Important Information About How To Fight A Property Assessment

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The housing market is not strong in this day and age. While you can hope that the economy will get stronger soon, thus increasing home values, right now, values on properties are still decreasing rapidly. Despite the unfortunate situation, there is light at the end of the tunnel. Because of a drop in home values, you might have less property taxes to pay every year if you receive a lower property assessment.

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What should you do if you feel like you received too high of an assessment? Is fighting your property assessment even worth the trouble? It very well might be.

Firstly, it is useful to know how the county assesses the value of your property. You may choose to do this by viewing comparables and replacement or rebuilding values. You may have heard them called “comps,” which are just a comparison between your homes worth and what other similar properties in your community sold for. Assessors value your home based on how much each of these other houses sold for. Based on how much it is presumed to cost to rebuild your home, a bank can value your home based on replacement or rebuilding value.

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If you think your home was valued too high, you have to first make a case for a lower property assessment. If you meet with an assessor and tell him or her of your think that you were assessed too high, you’re part of the way there already. Your next step is to file an appeal. A time limit for filing an appeal should be noted, because the majority of locations have something similar to this. 60 days tends to be about average, but it varies, so make sure to check what the real time restriction is where you live so you don’t miss out. During the appeal, you will go through an appeal board and provide an eight to ten minute presentation. Bring as much evidence as possible, including photos with comps, and all the information you have that supports your case, like floor plans for the comps you have researched.

Although there are other ways to fight your property assessment, doing your research and filing an appeal is the most straight forward and simple. Dress and act professionally, in addition lay out the facts that support your side clearly and concisely during your presentation. You have a great shot, if you’ve done your homework. All the effort and time you have put into fighting your assessment might pay off by a lowering in your annual property taxes.

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Trying to find out more about Aurora CO real estate? Maybe you are thinking about real estate in Salida CO, but need some more info. Enjoy these websites and also search for real estate information on any home that is available on the market.

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