No ‘double whammy’
Geoff Hauer, broker/owner of Cherry Point Properties in Denver, Colo., also says presenting data was key to his successful property tax challenge. He used the purchase of his own house during the valuation period as a data point to support his case.
“They had valued the home at $530,000. We had purchased the home during that window for $470,000 and made some improvements. I thought the value should be $480,000, and that’s where it ended up,” he says.
The process started when Hauer received a four-page document from the assessor, outlining the valuation and comparable sales on which it was based. That was followed by a flurry of email messages in which Hauer put forward his data, an assessor’s inspection of the property and a few weeks later, a second notice with the lower valuation.
Hauer expects to save $500 to $800 per year, but doesn’t yet know the exact figure because the locality hasn’t set the mill levy, or rate, that’s used to calculate the tax. Even if the levy increases, he’ll still see savings compared with what his bill would have been, he says.
“What often happens is that when valuations go down, the mill levy will go up, so their receipts are consistent. If my home was overvalued, I’d get the double whammy of the higher mill levy on that overvaluation,” he says.
Hauer says being a real estate broker, investor and appraiser makes the challenge easier, but he adds that any homeowner can fight an assessment and win if the data support a lower valuation.
Read more: How 3 Homeowners Fought Property Tax Bills | Bankrate.com http://www.bankrate.com/finance/taxes/homeowners-fought-property-tax-bills.aspx#ixzz1mYxGzXTg