QUESTION
Should the selling price not justify the weaker value than the assessment they used? How?
Asked on May 25th, 2015 on Estate Planning - Nebraska
More details to this question:
My fathers estate was handled a a small (under 10k) until the clerk realized his property tax assessment was just enough to raise it over 10k. He owed 7500 on this little park model and I was only able to sell it for $5600, which was the payoff. Should the selling price not justify the weaker value than the assessment they used?
7 ANSWERS
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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Is this an Oregon question? The county clerk doesn't handle tax assessments in Oregon; also, I'm not aware of any estate proceeding with a $10,000 cut-off. Oregon's small estate affidavit applies to personal property of up to $75,000.
Answered on Jun 08th, 2015 at 9:42 PM
In California, i believe the small estate limit is $100,000, not $10,000. I would think they would use the appraised value, which might be based upon the tax appraisal, but not the sales price as that is an after the fact figure. Also, I believe they use the value ignoring any mortgages.
Answered on Jun 08th, 2015 at 9:41 PM
2 Awards
Based on the facts you state, the estate is insolvent and the assessment value has little value.
Answered on Jun 08th, 2015 at 9:41 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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The selling price is the best evidence of the value. However, if the estate is already in full administration it's too late to do a small estate now.
Answered on Jun 08th, 2015 at 9:41 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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You need to file an appeal with the taxing authority if you dispute the assessment.
Answered on Jun 08th, 2015 at 9:41 PM
Often property taxes are paid a year after the assessment is made. If that's the case, there's probably little you can do to lower it. However, if it is still possible to appeal the assessed value, you can use the sale price as a reason to get the value reduced.
Answered on Jun 08th, 2015 at 9:41 PM
Commercial Attorney serving Chicago, IL
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Ashcraft & Ashcraft, Ltd.
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The small estate affidavit in Illinois can be used up to $100000.00. Assessed value is determined at a point in time. If not challenged within the stated time frame the value cannot be changed until the next anniversary of the valuation date. An actual sale will affect a subsequent valuation but not the existing valuation.
Answered on Jun 08th, 2015 at 9:41 PM