Property tax assessors miss out on property real estate market valuation. Even with property assessment vernacular, classification jargon, and official shop talk language attempting to give authority significance to assess valuation on a property, these are artificial measurements. Assessors are not appraisers! The TRUE VALUE of any property is its market value as of a certain date.
The facts are that there is not enough time, and money allocated resources for rank-and-file tax assessors to do proper property tax market valuations. Likewise, they often rely on classification systems plus linking to a previous municipal mass blanket revaluation. These serve as community ballpark estimates.
Mass municipal appraisals may be done every 8 to 15 years for a municipality. These are expensive and huge budget expenses.
This procedure, when done, is put out on a bid bases; the low-cost bidder gets the project. He is under a time and budget constraint and needs to works fast. Much is missed, overlooked and miscalculated. Lots of errors result. Many become property tax over-assessed!
The town real estate assessor rarely visits properties that are in his jurisdiction. Rarely does he venture out of the office unless it is for a municipal based property tax appeal board. Most don’t realize, the tax assessor basically fits into a paper-pusher category and their time is limited.
However, if you’re going to appeal, see him first. His say so has the value of a judge and should be one’s first avenue of appeal when there is an assessment price disagreement.
Learn More Here, Click: Real Estate Appraisal and Property Tax Appeal Training Course
Property Tax Appeals WIN With Real Estate Market Valuation Back-Up Evidence
A real estate market valuation appeal in a restrictive socialist or communistic government or an authoritarian government could set a valuation that’s unchangeable. Gratefully, that has not occurred … yet.
We still live in a somewhat free enterprise environment. In a market economy, the valuation of any property is based on appraising its market value – its probable selling price. This is done by comparing a property’s value against other sold properties.
It’s much like determining the value of a used car. For example, look at another used car that has the same make and model, age of the car, mileage, and condition. Accordingly, compare the advantages and disadvantages of those selling prices for coming up with a valuation.
In real estate it’s different. Only SOLD properties are used for comparison. This course will allow you to evaluate properties by making adjustments that are realistic and stand scrutiny.
Standards For Real Estate Market Valuation Authority
We show you how to make real estate market valuation adjustments for these major categories:
- different or similar neighborhood
- different total square feet of living space
- different number of rooms, bedrooms, and baths
- the difference in sold date
- sales price within the general market price of your home
- sales or financing concessions
- locational adjustments
- quality of construction differences
- style of house differences
- age of house differences
- condition differences
- land square footage differences
- property site and view differences
- functional utility (deficiencies or overbuilt features) differences
- number of garages differences
- swimming pool, fireplace(s), remodeled kitchen, kitchen equipment, etc. differences
- storm windows or replacement windows or thermopane windows, solar panels, etc.
- basement i.e. finished, unfinished or no differences
- deck, patio, porch, pools, etc. differences
- landscaping differences
Real Estate Market Valuation Options: DIY Real Estate Valuation vs. Real Estate Appraiser
The only way to determine the valuation of a home is to do it yourself or hire a real estate appraiser. Real estate appraisers will charge $300 to $425 for an appraisal.
There are 3 levels to scheduling a property tax appeal:
- The Municipal Tax Assessor’s Office
- Municipal Property Tax Appeal Board
- County Property Tax Appeal Court
As mentioned, the first level of appeal should be bringing your finished case to a private meeting with the property tax assessor. Furthermore, a property tax assessor should share his findings with you with a spirit of service instead of finding fault with your evidence. Therefore, he or she will want to share their discoveries and come to a mutual agreement if they are a responsible public servant.
Hopefully, that tax assessor has particularly liberating and virtuous abilities. If they are dried shells of dead feelings or self-satisfied, not wanting to hear the view of another property owner, it’s time to move on.
If you hire a real estate appraiser, for a real estate appraiser to show up physically in front of a Municipal Property Tax Assessor, or the Municipal Property Tax Appeal Board or County Property Tax Appeal Court, there will be a significant cost one must bear. Appraisers might value that time at $500 or more for each appearance.
If you conduct a do-it-yourself real estate appraisal and property tax appeal, you only need to know 5th-grade math. I STRONGLY recommend using our course.
Real Estate Appraisal Valuation and Property Tax Appeal Course Access
Real Estate Appraisal and Property Tax Appeal Course are written by certified real estate appraisers and is updated yearly. Equally important, the valuations you arrive at using this course are defensible and are based on solid backup evidence. Regarding real estate market valuations, Learn More Here, Click: https://propertytaxax.com or click below:
