Jul 11, 2017
As the waning days of spring run out, assessment time is again upon us. Taking place every two years, this ritual by county authorities is mandatory and many should have seen new reassessment notices sent to them by now.
But what should you do with that notice? How do assessments work and what do they mean for your pocketbook?
Basically, an assessment is a property tax figure based on the government’s current estimate of your home’s value. According to PAR Residential, a Missouri-based property tax consulting firm, assessments are often drawn from market averages, modeling and statistics so they may not reflect your home’s true value. If the assessor overestimates that value, your wallet could be in for an unpleasant surprise next time your mortgage company refigures your escrow payment.
So what can you do?
The important thing is to pay attention and remember that the assessor’s judgment is not set in stone. Read your assessment notice and then go online to do a bit of research to see what comparable houses in your area are selling for. If the assessor has your property’s market value running significantly above that figure, then you may need to make contact and schedule an appeal. Bring your own research to your appeal. You may even consider getting a professional appraisal though keep in mind that comes at a cost.
Some homeowners get help from firms like PAR Residential who can work to get your assessment lowered. Learn more at www.parresidential.com.