Protocol For Challenging Re-Assessed Property Values
Every five or eight years depending on where a person lives, property values are re-assessed. With news of recovery rolling in weekly, county auditors are reporting that home values are slated for an increase. With this value increase is a property tax increase as well. What options does a homeowner have to react to their new home assessment? Here are a few:
Do some research of your own. Find comparable houses in your area (free and public information) and get a feel for the going rate of your home and similar homes. If you are comfortable enough, talk about the auditors proposed value of their properties too.
“Once you’ve gathered real value data, compare it to the new figure your country auditor has determined—and keep in mind that short sales and foreclosed property figures are typically not considered as a valid form of value comparison. If you still feel confident that there is a discrepancy between the “real” and reassessed value of your property, Marsh Bilby of Marsh Bilby Appraisers & Consultants, LLC says the first step is to understand how the appraisal process works, and the potential costs that it carries.” READ MORE ABOUT COSTS HERE
The process of challenging an appraisal is costly both financially and time-wise so do as much background work prior to starting the challenge. If you intend to sell your home soon, it is vital you are privy to the value of your home as determined by factors outside of the county appraisal. As a homeowner, these values should be kept in mind but not stressed about too much. When you go to sell, a Realtor will be able to see the trends and partners of your area and know the best steps to take to get you the biggest return.
**These county appraisals are different than the home inspection that was done upon your purchase of the home. An appraisal is based upon formulas and statistics and the appraiser will likely never even see the inside of your home. They look at the figures and data for the area in which you live.