I have a property for sale near my house that’s attempting a record sales price. At first, neighbors (including myself) rejoiced at the potential of such a high sale that could be a precedence for increasing our own property values. After further pondering this excitement, I’ve decided I missed one big consideration: taxes. What adjustment will the tax assessor make to our values purely on their attempted list price?
With rising property taxes, a higher assessment carries a big burden as rising property taxes have become a nationwide trend. A recent report by Realtor.com found that 40% of properties nationwide are over assessed. And assessors evaluate market conditions—including the pond supply of active homes for sale as well as sold data.
Here’s a few tips to review and appeal your assessment:
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Review the property assessor’s page for incorrect data
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Compare recent appraisal reports used for loans.
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Review area comparable sales to make sure they’re in line with your assessment.
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Keep records on renovation projects to show outdated renovation details.
Andrew, on my team, recently challenged his assessment using recent sales in the neighborhood to get his assessment reduced $60K+.
Need more help? Here’s a new tool from Realtor.com
