Challenging the tax assessment on your home
Question: We want to challenge the tax assessment on our home. How can we get some assistance in this?
Answer: Although some real estate industry members attest that local home assessors have become more accurate over the years, homeowners who wish to challenge a tax assessment can do so with the help of a real estate practitioner. First, conduct your own comparative research using the area "comps" listed on the assessment slip. Take note especially if your home features fewer bedrooms or baths than the nearby comps. Request a "comparative market analysis" from a trusted practitioner. This data will balance your home against recent area home sales. A professional appraisal could also be conducted at a cost of between $250 and $275. Recent homebuyers should refer to the sales contract for evidence of the home's value. Next, request an "informal conference" with the assessor in order to present your findings. If the results of this meeting are unfavorable, file a formal appeal with the Board of Equalization in the timeline specified. Be aware however, that the board may actually raise your assessment. While a lawyer is not needed at this stage in the process, homeowners who choose to challenge the board may require legal counsel. Ó2008 Information.Inc.
For answers to your real estate questions, call Allison at 970-468-6800 or 1-800-262-8442