Wednesday, February 11, 2009

How to dispute a real estate tax valuation

Older article but the principle is still the same.

Full link is here: http://www.columbusrealtors.com/16243.cfm
Do you think your property, or your client's property, is valued too high by the Auditor's office for real estate taxes?

There is a complaint process that is administered by the Board of Revision.

If you believe your value is high you will need undisputable evidence to support the valuation. Once you appeal your value, it can go up, down, or stay the same.

Taxes are one year in arrears. Therefore, your tax bill that will come out around December 20, 2007, is for the valuation of your property up to 1/1/07. This means if you have an appraisal for the appeal it should be dated as of 1/1/07.

If property values are dropping in your neighborhood in the year 2007, then this will take effect with your 2008 tax bill.

The county re-evaluates your property taxes every three years. Therefore, the county will be re-evaluating your tax valuation in 2008 (also upon transfer assessed valuation is adjusted to the sales price).

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