How to challenge property values | Irvine Real Estate | Irvine Homes for Sale

by Robert Mack on January 18, 2011

in Latest News, Sellers

Taxpayers have until March 31 to challenge the value of their property with their county’s boards of revision.

Owners need to prove that the values set by the auditor for their properties are higher than the market values.

The best proof is recent sales of comparable properties, said Kieran Jennings, chairman of the American Bar Association’s Tax Committee.

This is available on cleveland.com’s data central or Zillow.com. Local Realtors can also provide this information.

Foreclosures and sheriff’s sales are not accepted under normal market conditions. But if they are the most common sales in an area, they could serve as valid evidence.

Jennings also suggests submitting pictures of the comparable properties and their own.

Experts suggest that taxpayers who argue that their properties are in disrepair should provide photos and estimates for fixing the problems.

Steven Gill, a tax attorney with Sleggs, Danzinger and Gill, offered a few other warnings.

• Those who ask for a reduction in market value of more than $50,000 could face opposition from their school board.

• The property owner should sign the complaint. Although state law allows spouses to sign, boards have previously rejected complaints filed by adult children on behalf of their elderly parents.

• Filing a complaint could backfire.

“People should be aware that once you open up the argument of value, the value could in theory be increased,” he said.

For more information, taxpayers can call their local auditor, boards of revision or treasurer.

Is your assessed value higher than what your home is worth? If you are trying to appeal your assessed value to decrease your property taxes, be careful and make sure that there is a clear drop in values in your area. It isn’t unlikely for the assessor to increase your assessed value if it can be justified. Don’t open up a can of worms if you can’t prove it!

Posted on Irvine Orange County Real Estate Market News

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