Want to know how to appeal a property tax? When a property tax assessment first arrives, you’ll need to ascertain what the town is saying your home is worth. There are a few basics you’ll need to review.
If indeed you are over-assessed, we’ll give you free aids to use to see if you have a case and exactly how to appeal a property tax. There might be some “smoke and mirrors” in their assessment since the town or county does not reveal the sales ratio.
How To Use A Sales Ratio To Appeal A Property Tax
The sales ratio is a function of when the last blanket reassessment for the town or county is done. For instance, if the last assessment was 8 years ago and the sales ratio was 80% and you get a $400,000 assessment, what they really are valuing the market value on that home is $625,000.
Math: assessed value ($400,000) divided by sales ratio percentage (.80) equals actual market value assigned to home ($625,000) that you’re taxed on.
Sales ratios are call by various names by towns or counties. Call the tax assessor to get the sales ratio. Depending on the town our county, this sales ratio can end up getting called the director’s ratio, the common level of 100% of accurate worth, average ratio, evaluation level, the RAR (home assessment ratio) or the equalization rate.
With this analysis, use our free support that gives you access to comparative sold homes within your community so you have an overview if you have a case worth pursuing. If your home’s assessment is higher than what is right, know your timeline for appeal and move forward.
How To Contest Your Property Tax Assessment
Did you know that experts tell us that 40% to 60% of the real estate properties are over-assessed by local officials? Why? Mass appraisals for an area might be 8 to over 20 years old. They are done fast and cheap. Errors abound.
There is a reason homeowner questioning their property tax appeal make the same beginner assumption mistakes. So, I’m going to show you how to steer into to clear these assessment presumptions in order to see if you have a clear property tax appeal case. In our free training you’ll learn of the three things you must do first before beginning to win a tax assessment appeal.
Now that you know what they think you home is worth, you’ll need to do some comparative analysis of other homes similar to yours that were sold near the date of your assessment. We offer you a free resource for comparative analysis as well as category analysis worksheets that all you to equalize differences. You’ll also get a free how to process this information map that will help you navigate the process. Go to the home page of this site to access these free resources.
For another look at the process, visit: https://www.houselogic.com/
Learn More, Click: How To Lower Property Taxes