Does appraisal effect property taxes???

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Pretty confused about property appraisal and taxes... Can you guys tell me if property appraisal affects taxes which I pay? I am getting multiple answers for this...If after apraisal my property value falls, Does that I mean I need to pay less on the taxes… I would really appreciate if someone could help me here….

jerry · Posted: Sat Jan 03, 2009 4:20 am Post subject:

Hi kptf,

As far as I know, yes, property appraisal definitely affects property taxes. If the value of the property increases with the property appraisal, then you will have to pay more taxes. But with the decrease in the value of the property, I don't think the taxes will decrease. You can contact your county appraiser's office and get detailed information regarding this.

Thanks,

Jerry

gmakerley · Posted: Sat Jan 03, 2009 9:48 am Post subject:

the method by which taxes are determined isn't really based on your appraised value, as you probably commonly know it. you are likely thinking of what a lender has told you the value of your home is at this time.

what taxing authorities do on a regular basis is to seek out an agency to provide them with current values on all the properties in their locale, at one time. they will then determine taxes on an individual property based on the local budget and the grand total of the values of homes in that place.

i'm not as happy with that answer as i would like to be, but i hope it's been helpful.

apexoffice · Posted: Sat Jan 03, 2009 10:14 am Post subject:

To properly answer this question, it will depend on what you mean by property appraisal. Are you referring to an appraisal completed by a licensed appraiser for lending purposes or a tax assessors appraisal? If you are refering to an appraisal for lending purposes, this will most likely not affect your taxes unless someone purposely offers this information to the tax assessors, which still may not have any affect because there is a specific process for tax appeals.

If your intention is to appeal your tax rate based on appraised value, you will want to find out this process from your local municipality which usually starts with an appraisal. It is important to hire an appraiser that specializes in these types of assignments as they often require special guidelines by jurisdiction which must be followed. One guideline we must follow in my county, is that the date of valuation needs to be retroactive to the date of the last assessment. Any deline in value since that date is irrelevant because assessments are done on an annual basis.

Perhaps a visit to your local tax assessors office will help clear everything up since any advice you get on this forum will be based on our own local areas and yours may be completely different.

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