. A revenue capitalization approach values ​​the project using the net present value of a project’s future cash flows using a specified capitalization rate. Local tax assessors are required to use the new methodology as of the 2022 assessment rolls.

The deployment of the property tax calculator offered by the New York Department of Taxation and Finance is underway. The model uses several default “auto-fill” assumptions for solar and wind project revenues and expenses that often do not reflect actual project revenues and expenses. Many concerns have been raised including the assumed discount rate, capacity factors and unrealistic assumptions for real estate lease payments, often a significant expense for renewable energy projects owned by third parties.

Revised Model # 2 aims to correct some of these issues. The second model is divided into two worksheets, one for commercial distributed solar projects and one for large-scale projects. The revised preliminary model appears to correct some of the errors of the original model, but still appears to use relatively low discount rates, capacity factors rarely achieved by many projects, and low site lease payments.

The Ministry of Taxes and Finance points out that the two models are preliminary and that comments on the two models must be filed by October 1, 2021. After reviewing the comments received during the comment period, the final valuation model may incorporate assumptions from Model # 1 or Model # 2, or a combination thereof, or modify the assumptions. Please visit methodology for evaluating solar and wind energy projects for a copy of the revised assessment methodology.


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COA clears Marikina City to sell lots in upscale Loyola Grand Villas – Manila newsletter https://yymsrk.com/coa-clears-marikina-city-to-sell-lots-in-upscale-loyola-grand-villas-manila-newsletter/ https://yymsrk.com/coa-clears-marikina-city-to-sell-lots-in-upscale-loyola-grand-villas-manila-newsletter/#respond Mon, 20 Sep 2021 02:42:00 +0000 https://yymsrk.com/coa-clears-marikina-city-to-sell-lots-in-upscale-loyola-grand-villas-manila-newsletter/ The local government of Marikina City was allowed to proceed with the negotiated sale of real estate in the upscale Loyola Grand Villas, four years after offering the lots at bargain prices in 2017. Mayor Marcelino Teodoro Mayor Marcelino R. Teodoro requested permission from the Audit Commission to authorize the sale at a negotiated price […]]]>

The local government of Marikina City was allowed to proceed with the negotiated sale of real estate in the upscale Loyola Grand Villas, four years after offering the lots at bargain prices in 2017.

Mayor Marcelino Teodoro

Mayor Marcelino R. Teodoro requested permission from the Audit Commission to authorize the sale at a negotiated price of seven lots of LGV at a cost ranging from 21,403 to 21,800 pesos per square meter – the prices offered at two buyers four years ago.

In a recent ruling by the COA-Commission Proper, the audit agency granted the request after Teodoro admitted having difficulty selling the lots after a failed public offer on March 3, 2017.

Before the public tender, the COA Technical Services Unit (COA-TSU) submitted an appraisal and appraisal review report recommending the value of lots 2, 3 and 5 at 43,000 P per square meter and lots 1-A,! -B, 2 -A and 2-B at P45,000.

The City Committee on Awards (CCA) recommended a resubmission, after the offers it received fell below the minimum set by the COA-TSU. However, the new call for tenders carried out on March 16, 2017 was also declared unsuccessful.

On March 28 of the same year, the CCA issued a resolution authorizing the transfer of properties by negotiated sale. The resolution also adopted the negotiated offers of “Ms. Charito B. Baingan at P21,800 per m². for lots 2, 3 and 5; and Mr. Renato V. Santos at P21 403 for lots 1-A, 1-B, 2-A and 2-B.

Teodoro approved the resolution for approval by the COA, as required by Republic Law 7160 or the Local Government Code of 1991.

On January 25, 2012, Teodoro filed an additional memorandum urging COA to approve the negotiated sale of three lots “subject to adjustment of the price offered by current bidders by an amount not less than the appraisal value of the COA” .

The city executive also requested a new bid for the other four lots following the death of the original bidder. Again, the COA-TSU expertise value will be used as the basis for pricing.

In granting Teodoro the authority to undertake the negotiated sale, the COA-CP noted that the city government had complied with the submission of documents indicating the conduct of the tenders and the subsequent declaration of failure. in said calls for tenders.

“This Commission recognizes that the failure of the two calls for tenders and the impossibility of a new call for tenders pushed the city of Marikina to conduct negotiations,” noted the COA-CP.

“Regarding the negotiated price of the properties in question, the same price is not undervalued as the current offer for lots under TCT numbers 295145, 295146 and 295147 will be adjusted to an amount not less than the value COA evaluation “, added the panel composed of President Michael Aguinaldo and Commissioner Roland Pondoc.

“Thus, this Commission approves the proposed negotiated sale of the properties”, indicates the decision.

Of the remaining four lots, the COA-CP stated that it cannot find any bans for the new offering using the COA-TSU appraisal value.


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Price dispute hangs over county-owned land https://yymsrk.com/price-dispute-hangs-over-county-owned-land/ https://yymsrk.com/price-dispute-hangs-over-county-owned-land/#respond Sun, 19 Sep 2021 05:30:00 +0000 https://yymsrk.com/price-dispute-hangs-over-county-owned-land/ After a year of research and investigation, Hazleton resident Frank V. DeAndrea Jr. submitted an offer to purchase $ 20,000 in September 2020 for a steep mountainside plot of county-owned land. Alfalfa in Hollenback Township. At the county’s request, DeAndrea paid for a legal announcement announcing the proposed purchase and a certified appraisal, which found […]]]>

After a year of research and investigation, Hazleton resident Frank V. DeAndrea Jr. submitted an offer to purchase $ 20,000 in September 2020 for a steep mountainside plot of county-owned land. Alfalfa in Hollenback Township.

