What Happens if You Don’t Agree With Your Property’s Assessed Value?

The process of property assessment is vital for determining the value of properties for various purposes. Conflicts can, however, occur when property owners feel that the assessed value of their asset is unfair or erroneous. This article will walk you through all of the choices to resolve conflicts and obtain a fair and accurate commercial property evaluation, from comprehending the assessment process to submitting an appeal to the Assessment Review Board and thinking through legal possibilities.

Understanding the Assessment Process

Local governments employ a methodical procedure called property assessment to figure out a property’s worth for taxation purposes. To determine a property’s assessed value, assessors take into account a number of variables, including the property’s size, location, condition, and recent sales of comparable properties.

You must thoroughly review the assessment information and comprehend the methods of value that the assessor has used. You can spot possible inconsistencies or flaws in the value by being familiar with the assessment’s criteria and data. By being aware of the assessment procedure, you can more effectively examine the fairness and correctness of your property’s assessed value and decide whether there is a good basis to dispute the valuation.

Requesting a Reassessment or Review

If you disagree with the assessed value of your property, you can ask the local assessor’s office for a reassessment or review. To start this procedure, you’ll need to file a formal request, which is usually supported by more data or proof of why you disagree with the valuation. Reassessment requests have time constraints and deadlines.

Therefore, you must submit your request as soon as possible. Supplying pertinent paperwork, such as recent sales data of comparable properties, can improve your case and raise the possibility of a favorable reassessment.

Filing an Appeal with the Assessment Review Board

You can file an appeal with the Assessment Review Board if your request for a reassessment is turned down or if you’re still unhappy with the results. The independent Assessment Review Board is in charge of hearing appeals pertaining to property assessments and rendering judgments on contested property values. You must adhere to certain guidelines and provide the necessary paperwork, together with proof and supporting data, to prove your disagreement with the assessed value in order to file an appeal. Making a strong and well-supported case in front of the Assessment Review Board is essential to contest the assessed value effectively. The board will determine the property’s value after it has reviewed the evidence and considered the assessment procedure and standards.

Hiring a Property Appraiser for an Independent Valuation

Hiring a professional property appraiser for an unbiased assessment can be a wise move if you plan to contest the assessed value of your property. An independent appraisal offers a professional and objective evaluation of the value of your property, providing a thorough study based on the state of the market, the condition of the property, and other pertinent considerations.

In order to provide you with evidence for your appeal or request for a reassessment, the appraiser will perform a comprehensive inspection of the property, collect pertinent data, and write a comprehensive appraisal report.

While there are costs associated with hiring a property appraiser, the benefits of obtaining an independent valuation can significantly outweigh the expenses. An independent commercial real estate appraiser can strengthen your case, provide clarity on your property’s value, and potentially influence the outcome of the appeal or reassessment process, leading to a more accurate and fair commercial property appraisal.

Legal Options and Litigation

Should all efforts to contest the assessed value of your property by reevaluation, examination, and third-party appraisal prove fruitless, you might want to look into your legal alternatives and potential legal action. Taking legal action entails contesting the assessed value of your property through a formal legal procedure. This usually means you must hire a property tax lawyer to defend you and argue your case in court.

Conclusion

Understanding and addressing disagreements with your property’s assessed value requires proactive action and a thorough understanding of the available options. Property owners have a number of options to contest and seek a fair assessment of the value of their property, including asking for a reassessment, filing an appeal with the Assessment Review Board, hiring a commercial real estate appraiser for an impartial valuation, and contemplating legal options and litigation.

By following these guidelines and getting expert counsel, you may guarantee a fair and accurate appraisal of commercial real estate and successfully resolve any inconsistencies in the assessed value.