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Chatham's 2009 tax assessments are unrealistically high

By Tom Winecoff
Posted Tuesday, February 24, 2009

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Pittsboro, NC - Here's what I'm sending to the tax office. Just how bad can things get?

Chatham County Tax Administrator

12 East Street

PO Box 908

Pittsboro, NC 27312

2009 property tax assessment

Question #1. What is your opinion of fair market value as of January 1, 2009?

Opinion of value $65,000

Current tax assessment $175,806

2004 tax assessment $144,475

We have been trying to refinance and were denied. The reason for denial was the value of the collateral was not sufficient. (supporting documentation attached)

The collateral is the house and land (of course). The loan refinance amount was for $78,000.

The reason we were declined: 'the value or type of collateral not sufficient'. We own a 'manufactured home' and are trying to refinance with the current mortgage lender. Fannie and Freddie no longer make loans for 'manufactured homes'.

Clearly, this decision by our government confirms that my house is almost worthless. The government sponsored agencies (GSA's Fannie Mae and Freddie Mac) that guarantee the bulk of home loans have dealt a devastating blow to home ownership. Undeniably, my property is worth only the value of the land and perhaps an outbuilding the prospective buyer would choose to not bulldoze and then build a new structure.

I would place the value of our property at $65,000. I think this is probably on the high side of things. There are 3.2 acres. At $10,000/acre and $15,000 for the new outbuilding, it seems my estimation is quite generous.

 
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