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Has anyone disputed their tax valuation? I think I am going to do so. What's the easiest way to get the ball rolling for those who have done it?
Thanks!
Has anyone disputed their tax valuation? I think I am going to do so. What's the easiest way to get the ball rolling for those who have done it?
Thanks!
The Wake.gov Revenue Dept's website is helpful.
And when I called in, I spoke with a very helpful woman who basically told me what the paperwork says.
My neighborhood appears to be about 10% over-assessed. Two neighbors have already filed. I am going to do mine and the next door neighbors' market studies to help set a price.
Next door re-financed this year, and that appraisal will carry some weight.
I re-fi'ed two years ago, and believe that I can take that appraisal and plug in some appreciation and come up with one number.
I can also do current/recent sales data from the neighborhood, $$$/SF, and calc it that way. If you bought with a Realtor, they should be willing to come up with a current fair market value for you,a nd support it.
I will figure it a couple of ways, come up with a reasonable number, and send my calcs to the Revenue folks with a friendly cover letter.
Hey, if I can get a 10% adjustment, it will pay for one year's taxes in 10 years. Why not give it a go?
You have to give reasons like an appraisal, show recent sales in the area, etc. The more you can document and show figures to support it the more likely it will get approved. If you just say "I want to pay less" becuase 1-2 homes are listed for lower it is unlikely to get much attention. Good luck!
Has anyone disputed their tax valuation? I think I am going to do so. What's the easiest way to get the ball rolling for those who have done it?
Thanks!
I have filed 3 appeals in my day and been successful in all 3. Why? Because the properties were truly over-valued and I took a day of my time and about $500 of money for an inspection to prove it. I then laid out a well formatted, documented presentation. In all 3 cases, I got the amount I suggested the property was worth. I had done my homework, did not demand a huge discount, was professional, polite and on point. I do not challenge a tax evaluation unless I think it to be unfair, but lets face it folks, all they are taxing you on is a best guess scenario.
You have to give reasons like an appraisal, show recent sales in the area, etc. The more you can document and show figures to support it the more likely it will get approved. If you just say "I want to pay less" becuase 1-2 homes are listed for lower it is unlikely to get much attention. Good luck!
This is not so.
The January 1 date is a request, but the actual deadline is a couple of months away.
Information gleaned from a call to the Recorder's Office.
Well, having said that, I looked further, and see this: http://www.wakegov.com/NR/rdonlyres/...assessment.pdf
"How can I determine if the appraisal is accurate?
Consider the value in relation to your neighborhood.
Does the appraised value appear to be close to the price you would consider reasonable if you were to list your
property for sale? If so, the appraisal is correct.
What if I believe the appraisal is incorrect?
All property owners have the right to appeal the
appraised valuation. The most effective way is to use
the appeal form we have included with your notice
This form must be returned to us by January 1, 2008,
to be considered for an appeal."
It's worth the phone call:
"For questions regarding real estate values or the revaluation process, please call 919-856-6001."
I called regarding the plight of folks who buy a home at or around the January 1 deadline, and was tols the deadline was flexible.
Last edited by MikeJaquish; 12-27-2007 at 04:31 AM..
Mike - good comment, the best policy is to call and ask them directly.
When I spoke with them a month ago for a client they said January 1st was a cutoff for people who got the notices back 2-3 months ago. Of course I am sure there is an exception for people who just bought.... and you can always complain if values decrease sharply as people in CA and FL are now doing.
I emailed a contact I have spoken to before, and they confirmed they will take appeals after 1/1.... but he also said to please get it in by then or ASAP if possible. They are monitoring the workload (I am sure they have extra staff right now for this) so they can give it a proper review.
Ok, so here's where I feel that my college degree is getting rusty.....! My question is do you need to appeal if your evaluation came in less (say $25,000) than you paid for your home purchased 6 months ago? If we're not planning to list anytime soon do we just relax and accept a smaller tax bill as a good thing? Or do we worry because the home is undervalued?
Ok, so here's where I feel that my college degree is getting rusty.....! My question is do you need to appeal if your evaluation came in less (say $25,000) than you paid for your home purchased 6 months ago? If we're not planning to list anytime soon do we just relax and accept a smaller tax bill as a good thing? Or do we worry because the home is undervalued?
It is not just a good thing--it's a great thing. Less taxes. I wouldn't care so much if I were in your situation. The Realtors on this board have repeatedly said that the tax value has very little to do with the actual value of the home when you go to sell it.
I wish I were in that boat. My tax value went up 57% since last valuation and is 40% more than the amount I purchased my home for 2 years ago.
It is not just a good thing--it's a great thing. Less taxes. I wouldn't care so much if I were in your situation. The Realtors on this board have repeatedly said that the tax value has very little to do with the actual value of the home when you go to sell it.
I wish I were in that boat. My tax value went up 57% since last valuation and is 40% more than the amount I purchased my home for 2 years ago.
Thanks for the input and you're right I shouldn't worry too much. I guess having come from IL where our taxes went up every year I felt a little unsure what it all meant in the long run. Still better than the $10,000/year we use to pay....
While paying the higher tax rate isn't a good thing, overall isn't still in your best interest to have an increase in your property value? Or is the evaluation it way off base?
Last edited by rkburk; 12-28-2007 at 04:10 PM..
Reason: typo
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