I am not going to get into how property is assessed, (you can Google that)
but i will tell you how I would go about fighting property taxes.
I have been appraising residential property for 12 years so I do know a little
bit about it.
My method may cost you a few dollars, but it is the price to SAVE!
Go to the city and get all the info on your house and make sure the
information is correct. Why? If you happen to put on an addition, or made
major improvements you may be at risk, so you might consider not to appeal. On
the other hand you may have removed something that the assessor still has on
record.
Find a Local Realtor
Tell them that you need the following:
1) CMA
2) BPO
3) 2 year sales history of your market to determine if your in a declining,
increasing or stable market.
4) desktop review- This is done by a professional appraiser and if you go to
similarsales.com
you can order one for $35.00.
Now let’s look at what we have.
CMA- (Comparative Market Analysis) A CMA starts with an overview- how many
homes are available, pending and sold?
What are the average and median prices, price per square foot and days on
market? If you stop there, however, you are in trouble.
BPO- (Broker Price Opinion) Now that the broker has the market information the
can proceed to give you there opinion on what the home should sell for.
Market history- this will let you know what type of market you are in (i.e.
declining, increasing, and stable) during your assessed tax period.
Desktop Review- This is opinion of value from an appraisers desk. It is limited
and the value is subject to change if the assumptions are false.
Now once you get this information you should be able to average out a
convincing value.
NOTE: Never go into the MBOR with all your ammo, save a *full appraisal if you
lose and decide to appeal the appeal at the MTT.
* Make sure your appraiser is present at the MTT or the report may be looked
at as here say even if you have a lawyer present.