When Would you Want the Value of Your Home to drop?
The question is a little absurd. Why would you ever want your home value to drop? Well actually you really don't want the value of your home to drop. But when the tax man is looking at your home that is the time when you want your home to have the lowest possible value. Why? Because your property taxes are most likely to be based off the value he comes up with. When your tax notice comes later this year you will want to look at the value they have for your home. If it is higher than you think you would be able to sell it for you may want to get a CMA. What is a CMA you say? Current Market Analysis. A Realtor® can give you a CMA. They will do comparables from the MLS (Multiple Listing Service) to show what the value of your home should be based on current sales in your area. Don't be confused with the CMA being an appraisal. One must be a licensed appraiser to give an appraisal. In many states if you want to appeal the tax value on your home the CMA will work from a licensed Realtor®. Why would you want a CMA instead of an appraisal? We can't charge for CMA's. You will pay for an appraisal. I was able to save a family member $350 on their property taxes last year by supplying a CMA. Most any other time you really want your home value to be high but not when the taxing authority is looking at it.
Another way you can appeal your homes value is if you recently purchased it. If you paid less than the tax value you can appeal by showing the final HUDs from your home purchase. If you don't have them you can ask for a copy from the Title or escrow company you went through or from your Realtor®.
The information on this post is for information only. Check with yur own taxing authority to see what the appeal process is for your area. As of the publishing of this post a CMA will work for most taxing authorities in the State of Utah.