Many people do, mainly because determining value can often be tricky. This is especially true in a changing market when local prices either take off dramatically or plunge precipitously, like during the Texas oil bust of the 1980s.While it is up to a professional assessor to evaluate property value for tax purposes, property owners are usually allowed to contest their assessment until a certain date after they are made public.
Once you contest, you will have to prove why you think your property is worth less – few homeowners contest hoping to pay more taxes! The two most popular ways for determining value are an appraisal and a comparative market analysis. With an appraisal, a professional estimates the property’s market value based on recent sales of comparable properties. A comparative market analysis is an informal estimate of market value performed by a REALTOR based on similar sales and property attributes. Most agents will offer free analyses to win your business.Contact your local tax assessor’s office for procedures on appealing your property tax assessment
Posted in: FAQs for Buyers