Millions of recently released records show that racist home appraisals are a real and growing problem
i AM VERY INTUNED TO RED LINING EFFECTS ON BLACK PEOPLE. THE BOOK THE LAW IS RED REALLY HIT HOME FOR ME. THIS ADDS TO MY AWARENESS. THANK YOU.
TED JOHNSTONE OTTERTEJ@GMAIL.COM
Regarding real estate it is my understanding that the purpose of appraisal of homes is to increase property taxes and if the home buyer feels the amount of the tax is too high they can ask for a review of the appraisal to lower the tax. If so, could that be a reason there is a disparity in real estate appraisals concerning neighborhoods? I am not arguing about the situation, it is more of a question to the little knowledge I have regarding real estate appraisals.
We are a retired white couple that live in what could be defined as a Red Line area. We bought our house in 2005 for $102,000 and today people are listing their homes for sale at $200,000. Our real estate taxes have been raised accordingly.
The homes in this area are 50 or 60 years old and many need remodeling. We have done some remodeling to our home. I do not know what the homes in our development have been sold for but I am sure they were sold close to the appraised value if they were remodeled.