County Assessor Tax Appeal — Change in Value
An individual might need a real estate property tax appeal appraisal:
Overvaluation: If the property's assessed value is believed to be higher than its actual market value, resulting in higher property taxes.
Property Changes: If there have been significant changes to the property (e.g., damage, renovations, or market conditions) that the tax assessor did not consider.
Comparative Analysis: To provide evidence that similar properties in the area are assessed at lower values, supporting a claim that the property is over-assessed.
Correction of Errors: To correct factual errors in the property assessment, such as incorrect square footage, lot size, or property classification.
Economic Factors: To reflect economic downturns or changes in the local real estate market that have reduced property values.
Inequitable Assessments: To address perceived inequities where the property is assessed at a higher value compared to similar properties in the neighborhood.
Income Producing Properties: To account for changes in rental income or occupancy rates that affect the property's market value.
Newly Purchased Property: If the purchase price of the property is significantly lower than the assessed value, suggesting the assessment is too high.
Recent Comparable Sales: To present recent sales data of comparable properties that indicate a lower market value than the assessed value.
10. Property Condition: To reflect the actual condition of the property if it has deteriorated or has issues that the assessor did not consider.
These reasons necessitate a professional appraisal to provide accurate, evidence-based support for a tax appeal, potentially leading to a reduction in property taxes.
