Errors occur every year in every state by the taxing authorities in the determination of the assessed value of a property and the assessment of property taxes. The number of errors to the benefit of the government increase dramatically in real estate markets with declining property values.
Errors also occur in real estate markets with increasing property values, but not in the frequency of a declining market. Keep in mind the assessor, by law, is presumed to be correct. The burden of proof is on you, the taxpayer, to show that the assessed value is not correct. Stringent time guidelines also often exist for filing a property tax appeal. It is recommended that a home owner review procedures and time guidelines for filing an appeal in their area prior to starting the appeal process or ordering a Tax Assessment Analysis from Fair Tax Assessment, Inc.
The first step in the appeal process for a property owner is to determine if their property has been valued correctly for purposes of calculating their property taxes.
A homeowner can attempt to complete this analysis on their own, however without years of experience valuing homes they are likely at a competitive disadvantage to the property appraisers employed by the government. Fair Tax Assessment, Inc. addresses this informational disadvantage for homeowners by providing our customers with a customized report containing appropriate comparable sales data for their property. The comparable sales data provided in our Tax Assessment Analysis is selected by REALTORS® familiar with the local real estate market with the Certified Residential Specialist designation, often considered the PHD of residential real estate education. Historically, this method of property valuation has been the preferred method of valuation used by the government when valuing residential real estate. When appropriate, assessors will also use a cost approach, an income capitalization approach, or a hybrid of the three when valuing properties.
Once the necessary information is obtained to educate a property owner on the value of their home, a determination can be made whether it is in the property owner’s best interest to spend the time, energy, and dollars necessary to file an appeal. If the decision is made to move forward with the appeal process, a common occurrence in a real estate market like the one we are presently experiencing across the United States, a property owner should review the instructions and documents necessary to file a property tax assessment appeal in their area and provide the information in an appropriate format.
Many errors in valuation by the government can be satisfactorily addressed by scheduling a meeting with your local assessor and discussing your differences in opinion about the value of your property in an informal setting. However, timing deadlines for an appeal with the Board of Equalization or other relevant government entity in your jurisdiction should still be monitored and met to preserve your appeal rights. The window of opportunity to appeal your property tax assessment has a scheduled close date. A property owner who misses that date has to wait another year to appeal the tax assessment of their property.
To access state specific information click on the state below where your property is located. Fair Tax Assessment, Inc. is currently servicing the following states: