Appealing You Assessment

The key to a successful appeal of your property value is comparable sales in your area. Most states treat the process of appeal like a less formal court hearing. Property owners come in and present their case to local officials providing evidence that their property has been incorrectly valued. the provide evidence in terms of square footage, number of rooms, amenities, and neighborhood characteristics. It is important to bring photos of your home and the legal documents required. 

There are several ways to check sales in your area, like the newspaper, local real-estate broker, or contacting your local assessor. the biggest mistake you could make when doing this is going on websites that state the numbers of homes sold and how much they went for. These websites' figures aren't official and will not stand up in court.

The best type of sale you can be involved in is an 'arm's length' sale which is one where neither party knows the other. If one party in a sale knows the other it could end up in a lower value and won't be accepted in an appeal. Check for the same last names on sales documents to find out if it is an 'arm's length' sale or not. 

The appeal board will question a house that sells too quickly in a weak market. This means the seller sold his/her property in a hurry and it would't stand next to the comparable sales. A good trick is using forclosed homes, because it still counts of they are the only homes sold in your area.

Assessors choose specific dates to come measure your home, which could possibly be several months before you receive your assessment notice.

The weak housing market makes it obvious that people are not selling their homes, making it difficult in some places to find comparable prices.

If this is your problem, you may want to hire a professional appraiser to value your home, normally ranging from $350-$600. Also appraisers charge by the hour when asked to be at an appeal hearing.

Next blog is finding out about getting a firm to appeal their home's value. Stay tuned to read about it.

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