Are There Ways To Fight A Property Assessment?
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.
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.
If you think your property was valued too high, you must first make a case for a lower property assessment. This can be accomplished by meeting with assessor and informing him or her you believe you were assessed too high. Filing an appeal is what you should do after that. A time limit for filing an appeal must be noted, since most locations have something akin to this. The time period varies, with 60 days being the standard, so don’t miss out on your opportunity by not checking what the actual time restriction is in your area. The process of the appeal means you have to meet in front of an appeal board and present for eight to ten minutes. It is acceptable here to bring photos with comparables and all the information supporting your case, for instance floor plans on these comps that are similar to your own and any additional evidence that your property was assessed too high.
Although there are other ways to fight your property assessment, doing your homework and filing an appeal is the most direct and simple. You should dress to impress, act professionally and ensure your presentation is clear and concise. You have a great shot, if you have done your research. All the effort and time you have put into fighting your assessment should pay off by a reduction in your annual property taxes.
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