I have had only 3 clients that have ever appealed their assessed values. Their results were;1 that was successful in reducing the assessed value by $8,000 (NETsavings to them was +- $80.00 yr) 1that, after review process, the value was left unchanged and 1 that after review was assessed at a higher rate +$12,000.
I would recommend that anyone contemplating the appeal process to do extensive analysys ahead of time, do some more and then be prepared for the possibility that you could end up with an assessed value HIGHER than when you started the process. In places where property tax rates are 1%, a 10k decrease ($100 gross yearly savings) in assessed value may not be worth the time or risk. You must also consider that the 100-200 in annual savings, when itemizing deductions, your net savings will be even less! (Consult you tax preparer or attorney for tax liability)
One (Riverside County, California) Assessors office employee stated that it is best, when requesting a review, to do so after a transfer.....I must have had that look. After all, there would be not much point in that now, would there? She said that most any material change to the deed would be deemed as a transfer in the Assessors eyes. ie: add spouse, parent, child of leagal age or other to the deed or remove one from a deed with the first being the best situation when requesting an appeal.
(Consult with a tax professional or attorney when choosing to file an appeal with the County Assessor's office)
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