It’s important to check our yearly tax bill and determine what new assessments, if any, have been made and why? In some areas, homes values are reassessed yearly, but not necessary correctly. They are done by using recent sale comparables or even aerial shots to see if your home may have additional improvements such as a pool or deck. So many times many details are ignored or go unseen. It’s not fair that my house gets assessed at the same price of my neighbors when they have a completely remodeled kitchen and a finished basement and I have an original kitchen and an unfinished basement. Furthermore, I’ve seen time and time again, with new construction especially, the assessor has the incorrect information of the home. I had a client that was paying taxes on a 3,500 sq ft home with 4 bathrooms, when her home was only 2,500 sq ft with 2.5 bathrooms. Talk about oversight!
It’s really up to us as home owners and tax payers to monitor and even challenge the value in our home if we feel the assessor’s office is incorrect. That said, here are things we can do to1. Check your assessment when it first arrives as you typically only have 30 days to challenge it.
2. If you feel the value is incorrect, call the assessor’s office to ensure they have correct information of your home. (i.e. square feet, bedrooms, bathrooms, updates)
3. If they have the correct data, but you still feel they’ve over valued the home and are not giving any weight to this slug economy, you can submit comparables which can be prepare by a local realtor. You may even consider hiring a professional appraiser in your area. www.appraisalinstitute.org
For more questions, concerns, or a FREE comparable market analysis of your home, don’t hesitate to give me a call.
Nidia Nursitani (408) 836-2457
