Tax Assessment Appeals

In rare cases you may have cause to have the value of your real property reassessed in order to reduce your property tax liability.

Such cases are rare, but can and do occur. One such instance involved the purchase of a property at the top of the market in 2007 and 2008, which was immediately followed by plummeting values due to the impending recession.

In this instance it was prudent for homeowners to file for an assessment appeal in order to have their property revalued and consequently reduce their property tax liability.

Other instances for an assessment appeal may involve the devaluation of real property as a result of misfortune or calamity, which may form a basis for a calamity reassessment.

If you feel you have a basis for reassessment, visit the Clerk of the Board’s website at http://ocgov.com/gov/cob/ and select ‘Appeal Your Property Value’ to get information on how to file an appeal and prepare for your hearing, forms and instructions and access to the online filing system that provides step-by-step help in completing your appeal application.

With reference to the valuation of your home, the Clerk of the Board provides the following information:

• Do I need to supply evidence such as “Comps” with my application?

No, but you are encouraged to gather your “Comps” (comparable sales) prior to filing to make an informed decision whether you should file an assessment appeal. If you choose to file an appeal, then bring the information to your hearing as evidence. You should bring 6 copies of your evidence for an Appeal Board hearing and 4 copies for a Hearing Officer.

• Do I need to pay for a formal appraisal?

Usually, three comparable sales of homes in your area of the same size, condition and type are enough as evidence. However, if your property has extraordinary factors that influence its value and/or you don’t feel you can collect adequate information/comparables, then you may consider seeking assistance from a real estate professional such as a real estate agent/broker and/or appraiser.

Often questions and issues can be resolved with a call to the Clerk of the Board, however if after discussing your assessment with your local taxing authority you still feel as though your property was overvalued, an independent third-party appraisal is often the most effective way of establishing your home’s value.

Most successful appeals require that the property have an appraisal done by a licensed real estate appraiser who can establish an expert opinion of the property’s fair market value.

We here at Triton Real Estate Advisors are able to discuss with you the market values within your area and, if necessary, prepare a full appraisal report to support your home’s value.

So please do not hesitate to call for any information you may have regarding your reassessment questions.