Sunday, April 26, 2009

Dispute your assessed value?

With the steep slide in property values many homeowners are trying to fight their assessed values with the Value Adjustments Board (VAB). 

Market values have come down, and many homeowners feel their properties shouldn’t be assessed at the levels they’re seeing. But a key point to remember is that property assessments aren’t based on today’s values; they look backward. That means tax bills for 2008 reflected property values in 2007. But 2009 assessments will be based on property values between Jan. 2, 2008, and Jan. 1, 2009.

Property owners sometimes save thousands of dollars by appealing to the Value Adjustments Board. There are quite a few cases that warrant adjustments, so it may be worth the effort.  One caveat about winning a VAB appeal: Property appraisers, relying on computer-assisted mass assessments, often jack up an assessed value again the next year after someone wins an appeal.

To find your local county office, click here.


Lower Property Taxes! said...

Prior to 2008, each year stood alone - another provision in the homestead cap. The property appraiser was and sitll is required to rely on market data to determine an assessment, and Value Adjustment Board changes were not carried forward, appropriately, unless there was an error in fact, and unless the VAB hearings were concluded and certified before the new rolls were prepared. The calendars overlap - roll preparation is in progress and sometimes completed before a appeals are over from a prior year. However, now that there is a cap on non-homesteaded properties, taking effect this year, there has to be an effect from Value Adjustment Board decisions. And the more taxpayers who file petitions, the more likely their taxes will be lowered and compounded if their appeals are successful.