Property Taxes And Their Appeals
Homeowners are looking more strongly at their property tax assessment
. After all, a property tax assessment is particularly an point of view of value that should be double checked by you. By disputing into the tax assessment process, you will make the tax assessors more accountable and the entire procedure will become fairer.
Contrary to popular belief, tax assessors almost never make an assessment on a house. That job is bid out on a bid basis to professional area blanket appraiser businesses who determine market value for the houses in a given neighborhood and come up with a valuation.
The appraising party has to make a profit on their per house bid amount and have to allocate a portion amount of their time per valuation. They cover neighborhoods and make their valuations rather quickly because of money and time restraints. Misjudgments often occur. Consumer Reports says the error rate equals 40%.
It would be nice if valuation where presented in an obvious format. It is not. To add to the puzzle, the market value of a house is divide by a sales ratio and that number is given as the assessment. All understanding of property assessments depends on the sales ratio. Different areas use different names. This can be called, contingent on on the jurisdiction, assessment level, director's ratio, the average ratio, the common level of 100% of true value, RAR (residential assessment ratio) or the equalization rate (which may not always be equivalent to the sales ratio).
NOTE THIS FORMULA: The market cost of a property = the "assessed value" that the county tax assessor came up with DIVIDED by the sales ratio. That looks like smoke and mirrors to a lot of folk.
Many people get fooled by this price method and don't know what the actual score is. The reality of what the value that the assessor places on their home does not register correctly.
For instance, if the sales ratio for an area is pegged at 50%, a $500,000 dollar home should be assessed at $250,000. So, if the homeowner sees that their home is assessed at $400,000 he/she might be thinking they are getting a outstanding deal, but in reality they are getting bilked.
by: Craig Brown.
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