South Minneapolis Nokomis Area Tax Appeal

by Michael Bolton on August 1, 2011

I just finished an appraisal for someone who wanted to get there real estate taxes lowered. Depending on what value the city will end up putting on the property the homeowner is going to save about $600-$800 per year. It’s unfortunate that prices are continuing to fall, I had previously did an appraisal about 5 months ago for a very similar home and the median price was $188,900. That’a about a 4.5% drop in five months. However, many of the comparables for that appraisal were from last fall and winter. With the inventory level of distressed properties continuing to fall, hopefully this will aleviate downward pressure on prices. There’s a lot of chatter in the market about “shadow inventory”, homes that banks haven’t put on the market yet, we’ll just have to wait and see if there is any truth to that.

The home that was appraised was a 1.5 story home built in the 1940′s, and was located in the Nokomis East Neighborhood. The three year graph above does indicate a decline in prices, however the decline isn’t nearly as steep now as it was three years ago.

 

If you have any questions, or real estate appraisal needs (divorce, bankruptcy, tax appeal, or estate planning) please contact Michael at 612.599-2581, or use the form on the contact page.

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