According to a story done recently by Kathleen Pender, a Net Worth columnist, Appraisers use REO and short-sold homes as comparables in their evaluation process which in turn lowers the value of surrounding homes. The county assessor will not however, use these properties (REO's and short-sold properties) as comps for property taxes.
My question is: How is this fair?
As stated, in California some assessors will use these properties when looking at comps but it depends on the assessor, the county, the neighborhood, the house and if he or she can find enough standard sales.
Ms Pender is right in suggesting that home owners should seek help if they thing their home is worth less than the assessed value by asking for an informal review and if not satisfied, file a formal appeal with your court's assessment appeals board by November 30th.
Here is the full story getting a fair appraisal in a tough market
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