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Dec
What Info Is Needed To Successfully Challenge A Home’s Reassessed Value?
Author: Rob // Category: Q&AOur town recently reassesed home values. Mine went up almost 70%. I can challenge the revaluation, but I need to know what will help in reducing this.
Tags: Challenge, Homes, Info, Needed, Reassessed, Successfully, Value, What
December 8th, 2009 at 3:04 pm
Knowing what criteria were used to raise the value of your home would help tremendously.
Were there improvements made in the last year which would contribute to the elevated value?
December 8th, 2009 at 4:55 pm
I went through this a few years ago.
You need to gather assessed values and sales of comparable homes in your neighborhood (same livable sq.footage, same lot size, # of bedrooms and baths, same condition (upkeep), air conditioning, brick, wood or siding). Also, you have a pretty good argument if you purchased your home in the last year or so. You may also want to have a real estate professional give you a price that they think you could sell your home for. Good luck to you!
December 8th, 2009 at 5:18 pm
Probably one of the most sensible things would be to contact a real estate agent who specializes in your area and explain you’d like comps and why. Most likely you can find a good agent who will do that for the potential for networking and community relations.
You could also try an appraiser, but that’s going to cost you some bucks for sure.
Your tax office has to tell you how to challenge their assessment and provide info on how they arrived at the value they did.
Good luck.
December 8th, 2009 at 8:36 pm
The only way you can challenge it, is to prove that neighbors with a similar home on a similar lot with similar improvements PAY LESS.
I can guarantee that you most likely, won’t be able to prove that.
Also, check to see if the tax rate in your area has increased. It is probably a combination of both tax rate and assessment.
People that tell you that you can get a real estate appraiser to appraise it for less and they’ll lower your assessment don’t understand how tax values are reached….market value and tax value are not related, so an appraisal value for market value is WORTHLESS.
Keep in mind…they only say that you can challenge the value because the law allows you to challenge it….the people that make the rules (and the assessments) also have the final say.
So it’s like the mouse being in charge of the cheese….that is why challenging assessments and winning are EXTREMELY rare.