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Looking for any information on this, I'm pretty green on how to go about this. Last thing I want to do is cause my taxes to go up. I have noticed houses near me are assessed lower.
So, how do I find out what the assessed value calculates to? What is the best way to build a case -comps based on Market Value, or assessed value, or lot size, or recent sales? Is it a formal process or does it vary by town?
Looking for any information on this, I'm pretty green on how to go about this. Last thing I want to do is cause my taxes to go up. I have noticed houses near me are assessed lower.
So, how do I find out what the assessed value calculates to? What is the best way to build a case -comps based on Market Value, or assessed value, or lot size, or recent sales? Is it a formal process or does it vary by town?
Thanks in advance..
I did my tax appeal myself, but it was easier for me than for some others because I'm in a condo; therefore, I had exact comparables. Saved me a few hundred dollars a year.
It's not a matter of what anyone thinks is the best way to build a case, it's a matter of what is required to present your case. In Monmouth County, it was submitting three to five comparable sales that had taken place within the last year or previous year, I forget which. Start by going to your county website and searching on "tax appeal". (Or use Google and use "tax appeal" as an exact phrase and the name of your county in the other words or vice versa.)
In Monmouth County, tax appeals have to be submitted each year by May 1st--I don't know if that's statewide or just my county. I was able to upload everything--my info, comparables--online. There was a fee of $25 to file.
I didn't have a lawyer, but depending upon the value of your home and the complication of your appeal you might want one. When I went to the tax appeal hearings at the courthouse, it was interesting to see how it was done. Mine was a piece of cake, because I have a $175K condo that had been assessed at $196K previously. They actually approved mine electronically in advance of the hearing, but because my township's computer wasn't working properly, the municipal attorney hadn't been able to electronically sign it and I didn't know it was approved so I showed up for the hearing. I'm glad, though, because I got to watch the process with others.
Apparently your worst mistake is to assume that the county commissioners aren't going to thoroughly check out your claim. One woman (who had a lawyer with her) was trying to get her $890K home reassessed at $670K. The commissioner kept coming back at her by knocking down some of her comps; e.g., "Your house has a full finished basement and the house you are using as a comp as no basement at all." In other words, do your homework before your hearing, because the county most certainly will.
In the end, they don't make a decision right then and there anyway--they tell everyone that they will hear back within six weeks.
I don't know how it works with a lawyer's fee--as someone else said, maybe they don't charge if you don't win. But with a $25 filing fee, if you really think you are assessed higher than the comps in your area, I'd say it's worth a shot to try.
How would you find information like the fact that surrounding homes had finshed basements or not? I am going by zillow which has sq.footage, tax assessment and not much more. We are assessed significantly higher than surrounding homes, even a home which is much larger (land and house). We have done no work to our house (other than touch ups like paint, repairs) since purchase years ago. I think I might have a case. Plus one house that recently sold (the one that is bigger than ours) had to drop their price 50% to do so. The only thing is if you convert assessed value to MV (based on town's ratio which I found online) it is reasonable as in not way above market. But when I compare our assessed value to surrounding homes (only 3-4 in immediate area) we are not in line.
I was hoping to avoid hearing and lawyers, but I'll call the town and dig around. Thanks!
How would you find information like the fact that surrounding homes had finshed basements or not? I am going by zillow which has sq.footage, tax assessment and not much more. We are assessed significantly higher than surrounding homes, even a home which is much larger (land and house). We have done no work to our house (other than touch ups like paint, repairs) since purchase years ago. I think I might have a case. Plus one house that recently sold (the one that is bigger than ours) had to drop their price 50% to do so. The only thing is if you convert assessed value to MV (based on town's ratio which I found online) it is reasonable as in not way above market. But when I compare our assessed value to surrounding homes (only 3-4 in immediate area) we are not in line.
I was hoping to avoid hearing and lawyers, but I'll call the town and dig around. Thanks!
I don't know the answer to that (how you find out about things like basements). Unless you sneak around their house in the dead of night when they are away and peer in windows.
I did this successfully in Bergen County. You missed this years deadline which was April or May.
A realtor is your best friend in this because you'll need comps. They will be able to tell you if that house has a finished basement because they can look at listing pictures, same as the tax assessor probably.
All in all it is not different than going to fight a traffic ticket in the sense that you meet with the tax assessor, he goes over your paperwork says you claim is for too much, I will offer you this much, take it or get ready for the actual court hearing. I took the deal as my comps were a serious stretch just like Mightyqueens 860k scenario.
Thanks! Makes sense on realtor re: basements etc. And I like the idea of meeting up with assessor and being given your options before having to go to the hearing. Too bad on missing the deadline, but guess April isn't that far after years and years.
Only thing I'm nervous about (hopefully irrationally) is that they'll meet with me and say, wait a minute we haven't reassessed you in a long time, so taxes are going up now, thanks for reminding us! lol.
Good for all of you who successfully got it lowered..I had always thought you couldn't fight these things.
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