The housing market used to be stronger than it is nowadays. While there is hope that soon the housing market rates will increase with a strong economy, houses are still losing their value fast. There is a silver lining, although it is an unfortunate situation to begin with. A reduction in home values means your property assessment will also be lowered, decreasing the property taxes you would owe in a given year.
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.
Knowing how the county values your home is the first thing to do. Viewing comparables and replacement or rebuilding values are two of the most popular ways to do this. Also called “comps,” comparables are simply other houses in your neighborhood that are similar to yours and have recently been sold. Assessors are able to value your home according to how much each of these other homes sold for. Based on how much it is assumed to cost to replace your home, a bank can appraise the value of your property 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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