arguing
lower property values due to changing market conditions.
The
“exploding” sub prime-type loans will
keep resetting and blowing up until 2013 so I’m sure there will be even more
bank owned real estate flooding the market. This means that maybe other than a
few calm places, all kinds of never before seen issues could screw up market
values in hours or minutes.
Market
value is the value most states say they rely upon for valuation for the
purposes of taxation. Again, I believe market values are going to be more
volatile than ever before in United
States
If
we have an 8.4 earthquake in Los
Angeles
My
point again is market price, market price, market price! Every state has a book
you can purchase that states its laws on real estate taxation. Usually the
State Department of Revenue or similar institution will tell you how to order
yours.
I
used to keep it to myself that I knew the state’s statutes on property taxation
until the right time, but I always knew the state’s law on property tax
valuation before I stepped foot into the assessor’s office. The paperback book
that describes the statutes or laws for property tax re-valuation is not that
expensive and the assessors usually know the laws. If you want to challenge
them, you need to know their state’s laws so call your state’s department of
revenue and ask how to get the book or go on line and search for it.
Now the Fun Part Begins
Let’s
say that you did the “I’m dumb and need
help” thing and met with the assessor to understand your property card and
how they came to your value and you believe the value to be fair. If this
happens, be grateful but I doubt the value will be fair. Once again, we have too many constantly
changing market factors that could affect everyone in this country quickly.
Even
if you think you got a fair deal, you need to pull property cards of others in
your neighborhood. It’s the same process
if you own commercial, industrial or any type of real estate.
Remember
when companies or assessors re-value counties, they do so with computer
programs. I’ve seen values double with no basis in revaluations. I had a County Assessor
I
would often build a case that wasn’t simple by looking at 15 similar properties
and try to see a trend in the valuations and would see the properties
physically. I would always find mistakes that were easy to argue in almost 100
percent of the counties and municipalities I visited.
There
are some hard-nosed, very bright assessors in big cities that are very full of
themselves and they hate taxpayers. I won’t name names, but I will say this.
Categorically, people are getting more pissed off than ever before about
property taxes and hard-nosed arrogant assessors and angry tax payers are about
to collide. I don’t want to be around when they do.
If
you take the time to analyze how 15 properties around or similar to yours are
valued, you will either say these guys did a good job or these guys are morons.
Rarely did I find that they did a fair job, either D minus or B plus or better.
If
you analyze 15 properties and their tax values, you will see some clues and you
may even find a person who helps you enlist their help to get your argument
prepared. I had it happen all the time when I was kind and gracious, especially
with people that worked in the assessor’s office but wasn’t an assessor.
written by Bradford Richdale
copyright Brad Richdale TM 2010 all rights reserved
