"Should I file a property tax appeal?"
Todays subject is very important to many homeowners who are struggling with the residual effects of the last 8 years of turmoil caused by the real estate bubble and subsequent crash. Many homeowners, specifically those who bought homes at or near the peak of the housing market, are still paying property taxes based on the purchase price and even the supplemental assessment that was levied upon them after improvements. The market is now off at 35%-50%,recent data shows that we continue to slide at a rate of bewteen .5% and 1% per month, and some of these assessments are simply unjustified in todays current market.
The assessement reappraisal can be requested through the Orange County (or your local tax assessors website). If you are contesting 2010 taxes be sure to use qualified comps or appraisals generated by your real estate agent or appraiser specific to the time in question. Do not use 2011 comps to contest 2010 taxes, your case will not be heard. Please be advised that your appeal process may take place in two part until you reach the current market conditions! You should expect to appeal now for 2010 and again next year for 2011!
OCCOASTPROPERTIES recently successfully helped one of our valued clients achieve a reassessment from $950,000 to $810,000 for 2010 and based on the comments made from the tax assessor board they should recieve a reduction in the high $600,000's next year.
How does it work?
Should you file a property tax appeal ? Should you have your property reappraised ? The assessed value of your real estate should equal what the property would easily sell for (appraised value). If the assessed value exceeds what the property would easily sell for you should file an appeal. If the property is affected by a diminution in value caused by declining prices and market conditions, detrimental conditions i.e. cracked slab, landslide, construction defects, condemnation, environmental problems, or other causes you should file an appeal. Property tax appeals can be filed on any real estate including a home, ranch, vacant land, apartment building, commercial, industrial, or special use property.
Did you know ?
1. The appeals board operates under the presumption that the County Assessor is correct in their assessment of your property. In addition, many times the board of appeals is made up of at least one former or active real estate appraiser.
2. You must provide substantial evidence (an appraisal) utilizing the appropriate methodologies to support your real property assessment appeal claim
3. An experienced appraiser can determine if the appraisal by the county assessor is in compliance with current appraisal methodology and assessment practices as defined by the Assessment Appeals Manual. The key to challenging your real property assessment is to provide well documented "evidence" and have the representation you need to be able to refute inaccurate technical valuation claims that may be made by the assessor. A reappraisal by an experienced expert appraiser and Member of the Appraisal Institute can provide the documented "evidence" you need in challenging your property tax assessment. The ability to cross exam the County Appraiser by a real estate appraisal expert can often times make the difference of whether your tax assessment appeal is successful or not.
4. At the commencement of every hearing you should request a finding of fact in writing and submit it to the clerk. This requires the assessment appeals board to discuss all of the material points raised by the application and typically requires a statement by the board of which appraisal methods were used to determine the appraised value of your property. Rule 325 of the Assessment Appeals Manual generally states findings of fact must be rendered within 45 days.
5. You can request a copy of the tape recorded hearing within 60 days following the final determination if you plan to appeal the boards decision on a judicial review.
6. Again, the first step in any property tax assessment appeal is to have a reappraisal of your real estate by an expert to provide documented evidence of your property value.
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Steve Mino & Natalie Vizir
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