At the county’s request, DeAndrea paid for a legal announcement announcing the proposed purchase and a certified appraisal, which found the 48.33 acres to be worth $ 17,000.

But based on comments requested by county valuation director Kristin Montgomery last week, the council’s real estate committee voted to recommend that council approve a $ 45,000 counter-offer.

To further complicate the matter, the property is valued at $ 77,300 for property tax purposes, although county officials have acknowledged that some valuations of county-owned properties are too high and have never been challenged by the government. through the appeal process as they were tax exempt under county ownership.

The situation illustrates the complexities and divergent opinions that surface as the county tackles the arduous task of offloading property that has come to belong to the county over the decades.

DeAndrea said he first inquired about the purchase of the property in late 2019, when he searched for records and discovered that it belonged to the county. He owns the adjoining 300 acres and uses the site for hunting and outdoor recreation, which he would do with the plot as well.

The part of the county is landlocked and on a sloping section of Nescopeck Mountain, which makes it unappealing to anyone, he said.

Retired State Police Soldier and former Hazleton Police Chief DeAndrea said $ 20,000 is a very fair offer as it exceeds his valuation.

But Montgomery presented a different point of view to the Real Estate Committee, saying it was “a lot of land” and “being landlocked is no longer legal in Pennsylvania.”

“If you take a case to court, the court will give you the easiest right of way, and the owners must give you the right to walk through their property to access your property,” Montgomery said. “But it’s a process and it costs money to go to court, so it takes away a bit of the fact that the grip isn’t there.”

She also pointed to the county’s valuation, saying that equates to about $ 73,900 with post-reassessment sales analysis and other factors taken into account. She mentioned that someone had come forward with a possible interest in afforestation of the land.

The site could also be a “nice piece of land” to build a house and “get away from it all,” as more and more people are interested in moving to rural areas, she said.

“I think they are really fishing with a value of $ 20,000,” Montgomery told the committee. “I think they are underestimated myself.”

Councilor LeeAnn McDermott, who chairs the real estate committee, said Montgomery suggested a counter-offer of $ 40,000 to $ 50,000.

Montgomery said it wasn’t her decision to make, but she wouldn’t personally accept $ 20,000.

The committee, which includes board members Chris Perry and Matthew Vough, then voted to recommend a full board vote on a $ 45,000 counter-offer at a future board meeting.

In a follow-up interview, DeAndrea said he would have attended the committee meeting to present counter-arguments, but had no idea that a meeting had been scheduled with his proposed purchase among the topics.

He responded by first emphasizing that he respects and supports the county’s efforts to maximize purchase prices, but said he didn’t think they were aware of all the facts about this property. He said he remains optimistic. County council members will realize that his offer is worth accepting after he appears before them.

DeAndrea took issue with the claim that he was trying to cut supply. He said he asked county officials if they had a list of accredited assessors from which he could choose the assessment they wanted him to get, and he was told there was no no list and that he should choose himself. He chose Cheryl I. Roman because she is a Certified Residential Appraiser in Pennsylvania and is particularly familiar with real estate in the area that includes the Township of Hollenback.

“I paid for an appraiser, and now they’re not happy with the appraisal?” Said DeAndrea.

DeAndrea said a court-ordered easement to the landlocked property would likely not be a direct route to this parcel, making an access road longer and more expensive to build. He estimated that it would cost thousands of dollars for a legal challenge and to level a path with a bulldozer, not to mention the paving. He also questioned the likelihood of a court ordering an easement on someone else’s land that is large enough to bring in utilities for development or trucks for a logging operation.

During the committee meeting, Montgomery said there was also the possibility that access to land would be available through an adjoining plot that does not have an identified owner at this time. This other parcel may be county owned or owned by default, but more research would be needed, she said.

DeAndrea said an investigation indicated the property was part of a plot owned by another neighbor, meaning it has no connection with county property. And even if it were available, that adjacent strip is steeper than what he wants to buy and contains rock ledges that make it inaccessible to all-terrain vehicles, not to mention cars and trucks, he said.

Roman’s assessment indicated that an easement in this case would need to be provided through the plots of multiple owners. There is no electricity “anywhere near” to the plot that DeAndrea wants to buy, and it would be “extremely difficult and prohibitively expensive to dig a well for water and a septic tank for them. wastewater “, according to the assessment.

“Due to the steep slope of the subject property and the inability and cost of bringing water and sewage to the site, this is not conducive to residential housing,” he said. . “The use of the subject is best for hunting and recreational use, which is the use by the surrounding senior landowners.”

DeAndrea said he complied with all of the county’s demands and didn’t think anyone would be willing to pay more than $ 20,000 due to the challenges with the package.

Informed of DeAndrea’s response, McDermott said she welcomed and encouraged his further contribution to help the board make a decision.

While DeAndrea said he came forward on his own to alert the county that he was interested in the Hollenback Township plot, the council’s real estate committee systematically worked to figure out how to unload the county’s unused properties. .

McDermott said 222 plots have been found to be marketable, but only 114 have deeds.

Of these, 27 are valued at less than $ 10,000, and these are the ones that will be targeted first.

McDermott said he met with the county mapping / GIS department to examine each of those plots and compile a list of all adjacent landowners and their addresses. She has started to draft a letter for the committee’s approval that will be sent to neighbors informing them that county-owned plots are available and how to submit an offer.


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