Tips for Challenging Your Property Appraisal Valuation

By
Real Estate Agent 353750

 

Property tax character

 

If your property value jumped and you are concerned it's over market value, here are some tips for you:

 

1.  Call your Realtor and ask for recent comparable sales.  That will give you a better idea of the market value.  The Realtor will know which properties are closest to yours in terms of size, condition and location.  You can use the comparable analysis as proof when you protest the value.

 

2.   Check the data carefully.  Make sure that the statement describes your home accurately.  Does it state 4 bedrooms and you only have 3?  If you obtained a formal appraisal of your home when you purhased it, compare the square footage and lot size to the data on the appraisal and make sure it's accurate.

 

3.  If you purchased within the last year and had a home inspection, the inspection report will likely have photos of deferred maintenance issues whcih you can use at proof of property condition. 

 

4.  Don't hesitate to challenge the appraisal if you feel the value is not accurate, but be aware the protest deadline may be soon.  You can check with your local county website for the deadline information.   If you don't agree with the formal protest decision, you can still appeal in state judicial court but keep in mind the cost of that process vs. the cost of the tax savings.

 

 

Comments (2)

Andrew Capelli
Hoover Elementary - Hazel Park, MI

Valerie: Those are great, common sense tips, and they're applicable no matter which part of the country you live in- Thanks for sharing!

May 24, 2013 12:40 AM
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Valerie - Great advice! After I reveiwed mine and noticed an error, which increased my taxes.

Jun 01, 2013 11:05 AM