Nowadays the housing market is not as strong as it once was. Properties are still losing their value fast, regardless of there being hope that soon the market rates will increase with a strong economy. It’s an unfortunate situation, but there is light at the end of the tunnel. You may have less property taxes to pay out each year if your property assessment is lowered because of a reduction in property values.
What if you feel like your house has been assessed too high even still? Would it be worth it to fight it at all? It likely could be.
First, it is useful to know how the county assesses the value of your property. Two of the most common ways are by viewing comparables and replacement or rebuilding values. Also called “comps,” comparables are just other houses in your neighborhood that are just like yours and have recently been sold. Assessors are able to value your home based on how much each of these other houses sold for. Based on how much it is assumed to cost to rebuild your home, a bank can appraise the value of your property according to replacement or rebuilding value.
If you believe your home was valued too high, you must first make a case for a lower property assessment. This can be done by meeting with assessor and telling him or her you believe you were assessed too high. Your next step will be to file an appeal. A time restriction for filing an appeal should be noted, because most locations have something similar 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 location. You will go through an appeal board and provide an eight to ten minute presentation during the appeal. Pictures and floor plans of comparables, in addition to any other evidence you can locate to support your case needs to be taken to the appeal.
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Additional options do exist, but if you do your research and file an appeal, that is usually the simplest way to fight your property tax assessment. Dress and act professionally, in addition lay out the facts that support your side clearly and concisely during your presentation. If you have done your research, you have a great shot. It’s definitely worth your time and effort in that way to fight your assessment and therefore lower your annual property taxes.
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