With property values declining across all building types and across the entire nation geographically, many property owners are taking a hard look at their real estate taxes. And with good reason, as it’s estimated that 60 -70% of all property owners are over assessed and paying more than their fair share of real estate taxes.
Property owners can save thousands of dollars per year and more, depending on the particulars of the situation. Custom Jewelry . The appeal process all boils down to establishing that the owners property value is worth less than what their city is claiming it’s worth. Despite all of the confusing terms and calculations that cities use, appealing is still a value issue. Arkansas foundation repair company . By far the most authoritative opinion of value is a traditional appraisal. If an owner walks into the assessor’s office with an appraisal report documenting the property is over assessed, the owner will have a very strong case.
Tax Property Appraisal
However, most owners are not prepared or willing to shell out $400 for a residential appraisal report. Most owners are already skeptical about appealing and the cost of an appraisal often throws their potential appeal onto the “backburner” as many owners assume the process will be cumbersome in terms of time, effort and complexity, in the first place. For instance it is estimated that only 2% of property owners bother to appeal despite the potential savings… Only 2%
As a solution, a few appraisal companies and property tax consultants have begun offering a “Tax Property Appraisal” which is basically tax appeal presentations report. They are not full appraisals, and the appraisal company does not put their license on the “line” but they do research, prepare and present the comparable recent sales (comps) in the most favorable way for the owner. HGH Products . They also typically have a section discussing the comps and why the owner is over assessed and deserves a reduction in taxes.
They are normally approximately a 1/3 of the cost of a traditional appraisal and again have a section devoted to appealing the property taxes, which is never discussed in a traditional appraisal report. So this additional section is a huge benefit to the owner.
Another recommendation is to stick with the Tax Property Appraisals that are done by trained people and not a software program. There are a few internet sites that will gather comps but they are not evaluated by trained people. Though cheap at $10 -$20 they will not be of any real help. Owners need a trained eye or to thoroughly educate themselves on the real estate value process to be effective.
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