We also need to consider when to appeal, how to appeal, and who should we trust to assure an accurate appeal.
Let’s start with the “when”. You have the right to appeal your assessed value anytime during the year but there are certain deadlines that must be met in order to file for a specific year’s value. You are able to present errors of fact anytime and if founded, the assessor must correct these errors. An example of an error of fact would be square footage that is wrong, the house has one bathroom but is listed as having two, the home has window air-conditioning but is listed in the assessors’ office as having central air. If you feel that the value is wrong, you can go to the local or township assessor and ask for a review before their records are turned over for the year. After records are submitted, you will need to wait for either the local assessor to make a determination or submit your appeal to the board of review during the assessment appeal period in order to correct the current year assessed values.
We will move onto the “how” to appeal. The most common question is on this topic and we will address it here. When establishing an assessment appeal you must first decide if your property is over-assessed. Just because your tax bill increased doesn’t translate to a cause for appeal. The assessed value is based on the fair market value of your home and if the fair market value falls below the assessors’ value, you have cause to appeal. To understand how the assessed value is figured, you will need to find out what your assessment rate is set to. Some states are 10-33% of the FMV, some are 50% of the FMV and others are 100%. If you live in an area where you are assessed at 1/3, it is easy to figure. $300,000 home times 1/3 = $100,000 times tax levy of 8.75% = $8750.00 tax bill. Once you establish that your assessed value is higher than it should be, you now need to present that information to your assessor. In most situations, your assessor will use comparables to dispute the evidence you have presented. This is why we created the Property Tax DR. so that you go prepared to dispute the whole comparable argument. To understand ALL of the unique features of assessment could take years but don’t fear, we made it simple and easy for you and it is at your fingertips.
To end this blog, you probably wonder why you should trust the Property Tax Dr.? The answer is simple, our #1 goal is to save you money and our reputation depends on the outcome of our awesome clients. We will be offering a FREE download so you can test the waters before jumping in headfirst. If the results are in your favor, you simply purchase the in-app offering and then you are entitled to the most comprehensive summary that is available, you also get a professional review and if needed a personal consultation with one of our experts.