When one files their residential property tax appeal a date will be scheduled for a tax assessment hearing. The assessments place upon a property do not necessarily reflect the true and accurate fair market value of the property.

Many taxpayers are seeing huge increases in taxes placed on their assessments because of lower property values. When home values decrease, tax rates increase on real estate assessments to make up the difference.

When appealing you assessments you need to find comparable assessments and good documentation o support your argument. Copies of the sold listing from real estate multiple listing services are a good source of information. You’ll find square footage, number of bedrooms, baths, extra features and a lot of useful information. Driving by your comparables also yields conferment of what you see on paper.

You need to determine what it would cost today to replace a similar item you are making an adjustment for in today’s market. In other words, what would a knowledgeable buyer be willing to pay for an item in a fair arms length transaction.