You probably realize the market is not currently strong. While you can hope that the economy will get stronger soon, thus increasing home values, right now, values on homes are still decreasing pretty quickly. Despite the unfortunate situation, there is some good news. Due to a drop in home values, you might have less property taxes to pay on an annual basis if you receive a lower property assessment.
What if you think your home has been assessed too high even still? Is fighting your property assessment even worth the trouble? It very well might be.
First, it is useful to understand how the county assesses the value of your home. Comparables and replacement or rebuilding value are two of the most popular ways to do this. Homes that are similar to your own and have recently been sold are what comparables are, and they're also known as "comps." Assessors are able to value your home according to how much each of these other homes sold for. On the other hand, replacement or rebuilding value relates to how, based on the cost they think it would take to replace your home, a bank appraises your home's actual value.
You must first build yourself a case for a lower property assessment if you believe your home was valued too high. If you meet with an assessor and inform him or her of your believe that you were assessed too high, you're part of the way there already. Your next step is to file an appeal. You should note any time limit for filing an appeal, since most locations have them. Be sure to check what the actual time limit is where you live so you don't miss your opportunity, but 60 days tends to be about average. You will go through an appeal board and given an eight to ten minute presentation during the appeal. Bring as much evidence as you can, including pictures with comps, and all the data you have that supports your case, like floor plans for the comps you've researched.
Other options do exist, but if you do your research and file an appeal, that tends to be the easiest way to fight your property tax assessment. You should dress to impress, act professionally and ensure your presentation is clear and concise. Your chances are good if you make sure to do some research. If you have, all the effort and time you've put in it fighting your assessment should pay off by a reduction in your annual property taxes.
What if you think your home has been assessed too high even still? Is fighting your property assessment even worth the trouble? It very well might be.
First, it is useful to understand how the county assesses the value of your home. Comparables and replacement or rebuilding value are two of the most popular ways to do this. Homes that are similar to your own and have recently been sold are what comparables are, and they're also known as "comps." Assessors are able to value your home according to how much each of these other homes sold for. On the other hand, replacement or rebuilding value relates to how, based on the cost they think it would take to replace your home, a bank appraises your home's actual value.
You must first build yourself a case for a lower property assessment if you believe your home was valued too high. If you meet with an assessor and inform him or her of your believe that you were assessed too high, you're part of the way there already. Your next step is to file an appeal. You should note any time limit for filing an appeal, since most locations have them. Be sure to check what the actual time limit is where you live so you don't miss your opportunity, but 60 days tends to be about average. You will go through an appeal board and given an eight to ten minute presentation during the appeal. Bring as much evidence as you can, including pictures with comps, and all the data you have that supports your case, like floor plans for the comps you've researched.
Other options do exist, but if you do your research and file an appeal, that tends to be the easiest way to fight your property tax assessment. You should dress to impress, act professionally and ensure your presentation is clear and concise. Your chances are good if you make sure to do some research. If you have, all the effort and time you've put in it fighting your assessment should pay off by a reduction in your annual property taxes.
About the Author:
Planning to move or relocate in Colorado? Receive helpful information about Golden real estate or real estate in Broomfield. Also, find detailed MLS real estate data on specific homes or properties for sale and receive help from real estate agents.