According to figures from the National Taxpayers Union, an estimated 60 percent of U.S. properties are overvalued. This usually means the appraised price of the house exceeds the true value of the house. The outcome is a tax assessment higher than what it should be. Home owners, though, may contest the evaluated value of their houses by following the required steps.
Speak to your regional tax assessment office and inquire how property tax values are calculated by it. Obtain taxation rate or rates and the formula it uses it uses to figure taxation statements. The formula usually multiples the taxation rate by the appraised value of your house.
Ask the tax assessment office concerning the criteria used to figure the appraised price of a house. Ordinarily, square footage of the house and the value of similar properties in your area are utilized to establish the appraisal value.
Find a copy of the appraisal record to your house by rsquo & the assessor;s office.
Compute the appraised value of your house per square foot. This provides you a tool to use for comparisons.
Use real estate websites, real estate ads from the local newspaper and information from local property professionals to spot the selling price of houses in your area.
Identify properties from the home sales info. Comparable properties will be of a comparable course, size and age and will be in the exact same or a similar area.
Utilize the appraised value per square foot from your assessment to figure the assessed value of similar houses. If your calculations suggest that the appraised value is greater than the sale price for those houses, you get a fantastic argument that your home is overvalued.
Take photos of your house and similar homes used to determine that your assessment was too high.
Document your calculations and research and document a formal protest of the assessment with the tax assessment office. This protest normally requires you to complete paperwork, but a few assessment offices provide chances for meeting in person to challenge the assessment.
Wait to get feedback. After the assessment office considers your appeal, you’ll get a verdict.