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RESIDENTIAL ~ How Are They Assessed:

Residential properties are assessed using a mass appraisal technique. This technique is designed to consider the average sale price of similar homes in your vicinity and in a general way that value is applied to your home.

The mass appraisal system uses many factors that may or may not apply to your particular property. These factors sometimes are not site specific to your area or your property. Therefore, when the equation is applied the market value of your property may be inaccurate up to as high as 25-30%.

Assessors used to make specific allowances due to location, proximity to nuisances, overbuilt construction, functional obsolete designs and physical conditions. These allowances are supposed to be built into their mass appraisal model. However, if your particular area does not have sufficient sales to suggest these allowances and if the assessor does not have sufficient information recorded about your area or property, the allowances will not be considered on your property. Therefore, it is these areas that one has to consider and determine if the current value assessment on your property is accurate.

Residential property owners in most cases need assistance to determine what negative factors should be considered in the assessment valuation. Once these have been determined and assigned a negative factor or dollar value, then the residential property owner stands a excellent chance of getting their property assessment valuation reduced, thus lowering their annual tax bill.

My service will help you discover these factors and with sufficient work on the property owner's part, they can be successful in appealing their assessment. As a property owner, you must determine what it is worth to have your property taxes reduced. Sometimes it is worthwhile to hire a property tax consultant to represent you at these assessment hearings. However, for a very modest fee generally the residential property owners can do it themselves.

One other area where the residential property owner could benefit from hiring a consultant would be on an area wide basis where it is determined that the entire subdivision/town/village is over-assessed. Large water front areas are sometimes valued based on very little information and thus need special attention.

If you find yourself in any of the above situations call 519 351-5405 for further assistance.

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