Author Topic: Property tax appeal  (Read 2835 times)

Offline Reckless

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Property tax appeal
« on: February 23, 2013, 05:17:18 AM »
Anyone have any experience with appealing their property taxes? Is it better to get a lawyer or go it alone?

Thanks!


Offline Salty Dog

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Re: Property tax appeal
« Reply #1 on: February 23, 2013, 08:05:20 AM »
Go it alone and if that fails ,then hire the mouth piece .


Offline Reefsquatter

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Re: Property tax appeal
« Reply #2 on: February 23, 2013, 09:26:06 AM »
First, find out the percentage for your town. Some towns are at 120 percent evaluation and others under a 100. What I suggest is getting some real estate comps that are recent. Once you have an amount use the percent to gauge how over assessed you are.
Example: comps come to 300k, you are assessed at 340k but your town percent is 110 percent. That means they can justify your assessment at 300k times 110 percent (330k)
You are 10,000 over assessed without question (as long as the comps are accurate)



Then give the town assessor a call and let him know your concern. Let him know you are planning to appeal your assessment but was hoping that he could correct it without going to the county.
Some towns will give you a fair assessment and others will play the cards at the county.


I helped a friend who was at 430k, town was 100 percent, got low ball comps from 340k to 375k.
Negotiated an assessment of 365k in a five minute phone call.

Oh, if you are only 10k or so over evaluated like the scenario I started with, let the town know that you are going to appeal, have some other comps coming in but would be satisfied with a 300k evaluation if they choose to do so without trying the appeal. Many will go for it to save the  work fighting you.

Offline Reckless

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Re: Property tax appeal
« Reply #3 on: February 23, 2013, 10:06:46 AM »
Thanks for the info!!


Offline Reefsquatter

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Re: Property tax appeal
« Reply #4 on: February 24, 2013, 08:58:24 AM »
I would only caution you against getting too low of an assessment in case you plan to sell the house soon.

If your assessment comes in more than 20 percent under, most appraisers will use this to lower the value for financing. Anyone looking for a mortgage, even if they are putting a substantial amount down, will have more difficulty obtaining one.


Offline MJ619

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Re: Property tax appeal
« Reply #5 on: February 24, 2013, 12:22:23 PM »
That is accurate advice.  As the appeals increase and force local jurisdictions to reduce assessed value, the result pushes real estate values to decrease.  Just the opposite of the time where when interest rates rose the home values decreased.  The current policy of printing money is polar opposite.  The rates are too low and home values are decreasing in certain regions.  This is fundamentally a decrease in wealth since the baby boomers and senior citizens can't earn interest on their retirement and or savings (due to low interest rates), banks need to become a fee based revenue institution (can't make money on spreads), and new regulations prevent new loans (allows qualifying refinancing activity) and have spooked banks into new lending. These policies results in a downward pressure on values and investment income.  If you intend to have a mid to long term hold or live in a disaster area/suffered property loss  then proceed.  The good news is we are approaching March and soon we can really start hitting the water doing what we do best - FISH!

Cheers,

Mike

Offline Reefsquatter

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Re: Property tax appeal
« Reply #6 on: February 25, 2013, 06:15:57 PM »
Well put Mike

On a good note, I got a 1/2 day this past weekend working on the boat!


Offline GeorgeGelly

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Re: Property tax appeal
« Reply #7 on: July 10, 2013, 06:39:04 AM »
I think initially we must hire a lawyer as we are not aware with most of the facts and the rules regarding.Once we become familiar with all the things we can carry out things alone.You can read this article to get more information about matters related to property.
« Last Edit: July 13, 2013, 05:58:03 AM by GeorgeGelly »

 

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