Buying a Home
Know Your Property Assessment
With local governments looking to raise property taxes to make up budget shortfalls, it’s more important than ever to make sure you’re not paying more than you need to based on your property’s true assessed value. The continued downward pressure on home prices is all the more reason to check your home’s assessed value especially if there hasn’t been any recent downward adjustment in assessed value.
- Check your assessment for accuracy. It’s not uncommon for property assessors to make mistakes on property descriptions.
- Check your property information. You can usually go online to see how your home’s value is calculated. Double-check that the square footage and the number of garage units is correct.
- Do your own comp. Much of the assessment is based on correlating properties in your area. Look at homes of similar size and features to see how your taxes compare.
- Compare property assessment to market conditions. If your home price has dropped significantly, look to see how property values have been adjusted by the assessor.
- Fight the assessment. Assessment appeals are fairly common, especially in areas of declining home values, and a good number of them are successful.