Property Tax Primer: Is Your Assessment Correct?
By John Voket
There are millions of articles out there on the best ways to prepare your home for sale. But what about preparing to stay, and dealing with a reassessment or revaluation that may be inaccurately boosting your local property taxes?
For some answers, I turned to Vision Government Solutions, a supplier of land management software technology and services to local government organizations, enabling efficient assessment, billing, collections, mapping, and permitting.
According to Vision, the following four questions and accompanying information can help you to decide if your assessment is correct.
The first thing that you should do is ask yourself if you could sell the property for approximately that amount.
2) Do assessment officials have the correct information on my property?
You can review the information that the assessing department has collected on your property to make sure the data is accurate either online, or at your local assessor's office. While reviewing your property, make sure that all measurements on the sketch are accurate. Note that all measurements are taken from the exterior. You should also check the land size and interior data to ensure accuracy.
3) How much are similar properties in my neighborhood selling for?
If your city or town has property information available on the Internet, you can do a sales search by going to the appropriate website. Make sure that you choose recent sales that are similar to your own property. For instance, if you owned a 2,000 square foot colonial that is assessed for $350,000 and has one-half acre of land, you would fill out the choices as shown below.
4) How much have similar properties in my neighborhood been assessed for?
If you do not have any recent sales activity in your local area, you can look up the assessed value of similar parcels that are located near your property. Be aware that what may appear to be a similar parcel may in fact be very different from your property.
Whether it's just a few, or hundreds of dollars in taxes saved, it often pays to confirm the agency handling your property information has the most accurate and up-to-date data.
Reprinted with permission from RISMedia. ©2015. All rights reserved.
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