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PROPERTY TAX VALUATIONS AND HOW THEY AFFECT YOUR TAXES

Usually each year in March, homeowners start receiving annual Property Tax Valuations. These are notices from the County Assessor that inform homeowners how much property tax is owed for each house or piece of real estate. This will be based on the assessed value of the property from last year. Typically, Property Tax Valuations are 18 months behind the current property values. While we know the property valuation notices may reflect some DIFFERENCE in the current value of your real estate, you need to consider whether or not you want to appeal the Property Tax Valuation you will receive. Sometimes the valuation notice will be lower than your property’s current value and sometimes it may be higher. Remember, appealing your valuation notice could either increase or decrease what taxes you owe on your real estate.

To fully understand your property taxes, there are some points to understand. The Full Cash Value (FCV) should reflect current market value. Your Limited Property Value (LPV) is the figure that will likely change on your new Valuation Notice. This number is what is used to assess taxes for school districts, cities, community colleges, and counties. It’s important to appeal sooner, rather than later. Each homeowner has 60 days from the notice date to appeal the property valuation either online or by mail. If you don’t think you can sell your home for the Full Cash Value listed, consider appealing. If there is something wrong with the information the County Assessor used to value your home, such as square footage, consider appealing. If you believe bad comparisons or sales of comparable homes (“comps”) have been used to assess the value of your home, consider appealing. Here are some points to remember:

 Property Tax Assessments come out in March

 Property Tax Valuations are usually 18 months behind the actual market valuations

 Appealing your valuation may increase or decrease the taxes you owe

 Consider appealing your assessment if:

o Full Cash Value (market value) is wrong

o Sales of comparable homes are wrong for your neighborhood

o Remember, when appealing, you are arguing that the assessment is wrong, not arguing that the value of the property is wrong

Don’t delay! Schedule an appointment with our office today to find out how to maximize tax saving opportunities. We can be reached at (602) 264-9331.

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