Feb 03 2011
Why are my Anchorage Ky homes taxes rising?
The other day, I accepted a phone call from an Anchorage Ky property owner, who had just witnessed his tax bill increase. Evidently, the town felt that this Anchorage Ky real estate market may be riding high over the past couple of years, and therefore his home was currently worth quite a bit more than it turned out 4 or 5 years ago. Even though this guy does not have any goal of selling his home, the guy called me up and asked if i might provide him with any info which may teach him about the matter of whether or not properties in 40223 had really noticed an increase in prices.
The 1st statistic all of us check out when discussing homes is prices, and I’m exactly the same. Looking at two years worth of numbers for the most expensive homes for sale in 40223, or Anchorage Ky luxury homes, you can see that in January of 2009, two full years back, these houses had a median asking price of $800,000 or perhaps a little bit higher. At this time, that identical statistic has decreased to $625,000, give or take a few thousand. Roughly speaking, that works out to be a loss of $175,000!
But price tag on it’s own doesn’t tell us the way the market is performing. Well, maybe it will, but I also love to check out a few other items. Next, let’s deal with inventory levels, precisely how many homes are accessible in 40223? I again used merely the most high-priced 25% of homes presently on the market at any point, and a couple years valuation on data. And guess what I found? More homes are available for sale at present than there were last year at this time.
As a matter of fact, there are more Anchorage Ky homes for sale in January of 2011 than there were in 2010 and 2009. Each year has seen a growth in the quantity of available properties available.
Taken together, we are able to see that both economic values we now have discussed, prices and inventory, which translate pretty well to provide and demand, don’t create a great case for an improved real estate market. Rather, the Anchorage Ky real estate market now has lower prices, by over 20% and another 20% more homes currently available than at this time in 2009.
I think my Anchorage buddy carries a good chance of getting his new tax bill overturned and decreased to earlier levels!