Property taxes are based on a concept called equalization. Each taxing entity (county, city, town, etc) hires or appoints one or more assessors who are charge with the task of assessing the value of each parcel in that jurisdiction. Their job is not only to fairly assess each parcel but insure that the assessed value of one property is equal to that of a similar property. In other words, you should not have to pay more taxes than your neighbor if your homes are identical.
The job of an assessor has never been easy. There are no two homes which are exactly alike. Furthermore, each jurisdiction has tens if not hundreds of thousands of parcels. These properties range from your simple ranch style home to multi-million dollar high-rise commercial buildings. Most people only think of the residential properties and not the multitude of very complex commercial and industrial property in each jurisdiction. Before we go any further it is important to understand a few terms. It is easy to confuse an appraiser with an assessor and an appraisal with an assessment. As mentioned above, the taxing entity hires an assessor to value the property in the taxing jurisdiction. Due to the sheer volume of property the assessor must uses mass valuation tools to accomplish this task. Historically, the taxing jurisdiction was split into thirds with one group being revalued each year. Therefore, you typically only saw changes every three years. Computerization and automated valuation models have allowed some areas to revalue more frequently. Regardless of the frequency, the assessor does not have the ability to individually appraise your property. An appraiser is one who conducts an independent valuation of your home. The appraisal is based on a personal interior and exterior inspection of the property including a physical measurement of the improvements. The appraiser then selects the most recent similar sales, makes appropriate adjustments and arrives at an estimate of market value.
It would be impossible for the assessor(s) to visit every property, even over a three year time span, and conduct a detailed appraisal. A typical jurisdiction with four assessors would take over 40 years to appraise every parcel once. Instead, they must rely on the data on the property in their system in order to formulate their evaluation. Again, their goal is not necessarily to pin point the value of each property but to make sure each property is equally assessed. Compound this massive workload with a tenfold increase in property tax appeals and it is a wonder they can get anything done.
You as the owner of the property have the right to challenge the assessment of your property. You are allowed to supply data and comparable sales to support your claim. Most assessors are or where licensed appraisers and are very knowledgeable about the appraisal process. During the appeal process it is important that you communicate with the assessor on a professional level. Supplying them with subjective data or hearsay information will not only get you nowhere but will destroy your credibility.
The Property Tax Consultants at Appraisal Link have been working with assessors for over 25 years. They know exacted what information to include in the property tax appeal and exactly how to present it. With a team of top class appraisers from our parent company, D. S. Murphy & Associates, they are ready to work with you on any level. Whether you just want general guidance from our Do-It-Yourself kit, assistance with comparable data or our Ultimate Platinum package which includes a full appraisal and professional representation and arbitration with the assessor and/or board of equalization, we are there for you!
Our goal is to save you money. So whether you choose to Do It Yourself or engage our Property Tax Consultants to fight for you – we are on your side.