Posted on: 14th Aug, 2010 04:09 am
I bought a house recently. My county is assessing property values so that they can determine tax changes, if any. To my surprise, they sent me a letter which states that my property value has increased by $30,000 than what we paid! The hike in property taxes would be around 40%.
I don't think our property value would increase so much in such a short period of time. I went through various web sites and checked the value of the neighboring comps and they are all lower than county assessment. How do I deal with this situation? Whom should I contact? What can documents can I produce in order to appeal?
I don't think our property value would increase so much in such a short period of time. I went through various web sites and checked the value of the neighboring comps and they are all lower than county assessment. How do I deal with this situation? Whom should I contact? What can documents can I produce in order to appeal?
The appeals process is different for each county so I can't give you much information. I would contact the tax assessors office in your county or possibly check the county website for detailed instructions.
Most tax appeals require supporting evidence for a different opinion of value. You may want to hire an independent appraiser to do an appraisal on the property if it will be cost effective to do so. You don't want to pay $300-400 on an appraisal to get a $100 reduction in taxes unless you are just doing it out of principle. Some people do.
Most tax appeals require supporting evidence for a different opinion of value. You may want to hire an independent appraiser to do an appraisal on the property if it will be cost effective to do so. You don't want to pay $300-400 on an appraisal to get a $100 reduction in taxes unless you are just doing it out of principle. Some people do.