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In this day and age, the market is not strong. While there is hope that in the near future market rates will increase with a strong economy, homes are still losing their value quite rapidly. It’s an unfortunate situation, to be sure, but there is a silver lining. A drop in home values means your property assessment should also be lowered, lessening the property taxes you would owe in a given year.
What should you do if you think you received too high of an assessment? Would it benefit you to fight it at all? There is a possibility it would be.
Understanding how the county values your home is the first important thing to do. You can choose to do this with comparables and replacement or rebuilding value. You may have heard them referred to before as “comps,” and these are just a comparison between what other similar homes in your neighborhood sold for to figure out what yours might be worth. Assessors will note how much similar home sellers received during the sale in order to value your own home. Based on how much it is presumed to cost to replace your home, a bank can appraise the value of your home based on replacement or rebuilding value.
If you believe your home was valued too high, you must first build yourself a case for a lower property assessment. This can be done by meeting with assessor and informing him or her you believe you were assessed too high. Next, you must file an appeal. Most locations have a time limit for such an appeal, as well. 60 days tends to be about average, but it varies, so be sure to check what the actual time limit is where you live so you don’t miss out. During the appeal, you will go through an appeal board and give an eight to ten minute presentation. It is appropriate here to bring pictures with comparables and all the data supporting your case, such as floor plans on these comps that are similar to your own and any other evidence that your home was assessed too high.
While there are other ways to fight your property assessment, doing your research and filing an appeal is the most direct and uncomplicated. During your appeal presentation, dress and act professionally, laying out the facts that support your side in a clear and concise manner. You have a good shot, if you’ve done your homework. In that case, fighting your assessment and consequently reducing your annual property taxes is definitely worth the time and effort.
Looking for your dream home in Colorado, but can’t decide if you want to buy real estate in Westminster Illinois or purchase Boulder real estate? You may consider letting a real estate agent help you in your property search.