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.
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