Property Tax Assessment Part 5

 

Get even more back up for your appeal

 

In order to have a fighting chance in getting a reduction, you’ll want some supporting evidence that your home’s value is lower than stated in your official assessment.

• Get a comparative market analysis

Comparing your home to other homes in your area that are similar in location, style, rooms, bedrooms and amenities that are assessed at a lower price is a great place to start. There’s lots of public information available on homes in your area. As well, you can work with an agent who can provide you with information on homes that are like yours that sold for less money in the last six months to a year.

Between the information they get you and what you find online and at the tax assessor’s office, you should be able to get enough comparable data to justify a lower value if the lower value makes sense.

In the process of finding comps, you just might find a similar home that’s in worse shape than your home, which could really make the case for you for a lower home value. Then, you’d have a strong argument for a lower value for sure.

• Estimate the cost of repairs

If your home needs work - a new roof, foundation issues, updated windows, etc. - it might lower your property’s value enough to impact your taxes. Take the time to put an honest assessment together of what needs work and then create an estimated cost for repairs. Be sure to take pictures as proof.

• Make a note of changes in your neighborhood

Your property’s value isn’t just based on what’s happening on your lot. It also has to do with the surrounding area and what’s happened with other homes in your neighborhood as well. If nearby houses were recently foreclosed on or local schools’ rankings dropped, your property could be valued lower than it was during the last assessment.

• Get the home appraised

Who knows the value of homes in the market better than a licensed home appraiser. Sure, it might cost you $300 to $500, but if it’s going to save you twice that, or more, in the long run, it’s a good investment. If you are going to hire an appraiser, be sure that your initial research indicates that you have a fighting chance at lowering your value first. You don’t want to do it on emotion and be out of money unnecessarily.

Park Place Collective

Joe Costa Broker/Owner

Marni Wolf VP of Operations

400 West Broadway, Suite 400

San Diego, CA 92101

619-990-7552

www.parkplacecollective.com