Tax Assessment Appeals

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Have You Filed For A Tax Assessment Appeal? Learn More About Tax Assessment Appeals

Matters relating to taxes can become painful quite easily. Since tax obligations are one of the biggest responsibility on a homeowner’s shoulder, there is no way to escape it- other than fulfilling it. Even though most people rely on the government and its many agencies to determine the taxable amount that is due from their incomes; keeping a watchful eye on these percentages is always a good idea.

How Much Tax Are You Really Paying?

Tax on real estate is always calculated as a percentage of its value. This means that the tax you have been paying for the last 40 years cannot be the same due to the change in property valuations in the recent years. For instance, let’s say you paid an ‘x’ amount of tax till 2007 when the price of real estate was somewhat stable.

Since then, due to the notorious financial crunch and the gradual downturn in the economy, house prices have gone down significantly from their peak. But did the tax assessment keep up with falling prices? Many times the answer is a big no. Those who have never thought about this particular scenario; or of a tax assessment appeal- cringe at the thought of paying needlessly high taxes!

Filing For Tax Assessment Appeals

If you fail to convince taxing bodies that your real estate assessment is priced too high, there is more you can do.

If you want to determine whether the tax assessment you are paying at present are even representative of the value of your home; you can contact the Atlantic Appraisal Group for highly a experienced and professional consultation. Here are the steps that will be followed:

  1. Submit the necessary documents required for an independent appraisal of the value of your house/property. These documents will give the necessary figures needed by appraisers.
  2. Our appraisers conduct research, a thorough survey of the real estate market and the neighborhood in which the property is located. All research is then complied and assessed for conclusions and correlations.
  3. Next, a report is put together that explains the purpose of the appraisal, the factors considered and the results. The resulting value of your home may be higher, lower or similar to the value you have with you.
  4. If your suspicions are correct, i.e. the value of the house is much lower than assessed value, you will be eligible to file for a tax assessment appeal.
  5. Together with your attorney, the appeal process can be worked out.

Remember, since the assessment and appraisal report is the biggest proof that the value of your house has decreased, and hence, the tax assessment should be revised, it is imperative that you hire the best appraising company. Appraisers whom you can trust with personal and sensitive information are like partners who ensure that your concerns are taken care of in the most satisfying manner.

Give us a call today with any questions you might have and also check out what others are saying about Rob Meadows and the ‘Atlantic Appraisal Group.’