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Grant-Hyunjung

Property value question

By Grant-Hyunjung in K-1 Fiance(e) Visa Process & Procedures

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Grant-Hyunjung Contributor

Grant-Hyunjung   0

Posted
Filed: K-1 Visa Country: South Korea
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Posted

I have two properties that are extremely overvalued by the tax collectors. I recently bought a house for $127k that has a taxable "city assessed value" of $372k. Yes, I know... :bonk: :bonk: :bonk: $400+ in taxes per month. :crying: I will be challenging this, but the challenge will not be complete until next summer.

Another property is about $50k overvalued. I challenged this one (it was $127k too high...).

When I list my assets, should I include a justification of the low amount in case they do a check? I don't want to list the assessed value because it is a lie, but the value I would claim is much lower.

Should I worry? I guess they wouldn't be angry if I claimed a lower amount, right?

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Anh map   2,098

Posted
Filed: IR-1/CR-1 Visa Country: Vietnam
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Posted

If you qualify on income there is no need to list assets.

If you need to use assets to qualify then you will need a recent valuation from a licensed appraiser along with any mortgage/loan information to determine your equity.

I-864 Affidavit of Support FAQ -->> https://travel.state.gov/content/visas/en/immigrate/immigrant-process/documents/support/i-864-frequently-asked-questions.html

FOREIGN INCOME REPORTING & TAX FILING -->> https://www.irs.gov/publications/p54/ch01.html#en_US_2015_publink100047318

CALL THIS NUMBER TO ORDER IRS TAX TRANSCRIPTS >> 800-908-9946

PLEASE READ THE GUIDES -->> Link to Visa Journey Guides

MULTI ENTRY SPOUSE VISA TO VN -->>Link to Visa Exemption for Vietnamese Residents Overseas & Their Spouses

JimVaPhuong Veteran

JimVaPhuong   4,863

Posted
Filed: K-1 Visa Country: Vietnam
 Timeline
Posted

I have two properties that are extremely overvalued by the tax collectors. I recently bought a house for $127k that has a taxable "city assessed value" of $372k. Yes, I know... :bonk: :bonk: :bonk: $400+ in taxes per month. :crying: I will be challenging this, but the challenge will not be complete until next summer.

Another property is about $50k overvalued. I challenged this one (it was $127k too high...).

When I list my assets, should I include a justification of the low amount in case they do a check? I don't want to list the assessed value because it is a lie, but the value I would claim is much lower.

Should I worry? I guess they wouldn't be angry if I claimed a lower amount, right?

Your tax assessed value is useless for an affidavit of support. Property is frequently overvalued by the tax assessor, especially with tax revenues dropping as fast as they are.

When you list your property on an affidavit of support you'll need to provide an appraisal from a professional appraiser. They won't accept any value you conjure up yourself, even if you believe you're 'low balling' the value, and they won't accept a tax assessment. They'll usually accept the value provided by a professional appraiser without question.

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