It’s All About the Details…
The National Association of Realtors is encouraging all members and citizens to contact their representatives concerning tax reform. Congress is considering many tax reforms including the elimination of the mortgage interest deduction. See their website for further details on how the middle class can be impacted.
Excerpt from NAR Tax Reform Call for Action:
I urge you to oppose any tax reform plan that would weaken the tax incentives for owning a home, such as the mortgage interest deduction. Additionally, please do not let a tax reform plan increase taxes on middle-class homeowners through the elimination of the state and local tax deduction.
It’s all about the details….
When we complete appraisals, part of our responsibility is to verify data. There are many sources we use to obtain and verify data. Some data, like assessment and tax amounts, we take for granted and just assume are accurate. Here is where we can get our selves in trouble.
VaCAP has recently been made aware of inaccurate tax information being reported in Realist, the tax reporting product from CoreLogic. Below is a snap shot from a Realist Tax Record for a property in Powhatan County. Powhatan County reassesses every 2 years and the tax rate of $0.90 per hundred has not changed. Realist is reporting a $18 decline in tax liability for this property.
Now, no one would really get excited about $18 per year, but think it through; What if it was more? Who relies on that information? Is the appraisal for a court proceeding where your appraisal will be submitted as evidence? Is the lender creating an escrow account based on this information? What if you relied on other sources that were not accurate? Could a complaint be filed against you with DPOR for a misleading report?
Many of the sources we have available are beneficial. It is important to pay attention to the details and question things that do not appear correct. Errors can and do exists. You can not control what others say or do, but you are the only one that has control over what goes into your appraisal report. Please report any errors you find so they can be corrected. Garbage data benefits no one. Stay safe.
Virginia Real Estate Appraiser Board Meeting:
Tuesday, October 31, 2017 – 10:00 AM
2nd Floor – Board Room 4
Department of Professional and Occupational Regulation
Perimeter Center, Suite 200
9960 Mayland Drive
Richmond, Virginia 23233
Topics on the agenda include:
ASC Compliance Review
Fee Reduction Regulation
2018 Meeting Dates
See the full agenda here.