As a consequence of the real estate cycle, it is common knowledge that housing values go up and they go down. But what can a home owner do when they are paying property taxes on a value assigned to their real estate property (by the tax assessor) that is inaccurate, or most commonly, above current market value?
The Decline in Property Value brochure lists multiple reasons and ways a property can be revalued to a lower value. The most common of which is a decline in market value and the use of the “Comparative Sales Approach” to substantiate that there has been a decline in property value.
The comparative sales (sold within 90 days after January 1) approach requests that the applicant submit comparable sales to their subject property and describe how the properties are comparable. Some factors considered are:
- Property age
- Number and quality of upgrades
- Location within a tract
- Floor plan of home
- Square footage
- Any abnormalities (unpermitted work, near a school or busy road while other properties are not, etc.)
- The date of sale
- The zoning of a property
- And any other factors that are deemed valuable
A real estate agent can help a home owner by providing these comparable sales. With comparable sales, a home owner can then file an application with the tax assessor’s office within the designated time frames to apply to have their property revalued.
If you would like comparable sales to help revalue your property, feel free to call or email me: (805) 727-3239