Del DeVries : How To Appeal Property Tax Assessment

On an annual basis, homeowners receive a card in the mail with the latest assessed value of their home. Take a close look because the final result is what you pay the next year in property taxes. The appraisal value should represent the market value (in a normal arms length transaction). Market value and the appraisal value are based on several factors which you need to learn about the details. In the state of Tennessee this info is available from Real Estate Assessment Data http://www.assessment.state.tn.us/, with data for individual properties.

How to Appeal the appraised value of the property, i.e. How to fight property taxes? Start with:

Newly purchased? What did you pay for the property - this is a relevant market value comparison.
The most recent property appraisal (from your purchase or mortgage) is also relevant. Compare the square feet from your independent appraisal to the details on your property tax notice.
Comparable sales from the last 2 years (ask a realtor for help, they have good resources to find this info).

_2010-06-05

UPDATE 2010-06-07 - Go to the county tax assessor office and ask for a copy of your properties Real Estate Appraisal Card.

The Appraisal Card is an important document that shows the detailed calculations for square footage in your house. If you have a 2 story house there are 3 designations for square footage on the upper floor.

USF = Upper story finished (assumes that 100% of the area above the 1st floor is finished space). This isn't true if you have a great room, cathedral ceilings on the 1st floor, or areas of the 2nd floor without finished space.
USH = Upper story high (assumes that 50% of the area above the 1st floor is finished space). This adjustment may account for the issues noted in USF. BUT your real estate appraisal will show this area at the gross square footage, only on the appraisal card will you see the 50% adjustment.
USL = Upper story low (assumes that 30% of the area above the 1st floor is finished space). Similar rationale to USH above.

NOTE that the Real Estate Appraisal Card is NOT available online in the Real Estate Assessment Data. 2010-06-07

References:

(State of Tennessee) Property Assessment Fact Sheet http://www.tn.gov/comptroller/pa/paavt.htm

The Appraisal Process

    * An appraisal is an estimate of the most probable selling price of a property
    * Mass appraisal techniques are employed
    * Physical characteristics listed (dimensions, construction type, age and condition of buildings; 
      size and features of land)
    * Computer resources used as a tool to assist in the intensive analyses and calculations required
    * Assessor's experience and appraisal judgment are important

Appealing Property Taxes in Tennessee http://www.tn.gov/comptroller/sb/sbappeal.htm

A disputed assessment must usually be appealed to the county board of equalization 
or it becomes final for that year. Do not submit an appeal to the State Board of 
Equalization until you have first appealed to the county board of equalization 
which meets in May or June each year. Contact the assessor's office to appeal to 
the county board of equalization. Contact the assessor in your county to schedule 
an appeal before the county board of equalization.

Decisions of the county boards may be appealed to the State Board of Equalization, 
but must be filed by August 1 or within 45 days from the county board notice, 
whichever is later.

Property Tax Look-up (Tennessee), including paid and unpaid taxes https://secure.tennesseetrustee.org/
August 2009 Assessor Trustee Joint Seminar sponsored by the Tennessee Comptroller of the Treasury http://www.tn.gov/comptroller/pa/pdf/2009%20Assessor%20Trustee%20Joint%20Seminar%20Presentation.pdf Contains presentation slides with comments on economic conditions of dropping property values and foreclosures (both with an impact on market values).

No, this is the time to give.

Marquis de Lafayette

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