Wednesday, February 11, 2009

People are taking on the tax assessment process with determination to make tax assessors more accountable. Tax assessors rarely value a home. The job is hired out on a bid basis to professional area blanket appraiser organizations who value the homes. The organization needs to make a profit on their per house bid price and allocate a minimum amount of time per valuation. They blanket large areas and make their valuations quickly. Often the most expensive home in a given area is used as a benchmark to value other homes against. Fine tuning valuations may not be an option and errors often result.

If you recently purchased your home, the sale price is your best piece of evidence in determining what your house is actually worth and should be assessed at. If you are relying on a blanket assessment for valuation, be aware that errors may exist. Homeowners can file appeals on these reappraised values

Many feel their homes are not worth as much as the county says they are worth. When one reads news about home sales, foreclosures and lost home equity, the thought of appealing one’s property taxes begins to take on promise.

You should pay property taxes on what it's worth, not what they are saying it is worth. So how do you do it? First spy on what sales comps are in your neighborhood. When valuations drop, get moving, collect information and petition your tax valuation.

There is only a limited time to file an appeal after property tax assessments are received. Disregard home sales that were foreclosed on, sold at fire sale or otherwise traded hands under what is considered to be duress.

Arm yourself with information on fair-market comparisons by looking at sales only within the calendar year of the assessment. Sales that have taken place that are out of the range of dates you are appealing for generally don't count.

You’ll need to provide evidence that the assessment office has incorrect information about your property. A good guide book for reference would be a handy as a reference guide. Make adjustments for differences on the age of your comparable, differences in square footage, view, location and state of repair.

Show extenuating circumstances that might detract from your property's value, such as a cracked foundation, a leaky roof or other flaws that could result in a reassessment. Challenging your assessment does not affect the resale value of your home; it only affects what value your home will be taxed on.
For additional help click: property tax help

1 comment:

  1. congratulations guys, quality information you have given!!! Tiahna

    ReplyDelete