Article Advise

submitted: Aug 16th 2008 | by: GeorgeEvers | Total views: 1 | Word Count: 406 | |

Blanket assessments are made in a community to re-assess the property tax. Little time is allowed for this approximation of value and inaccuracies often creep in. It's not unusual that a multiplier factor is used to adjust property values.

Ask yourself: if you were an appraisal company bidding on a municipal revaluation contract and your winning bid had only a $40 margin allocated for every home you needed to appraise, how much time would you spend on each property? Being a businessman, you would want to make a profit, so you have to cut out the time spent on each property. Compound that by a hired hand that may have little experience and you could have a hit and miss mess as a result.

What we are saying is that errors abound in the blanket real estate tax appraisal of properties. If the blanket appraisal company or town uses multipliers, there is no way that you can take those bad initial assessment numbers and turn them into accurate numbers by multiplying them by another figure.

If town internal structures spoke and cooperated closely, blanket assessments would not be necessary. Building inspectors would pass on their information from individual renovations and additions to the tax assessors. New built home market values can likewise be converted to reflect accurate values for the town?s homes and properties.

The department of the tax assessor is usually small and little time is available for the assessor. Rarely do they appraise a home personally. The tax assessor job is often a politically appointed position. Tax assessors do not take the time and are not generally trained to do a complete market appraisal of a home. Often they use a completely different method (cost method) of appraising a home.

Selling prices of homes are constantly changing. When appealing your property taxes, only market value holds weight. Your home must equal the current selling price of other comparable home in your area.

Blanket reassessments of homes are very expensive for a town; the cost is directly passed directly to the budget causing extra tax rate increases. Timely blanket reassessments are a rip off to the taxpayer and a waste of valuable time for all involved.

Blanket reassessments are opportunities for appeal because of the high error rate. Homeowners need to do a simple analysis to determine if their home's market value is in line with the assessed value assigned to their home.

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By you employing the best comparables and adjustment figures, you mark the real areas for real estate tax appeal that maximize your property tax reduction

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