How can I fight higher tax assessment when nothing is selling
(18 mo. overstock) here?
2007-11-22 19:31:42 · 4 answers · asked by Gypsy A 1 in Business & Finance ➔ Taxes ➔ United States
You should find out what comparable units are assessed at. If they are assessed much lower than yours is, then contact your assessment office to find out what appeal procedures are. If they are assessed roughly comparably, then you're stuck with it - a tax assessment doesn't mean that you could sell it next week for that price. Prices have taken a major dip right now in many areas of the country, and they aren't reassessing everything downwards to account for that. If your property is assessed comparably to others, then you'd be paying your "fair share" of the taxes - if they assessed everyone down because the market was slow, they'd just raise the tax rate to make up for it so you'd be right back where you were.
2007-11-23 03:09:55 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Assessments are almost always based upon prices at some earlier time. Therefore, under "normal" real estate market conditions your assessment is likely to be lower than the actual current market price. In today's market, the reverse is true.
2007-11-23 14:43:34 · answer #2 · answered by r_kav 4 · 0⤊ 0⤋
The price of larger units is irrelevant. Your tax assessor's office has procedures for requesting a reassessment, but the result may not be what you are hoping for; assessed values do not always equate to current market value.
2007-11-23 10:03:37 · answer #3 · answered by npk 7 · 0⤊ 0⤋
About the only way you can contest the tax valuation is to prove that your unit is over-valued. What other units that are not comparable are not selling for is meaningless. The vaulation of your place could be correct, too high, or even too low.
The local assessment district can explain the procedures for contesting the valuation of your place.
2007-11-23 05:46:53 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