Property Tax Reassessment

R0land1188 · March 2012

I bought a home in December 09, and the value has dropped due to recent foreclosure sales and the stagnant economy. I am trying to fill out an application for "Decline in Value Reassessment" and am asked for a Current Assessment.

Is this something I can do? Or do I need to hire a consultant?

Eggplant Wizard · March 2012

Around here you can pull your last assessment from the web site of the county assessor's office, even if the last assessment was before you owned the property.

R0land1188 · March 2012

Ya I see the old assessment but I know the property is worth less now than when I bought it in '09 and want to make that adjustment. I need to file an application for "Decline in Value" and provide additional information to back up my claim. I am not familiar with how I should assess my property value or what back up I should have to warrant the deduction.

zerzhul · March 2012

It depends on your local laws how to proceed. The county assessor's office should be able to provide you with the information necessary to fill out your application. If they cannot, you may be able to consult a local real estate attorney for guidance. I would expect that you would need to have a certified/approved third party make the valuation with some documentation as to their findings, and submit that with the application.

wmelon · March 2012

I went through one of those a few years back on my old house. My county assessor's office required me to have an appraiser come and look at the house and give me a report I could take to them. Every place is different though, so you might want to call them and ask.

Djeet · March 2012

This is going to vary based on the locality levying the taxes but there should be a way to contest the valuation. The estimate and final assessment from the county/state/district should have instructions to point you in the direction of how to contest. In my county you make notice in writing and they establish a date for your hearing (it can be as simple as writing "I contest this" on the estimate/assessment and mailing it in). Before you actually see the council though there is a clerk who has the ability to change the assessment and the easiest way is to get this guy to lower the assessment.

Now developing information that may sway the assessor is a different ballgame. You will need to provide comparable sales (e.g. other 3br/2ba or whatever that sold near your property), during the time that they consider valid for valuation (for me it's sales around January 1st of the year of assessment). I'd look at redfin, zillow and citydata.

Edit: You could also pay for a 3rd party valuation, but I haven't gone that route.

DoctorArch · March 2012

Usually if you are arguing for a lower value than what is listed on the tax rolls, the best evidence you can provide is an assessor's opinion. Barring that, you may be able to make an argument based on recent sales values of comparable homes in the area, but it's harder to make this argument successfully as a layman.

R0land1188 · March 2012

Alright thanks for all the info guys. I am going to contact an appraiser and if that is too expensive (I don't see myself saving more than $200/yr on property taxes) than I may just try contesting it.

MichaelLC · March 2012

The best you can do on your own is gather recent sales of similar houses. It'll have to be close in years, lot size, sq ft, etc. An assessor may be the best - though more costly - option.

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