Business Q&A

Question:
Our home was assessed for tax purposes at 30K more than we purchased it for - should we fight it? The assessment is based upon home prices from Oct 04-Oct 05. We purchased the home in Aug 05.

Answer:
Depends upon what state you live in. Some states use your purchase price as the assessed valuation for taxes until it is sold next time. Other states have come up with their own valuation for taxes. Generally, all states have a law that says that property should be valued at the fair market value (FMV) for tax assessment purposes. In my area recently with the huge run up in values, the FMV assessments for taxes has been running behind actual 'street values' by up to 50%. Assessment values have historically ran behind street values except in a couple of cases when real estate prices fell in the late 70s and early 80s.

Check out some other recent property sales and see if the same pattern appears (higher valuation than sale price). If not, you may have gotten a smoking deal on the house, but I would still consider contesting the value. Be prepared to compare your home to other like sales and point out its deficiencies. Contact your local tax assessor/collector office to inquire about how to contest the value. Usually, there is a 'board of adjustment' or something similar that you appeal your valuation to. You can also contact the office and get all of the details about how they valued your house - what comparables they used, the assessment methodology, etc. Many times they are using a mass appraisal system which is far from exacting - where they scoop up all properties that meet a certain set of criteria and arbitrarily adjust them all at once the same way. Sometimes they will make errors in lot size, square footage, # of bathrooms that could affect your assessed value. If it was an error if this type, these are generally administratively fixed and don't require an appeal. Most states also have a window of appeal, that you must appeal with a certain number of days of getting your valuation notice.

Also, make sure that you keep your property taxes current through this entire process. Even though you may be appealing the value, penalties and interest can still acrue on your outstanding taxes if delinquent. Some states have requirements that if you want to appeal your valuation, you have to 'pay under protest' when you pay your taxes. There may be a requirement that your provide a written statement of protest outlining why you think your value is unfair. If you don't do it, you may lose your right to appeal later. Check your state's property tax laws.

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