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 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.
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.
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.
Doing your research and filing an appeal is the most direct and uncomplicated way to fight your property assessment, despite there being other options. Dress and act professionally, as well as lay out the facts that support your side clearly and concisely during your presentation. If you've done your homework, you have a good shot. It's definitely worth your time and effort in that case to fight your assessment and consequently reduce your annual property taxes.
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.
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.
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.
Doing your research and filing an appeal is the most direct and uncomplicated way to fight your property assessment, despite there being other options. Dress and act professionally, as well as lay out the facts that support your side clearly and concisely during your presentation. If you've done your homework, you have a good shot. It's definitely worth your time and effort in that case to fight your assessment and consequently reduce 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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