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.
Is there anything you can do if you think your home has still been assessed too highly? Is it even worth the trouble to fight your property assessment? It quite possibly could be.
First, it is useful to understand how home values are assessed. Two of the most popular ways are with comparables and replacement or rebuilding value. Also known as "comps," comparables are simply other homes in your neighborhood or the surrounding area that are similar to your home and have recently been sold. By noting how much each of these homes sold for, assessors are able to value your home accordingly. Replacement or rebuilding value is more like how a bank appraises your home based on how much they think the cost would be to replace it.
Your first step if you believe your home was assessed at too high a value is to gather information o build yourself a strong case for a lower property assessment. You're part of the way there already after you meet with an assessor to let him or her know you believe your property was valued too high. Filing an appeal is what you should do next. A time limit for filing an appeal should be noted, because most locations have something akin to this. The time period varies, with 60 days being the average, so don't miss out on your opportunity by not checking what the actual time limit is in your location. The process of the appeal requires you to meet in front of an appeal board and present for eight to ten minutes. Pictures and floor plans of comparables, as well as any other evidence you found to support your case should be brought to the appeal.
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.
Is there anything you can do if you think your home has still been assessed too highly? Is it even worth the trouble to fight your property assessment? It quite possibly could be.
First, it is useful to understand how home values are assessed. Two of the most popular ways are with comparables and replacement or rebuilding value. Also known as "comps," comparables are simply other homes in your neighborhood or the surrounding area that are similar to your home and have recently been sold. By noting how much each of these homes sold for, assessors are able to value your home accordingly. Replacement or rebuilding value is more like how a bank appraises your home based on how much they think the cost would be to replace it.
Your first step if you believe your home was assessed at too high a value is to gather information o build yourself a strong case for a lower property assessment. You're part of the way there already after you meet with an assessor to let him or her know you believe your property was valued too high. Filing an appeal is what you should do next. A time limit for filing an appeal should be noted, because most locations have something akin to this. The time period varies, with 60 days being the average, so don't miss out on your opportunity by not checking what the actual time limit is in your location. The process of the appeal requires you to meet in front of an appeal board and present for eight to ten minutes. Pictures and floor plans of comparables, as well as any other evidence you found to support your case should be brought to the appeal.
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.
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