Quick Tps - 2009 Property Assessments - Are they Serious?

In March we sent out an appeal message for homeowners to take action early on county property assessments. Hopefully you filed and have good news. But I am afraid for most of us this is not the case. Having just received my 2009 assessment I am confused as my home value according to the county has not changed in the last 12 months. Being in real estate and having access to sales data - I know this is not the case. Just go to www.zillow.com and plug into the local info to see general market data.

This is a challenging year for the Tax assessors office as they are under incredible pressure by homeowners who look for assessed home values to follow market values. In the past, assessed values have typically trailed market values by 10% or so. Today we are seeing the opposite as market values are now below assessment values.

Dont look for Counties to lower assessed values as most homeowners will not challenge them. I look at it this way - the county is going to take a position that may be the initial stage of negotiations and just looking to see how serious you are on challenging the assessed value.

However recent legislation is empowering homeowners with more options than before. Senate Bill 240 changes this - assessments must now be fair or a property owner can take a professional appraisal straight to an arbitrator and receive a lower, true fair market valuation. Some highlights to the legislation is the following

- The appeal must be filed within 45 days of the mailing
- Taxpayer will provide an appraisal dated with 30 days of appeal
- Board of Assessors has 30 days to review to accept - if not
- Information will go to clerk of superior court and arbitrator assigned in 15 days
- Arbitrator has 30 days to set appointment and 30 days to render decision
- **The Board of Assessors has the burden of proving value
- Whichever party loses they shall pay the cost of the arbitration

Sort of an interesting proposition above as if the county loses the arbitration we all still lose because our tax dollars continue to pay the bill. Hopefully there will not be big issues as the Assessor office is able to deal with the appeals efficiently.

As a resource to our clients we have set up some options for you to have appraisals completed by experienced appraisers who can assist you. Please contact us if we help with this.

As always we continue to work to provide the most relevant information and hopefully you can use this to save yourself money this year. Dont pass up this opportunity to save money now and beyond.