Press Release Summary: Previous year tax assessment figures are often rolled over to the next year. Rollovers may be based on erroneous figures. Your property tax assessment may be in left-field.
Press Release Body: FOR IMMEDIATE RELEASE
Property Tax Loopholes
Incline Village, Nevada - August 6 - Courts rule in favor of homeowners
In a December 2006 decision, the court ruled in favor of 35 homeowners by ordering their 2003-04 property values to be returned to the previous year\'s levels and refunds made.
Many times when blanket assessments are done on homes, the resulting values are inaccurate and a result of a \'\'quick fix\'\' mentality. Often adjustments are made using a factor or multiplier to adjust values. Not that a blanket reappraisal's accuracy is much better, because it also suffers from lack of diligence to detail.
Ask yourself: if you were an appraisal company bidding on a municipal revaluation contract and your winning bid had only a $40 margin allocated for every home you needed to appraise, how much time would you spend on each property? Being a businessman, you would want to make a profit, so you have to cut out the time spent on each property. Compound that by a hired hand that may have little experience and you could have a hit and miss mess as a result.
What we are saying is: errors abound in the real estate tax appraisal of properties. If the blanket appraisal company or town uses multipliers, there is no way that you can take those bad initial assessment numbers and turn them into accurate numbers by multiplying them by another figure.
An inexpensive fix for the town could come about if building inspectors and the tax department communicated closely by working together. If the building inspector passed on information to the assessor, there would be no need for blanket re-assessments. New homes sold need only be equalized with the previous blanket assessment. If an addition or home improvement took place, the added value could be passed on to the tax assessor. If the building department and tax department worked efficiently, there would be no need for blanket reassessments.
The department of the tax assessor is usually small and little time is available for the assessor. Rarely do they appraise a home personally. The tax assessor job is often a politically appointed position. Tax assessors do not take the time and are not generally trained to do a complete market appraisal of a home. Often they use a completely different method (cost method) of appraising a home.
In a property tax appeal, only a market appraisal counts. That means that your home stacks up to the current selling price of your comparable homes and that becomes the only solid evidence of value.
Blanket reassessments of homes are very expensive for a town; the cost is directly passed directly to the budget causing extra tax rate increases. Timely blanket reassessments are a rip off to the taxpayer and a waste of valuable time for all involved.
This spells out gigantic loopholes for homeowners. Doing a simple analysis of your home\'s market value and seeing how it lines up with the appraised value can save thousands of dollars wasted on taxes.
Contact http://www.propertytaxax.com for complete do-it-yourself help. For entrepreneurs seeking to help people appeal their property taxes as a business, contact http://www.propertytaxconsult.com for more insights and helpful information into this topic. Direct line: (973) 663-3533 Email: mail@propertytaxax.com
About Company: http://www.PropertyTaxAx.com provides a user-friendly property tax manual where one can follow simple explanations of property tax strategies, use complete property analysis worksheets and video help.
Contact Information: George Evers, http://www.propertytaxax.com, Phone 973-663-3533, Email: mail@propertytaxax.com
2022
