Everything You Need To Know About Using an Appraisal To Appeal Your Property Tax

Introduction

property taxes are often a big portion of homeowners' expenses. Looking into an appraisal to appeal taxes is one way homeowners can save on them. In this article, learn everything you need to know when it comes to appraisals and appealing property taxes, including the process, what appraisers consider, and how you can prepare. From understanding the market and assessed value of your home, to finding an appraiser, we'll cover it all.

What is an appraisal used for?

An appraisal is an independent estimate of a property’s amount or value. It is commonly used to determine the market price of a property or to estimate its value for tax assessment purposes. Appraisals are also used for estate planning and insurance needs, to establish a sales price when transferring the title of a property, or to establish the amount of a loan for a mortgage. In some cases, appraisals are ordered when parties disagree on the suggested value of a property in a dispute or negotiation. Professional appraisers are certified to assess the value of properties, including their land and any improvements to the land such as buildings, fences, or other fixtures. The appraiser inspects the property and gathers data, such as information on the property’s age, condition, and construction materials. This information is used to calculate the estimated value of the property.

What are the benefits of appealing your property taxes?

Appealing your property taxes can have multiple benefits. Firstly, appealing your property taxes can result in a lower tax burden for you. An expert appraisal can provide an accurate assessment of the value of your property, which can help you get a more fair and equitable assessment of your tax liability. Additionally, appealing your property taxes can help you remain compliant with local and state regulations. Often times, local and state regulations can change without notice, and an appraisal helps to ensure that you are not paying more than your fair share of taxes. Finally, appealing your property taxes can also help you to get a greater return on investment since you will be paying less in taxes each year. That means you can keep more of your earnings, or use them to invest and gain a higher return.

What is the property tax appeal process?

The property tax appeal process is the process of contesting the amount of property tax that a property owner is required to pay. This is done by filing an appeal with the tax assessor’s office in the region where the property is located. The appeal must include evidence to support the claim that the assessed value of the property is too high. This is where an appraisal comes in. An appraisal provides an independent, third-party opinion of value that can be used to support a property tax appeal. Before filing the appeal, it’s important to research the local property tax laws and guidelines, including the filing and appeals deadlines, and to determine which type of appraisal will best support your argument. Once the tax assessor has reviewed the appeal and the evidence submitted, the assessed value of the property may be adjusted down.

How do I find an appraiser to help with my tax appeal?

When you are looking for an appraiser to assist with a property tax appeal, it is important to do your research. Start by asking for recommendations from friends or family who have used an appraiser in the past. You should also check with local municipalities or government websites to find appraisers in your area that are registered and licensed. In addition to the recommendations and local resources, take advantage of online resources. There are websites dedicated to helping you find and compare appraisers, such as AppraisalQuality.com. This website provides reviews and ratings of appraisers by their clients. It is also helpful to read through appraiser profiles to understand their qualifications, experience, and credentials. Once you have identified a few appraisers, contact them to discuss how they can help in your property tax appeal. Ask for their experience with appeals and ask to view sample reports to get a better understanding of the type of services they provide. Finally, be sure to check their fees and get a written estimate of all the services and costs associated with the appraisal.

How long does it take for an appraisal to be completed?

An appraisal can typically be completed within a few weeks. However, the exact time frame will depend on the property size, complexity of the property appraisal, and the appraiser's workload. If the property is located in a remote area, it may also take longer. The complexity of the job can also impact the timeline, as some appraisals can be fairly straightforward and others may require more research and a greater investment of time on the part of the appraiser. Overall, it's best to discuss the timeline of your specific appraisal job with your appraiser directly. This will help ensure that you have a realistic idea of how long the job will take, and that your appraiser knows exactly what you need in order to meet your timeline.

What exactly does an appraiser consider when appraising a property?

A professional appraiser considers a number of factors when appraising a property. The most important considerations are location, condition, size, age and amenities. The appraiser will look at the location of the property and compare it to similar properties in the area. They’ll note the condition of the property, any upgrades or improvements, the size of the property, the age of the building and any amenities. Additionally, they may consider whether there are any existing liens or special assessments on the property. In addition to the physical elements of a property, appraisers will also consider market conditions such as recent sales in the neighborhood, current demand in the area, and the overall condition of the real estate market. All of these considerations are taken into account to reach an accurate appraisal of the value of the property.

What documents do I need to provide to the appraiser?

When you provide documents to your appraiser to complete your appeal, you should include copies of the tax bill that you were assessed for the property, in addition to any supporting documents that show any new information about the property that differs from the assessment records. This can include deed documents, remodeling permits, professional and/or home inspection reports, real estate sales contracts, and any other evidence that supports your value claim. Also, it is important to provide to the appraiser any documentation that you previously submitted to the municipality or the Board of Equalization. This will help the appraiser to understand the basis of your values and make sure that the assessment reflects any valid changes.

What is the difference between a market value and an assessed value of a home?

When it comes to understanding appraisals, one of the most important terms to understand is the difference between a market value and an assessed value of a home. Market value is the estimated price for which a home would sell in the open market. It is determined by factors such as the location, condition, and features of the property. This is the actual amount of money that can be expected from a sale if the price was set to fair market value. Assessed value is the dollar amount used to calculate the amount of property taxes a homeowner is required to pay. The assessed value is typically determined by the local government and is often lower than the market value. It is also not necessarily reflective of the actual market value of the home. This means that a homeowner may be able to appeal their property taxes if the assessed value is determined to be too high.

How can I prepare for the appraisal process?

Preparing for an appraisal process can be an overwhelming process. To make the process easier, there are several steps you can take to ensure you get the best value possible. First, you should have all of the relevant documents and information prepared and organized before the appraiser arrives. All purchase documents, contracts, leases, and other relevant information should be easily accessible and organized. Second, make sure the property is in tip-top condition before the appraiser arrives. This includes minor repairs, landscape maintenance, and general clutter removal. Third, make sure you have all the forms you need to sign ready for the appraiser, including any consent forms or contracts. Finally, be prepared to answer questions about your property asked by the appraiser. The appraiser will want to know about any improvements or renovations you may have done to your property, as well as the functional condition and market appeal of the property. By following these steps, you can ensure a smoother appraisal process that will yield the best possible results.

How does my appraisal affect my property tax bills?

The value of your property is the major factor in how much you pay in property taxes. A professional appraisal will establish the current market value of your home. This value is used to calculate your property tax bill. When the appraisal is conducted, the assessor's office will use the appraised value to determine your tax rate. If the value is found to be too high, you may be able to pay a lower property tax bill by appealing the assessment and having your home reappraised. An appraisal you had conducted can provide evidence of the true market value of your home, and could help reduce your tax bill.

Conclusion

A property tax appeal appraisal from AppraiseItNow can be the difference between saving thousands and paying full taxes. With our team of experienced, certified appraisers, you won’t have to worry about a thing. We’ll help you every step of the way in the tax appeal process, from the initial application to submitting the appraisal paperwork. Get in touch with us today to get started saving on your next property tax bill.