Home Appraisal Info

8 Jun

By Anne Cano:

By now, you will have received your tax appraisal in the mail. Let me tell you a little something about the appraisal protest process. Once the county sends out your appraisal and your think you have hit the Real Estate jackpot because your home’s value has increased so much, you might stop and think again! “Wait a minute! I have not done anything to increase the value of my home that much!  And our neighborhood is full of foreclosures- wonder if the tax guys got it right?”

Not everyone knows the sales price of a property, but if the property went through the MLS (Multiple Listing Service), a Realtor® can find it. So contact a Realtor®, give them your address, and they should be able to pull up some comparable properties that will give you an idea of what your home is worth. Sold amounts are what the value of most homes are based on. Only if you have an exceptional home-bad or good-will your home’s value be that different from the value of others in your neighborhood. In a normal real estate market, the value of your home is based on the surrounding homes and an appraiser would not use a foreclosure as a comp. In our area and today’s market, the majority of the homes in many of our neighborhoods are foreclosures, and that is all that is available for an appraiser to use as a comp.

May 31st was the deadline for protesting your tax bill, so if your tax appraisal looks high next year, contact a Realtor®, who can give you the numbers to fight the tax man!

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