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Answers (7)
- Matthew Jorgensen, "Matt PIP"
- Contributions:40
I agree with what others have said, I wouldn't protest your assessor's valuation of your home, it will only raise your taxes. If you have a particular buyer that is using the county valuation as leverage, I would suggest you or your Realtor pulling recent comparable properties as well as an independent appraisal. Both of these simple tasks will give you a much better idea of what your home is worth than the county assessor.
- Johnny James, "Palmdale Mortgage"
- Contributions:406
assessed value and market value are two totally different things.
- Ninah Hunter, "Ninah_Hunter"
- Contributions:52
A county assessor uses a completely different, complicated formula for determining value for the sole purpose of setting the amount of property taxes you have to pay. And it is based on information as of a date 6 months to 2 years prior to the current date. Because the last valuation period (7/06-6/08) in my county included a period of time when the market was much stronger, most property owners are complaining the Assessor has valued their properties too high (which is true compared to current market conditions).
The real value is more dependent on market factors, e.g., recent comparable sales, active listings (competition), a much closer comparison of features, condition, location, and even motivations of seller and buyer, etc. Real estate brokers may consider the Assessor's valuation just for a point of reference or curiosity, but certainly do not rely on that value, or any information in the Assessor property records, for that matter. Appraisers do not factor in the Assessor's valuation, either. So, don't worry that the Assessor's valuation will have any effect on the real value of your house. Just be glad you aren't paying more in property taxes.
The real value is more dependent on market factors, e.g., recent comparable sales, active listings (competition), a much closer comparison of features, condition, location, and even motivations of seller and buyer, etc. Real estate brokers may consider the Assessor's valuation just for a point of reference or curiosity, but certainly do not rely on that value, or any information in the Assessor property records, for that matter. Appraisers do not factor in the Assessor's valuation, either. So, don't worry that the Assessor's valuation will have any effect on the real value of your house. Just be glad you aren't paying more in property taxes.
- Homes And People
- Contributions:116
My answer is No do not do it, your taxes will increase. However if you inssist on doing it, it is a very easy and simple process. Denver county on their web site has a form you can use to challenge the home value. One of the questions on the form requires comps from previous sales. You can contact an appraiser or a Realtor for the exact comps.
- real estate mike
- Contributions:2001
A winning protest of tax assessors value is when the home owner(you) get them to LOWER your value. There are many studies and much research into how one can increase their properties market value which is ok as long as it still functions correctly for you. Different areas have different optimal ways to spend money to increase market value. I would imagine in Denver that could include heated floors. If you have in your opinion a low tax assessors value then good for you!
- Alisa Hagner, "AlisaDenver"
- Contributions:381
I agree.
The Assessed value has everything to do with your property tax (property assessment x mill levy = property tax) and nothing to do with Fair Market Value.
Assessments come in May of odd years and the mill levy comes out in December for that year's tax - taxes are paid in arrears.
You get to keep this valuation for two years.
The Assessed value has everything to do with your property tax (property assessment x mill levy = property tax) and nothing to do with Fair Market Value.
Assessments come in May of odd years and the mill levy comes out in December for that year's tax - taxes are paid in arrears.
You get to keep this valuation for two years.
- HomeSand.net, "White Picture"
- Contributions:4398
If i were you, i don't want to do that, higher valuation result will higher property tax., when you sell or buy the property, the value is not come from county tax assessor value, but from the appraisal.
Tax Assessors Value too low - Should we protest? How
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