Homeowners and businesses complain about increases in their property taxes. Previous assessments are rolled over and few contest when properties are overvalued.
If a property owner, a business or owner of rental property believes the new assessment does not represent fair market value, they need to appeal. The process of equalizing values of similar properties is similar to buying a used car. Certain adjustments are made for the appearance of the car, mileage, features the car has that the comparable doesn’t, wear and tear of the tires, ect.
Municipalities and sometimes counties undergo massive property tax reassessments. Updated property tax assessment brokers bid for the job and the low bid wins. There’s a rush to judgment and mistakes happen.
For the most part, most property owners believe assessment s are an accurate representation of the fair market value of their property and do not take any action. It’s like believing the used car salesman’s price if you’re in the market for buying a used car. Only by doing due diligence and making your own comparisons do you know.
Check here for what the error rates have been for home assessed prices: http://propertytaxconsult.com/index2.htm
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