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A property tax valuation WWYD
We bought our home in May for 198K. That number in this neighborhood is unheard of. New homes still being built start at 200K for half the square footage and go up into the 500K range. Existing homes that have recently sold have started at the 219 mark and up. That's the sold price, not the list price.
Ours is pretty middle of the road in terms of sq footage for this neighborhood. The house appraised exactly for what we paid based on some upkeep issues that we've since remedied.
Today we got a notice from the county auditor informing us that the property value of our home used for tax purposes went down by almost $3,000. Not a big deal to us, because the county has our property value set at almost 40K more than what the house appraised for.
The letter mentioned that if we disagree with their opinion of our value, we could file a dispute. It would be nice to pay taxes based on what the house appraised for rather than what the county thinks, but what potential downside might there be to this?
Re: A property tax valuation WWYD
There is no downside, really. They aren't going to raise your valuation because you disputed.
However, most cities are very reluctant to lower a valuation. If they lower yours, your neighbors might expect theirs to be lowered, etc., until the tax base erodes away.
So you have to have a good, rational presentation (whether you present in person or on paper. State very clearly why you feel the valuation should be lower (not just, "My taxes are too high!"). Say when you bought your home and for how much (and also how long it was on the market, if it was on for awhile), give them a copy of the appraisal, and ask your real estate agent for several comparable sales that support your case. If you find any other corroborating evidence, give them a copy -- as long as it's from a reputable source. If you present in person, be courteous and businesslike. Above all, be rational, not emotional.
Good luck!
In my experience, valuations for the purposes of property taxes and valuations for anything else have very little to do with each other.
You can (and most likely should) protest, but unless you're certain that your property has fewer measurable features, sq ft, etc than your neighbors, and that they're not paying on a 260K+ valuation, you might not want to get your hopes up.
Their is no downside imo. We live in a high ppty tax area, so I would fight to get the assessment for tax purposes to reflect the fair market value.
Our assessment was 40K more than we just paid for the house. We filed a grievance (what a process, but it was worth it- check with your county) and DH had to go testify in front of a board, etc. before the deadline. We got the assessment lowered 18K, and will go back next year to fight and have it lowered further. It could mean a few thousand $ to us.
Look at it this way- if you had paid 30K more for the home than the county had it assessed at, they would not hesitate to arbitrarily raise the taxes accordingly. They should also lower it accordingly.
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We actually did have this happen. We contested ours, and when they took a closer look they realized that it should have been higher. It sucked.
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