Reservoir Hill Home Values

[Conan71]

While looking around at home ideas last night I saw these in Reservoir Hill...can anyone tell me about the tax difference on thse two homes?  $2000 a big gap for two in the same neighborhood.
http://www.tulsarealtors.com/ResidentialDetails.aspx?MLS=925296
http://www.tulsarealtors.com/ResidentialDetails.aspx?MLS=921330

It's all in how the assessment is done, why the newer dreckier house is assessed higher is beyond me.  If the data is correct it's on a dinky lot as well vs. the 1940 home which is on almost 3/4 of an acre.  I'm assuming all properties are in Tulsa County up there?

[Hoss]

While looking around at home ideas last night I saw these in Reservoir Hill...can anyone tell me about the tax difference on thse two homes?  $2000 a big gap for two in the same neighborhood.
http://www.tulsarealtors.com/ResidentialDetails.aspx?MLS=925296
http://www.tulsarealtors.com/ResidentialDetails.aspx?MLS=921330

3/4 of an acre vs barely over 1/8?  I'd say that's your difference.

Edit: doh, Co beat me to it...

[rdj]

With the age of the older home and the length of the time the seller has owned it I would guess the assessed value is much less than the listed price.  The newer home is probably the opposite situation, the county assessor has a more recent and most likely closer to true market value sales price.  Lower assessed value = lower tax bill.

When you purchase a home the assessor automatically updates the assessed value to that price.  The majority of the time the assessed value is less than the true market value.  The Tulsa County Assessor applies a percentage of appreciation to your home that is typically less than your actual appreciation.

I would bet that whomever purchases the older home will pay more than the listed taxes.  I've been inside that home and it has some potential, but needs a lot of work.  The lot is massive and if taken advantage of could be very, very cool.

Most mortgage lenders will calculate your ad valorem tax prior to closing based upon your purchase price to ensure you escrow balance is sufficient to pay the taxes.

[rdj]

Here is another home in the area for sale and the taxes listed are more in line with the older home listed previously.

http://www.tulsarealtors.com/ResidentialDetails.aspx?MLS=924165

[Kashmir]

It's all in how the assessment is done, why the newer dreckier house is assessed higher is beyond me.  If the data is correct it's on a dinky lot as well vs. the 1940 home which is on almost 3/4 of an acre.  I'm assuming all properties are in Tulsa County up there?

OK, so I am not seeing things...I haven't seen that much disparity in a neighborhood in a while...even I house I sold back when I did Real Estate (ah, back in another life...) on a nice little slice of brookside did not vary to that degree from the mini-estate that was next door.  Just curious.

I like the older house too!

[rdj]

I like the older house too!

I've been in that house.  It is very, very interesting.  Someone with time to do a cosmetic makeover would love that house.  It appeared to maybe have some structural issues based on large cracks in walls that followed through to the ceiling.

[TheArtist]

Here is another home in the area for sale and the taxes listed are more in line with the older home listed previously.

http://www.tulsarealtors.com/ResidentialDetails.aspx?MLS=924165

Wow, what an adorable house.  And not at all a bad price. I have actually thought of living in the Reservoir Hill area.  When I am able to sell my house and move, I will be considering that area of "North Mid-town", just as much as "South Mid-town". 

[Conan71]

Here's what doesn't follow on the newer house on the original property tax question.  In the TPD district, I was thinking that property tax generally is about 1% or slightly over as a rule of thumb.  I can't remember the exact "mils" that are assessed.  The property tax is closer to 2% of the price on the newer property.  Curious if someone built it and is trying to bail at a loss.

I love that Tudor house on E. Young St. lot of house (2600 sq. ft.) and charm for the money, but I bet you could sink a small fortune into it.

[waterboy]

I was intrigued by the price on that house. So I google mapped it at the street level. That's when you see why the price is lower than expected. The view from its front is some more "modest" homes where folks park their Dodge Charger in the front yard. A huge part of sales price is location, landscaping and street appeal.

Still, I love the home and would overlook such things.

[dbacks fan]

I would have to take the older home, but would have it inspected first. Love the more intimate feeling that it has. My wife and I have owned for the last 11 years a single story similar to the newer one and have grown tired the high ceilings and open space. Just not warm enough.

[Red Arrow]

I would have to take the older home, but would have it inspected first. Love the more intimate feeling that it has. My wife and I have owned for the last 11 years a single story similar to the newer one and have grown tired the high ceilings and open space. Just not warm enough.

Put in some ceiling fans to circulate the warm air up by the ceiling.   

[Red Arrow]

I love that Tudor house on E. Young St. lot of house (2600 sq. ft.) and charm for the money, but I bet you could sink a small fortune into it.

So is real estate becoming like aviation?  The best way to make a small fortune is to start with a large fortune.

[Conan71]

So is real estate becoming like aviation?  The best way to make a small fortune is to start with a large fortune.

...and race cars, and women, and...

[rdj]

Excited to say I close on my new home on the hill Tuesday.  I've found out that I am connected to about 5-7 people that live on or right around the hill.  Funny how that works in this crazy town.