We bought a house in June '07, and the county is assessing property values to determine tax changes in 2008. They sent us a letter saying our property value was a certain number. That is $20,000 more than we paid! The hike in property taxes would be 40%.
We don't think it's fair to mark our property that high within 4 months of our buying it. I've checked comps on various web sites, and they are all lower than county assessment.
What can documents can we produce to appeal?
2007-11-30 23:52:41 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Write a letter to the Assessors' Department that determined the assessment value explaining that it was higher than what you paid and with the copies of local comparable comps. Give them 10 days to respond. If you receive no response, telephone the Supervising Assessor to question about the status of your letter's request to lower the value. Hold them accountable to provide detailed proof to justify their estimated value.
Often appraisers do a 'drive by' to assess properties and it happens pretty quickly with clipboard in hand. Just questioning with valid research and proof of values is usually enough to get a reasonable adjustment to your home's value.
Good Luck!
2007-11-30 23:59:29 · answer #1 · answered by SpeakerT 2 · 0⤊ 0⤋
There are rules in each state/taxing municipality which govern how and when a person can make an appeal of an assessment valuation.
That being said, you are checking in all the wrong places. What you need to do is check the tax assessment valuation of similar properties in the same taxing district. In many cases, tax valuation assessments bear only minor resemblance to market/sale values. If you are assessed, as an example, at 10% more than you paid or market value, you have no issue as long as other properties in the district are similarly over-assessed.
In my real estate work, I see various levels of over/under assessment in various municipalities around the area. The range is anywhere in between 90% of fair market value to 110% of fair market value. As long as the same over/under formula is used for all properties, there is no inequity involved.
2007-12-01 01:37:07 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Lowering the appraisal does not mean your taxes will decline. Did you think to ask the tax assessor if the Rate went up or stayed the same If it stayed the same then you will see a very small decline in your property tax of just a few dollars. Your monthly mortgage payment may be lowered by only $20 and it will be months before your mortgage lender gets the paperwork on the readjusted property tax bill. So don't go spending any money
2016-05-27 02:20:02 · answer #3 · answered by shannon 3 · 0⤊ 0⤋
Call the tax assessors office about appealing. They will tell you what you need to bring. Many offices set aside certain times for appeals.
2007-12-01 00:27:14 · answer #4 · answered by KathyS 7 · 0⤊ 0⤋
I suggest talking to a lawyer who is familiar with housing issues. Did you have a lawyer or consult a lawyer in the purchase of your home? Find one who handles escrow/probate/home sales documentation and they should be able to help you. It is possible, just not easy.
2007-11-30 23:57:28 · answer #5 · answered by Other Guy 3 · 0⤊ 0⤋