Here is a timely question in Zillow Advice by a Zillow user named Coinhunter who asks from Seymour, TN:
How do you challenge the tax appraisal value of a home due to declining values?
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Challenging your tax appraisal value can be a frustrating process, but the tips provided at this link were very helpful and accurate. Thank you!
If you just purchased a house for significantly under the current tax appraised value, you may have the most success with the county assessor if you bring in a professional appraisal report. The county sets their tax values in arrears based on the county budget spent in the previous calendar year.
Check the laws in your town/county first. For example, if the difference is less than some percentage (15% in my case) the appeal is automatically thrown out.
Check local laws and sales of like homes in the last 6 months. Have an agent do a CMA or get a professional appraial report
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