“These are the times that try men's souls.” | Your county should be able to assess your property off comparable sales, sq. ft. values they use, etc. They should tone it down from the recent real estate sales in the last three years as well. However when they do finally make their assessment. You need to go in and review it. Here you have a time frame to contest the new evaluations for the year. My time frame is by June 20th if I recall right. They should be sending you a notice in mail of current evaluations if any changes. They most likely will only give you 30 days to contest it.
My suggestion is to also have banks final appraisal on file they did to close loan if you borrowed money to build. You should have had a preliminary appraisal of building plans in order to get a construction loan. Then when finished, bank will request a second appraisal to to roll over into long term mortgage. You need to remember you are the customer paying for all these appraisals. So you need to watch them and make sure they fit and meet your needs. This final needs to show value in order to roll into long term money over and above construction costs. However if this final is severely inflated it will come back to bite you on taxation. I'm betting without hesitation the county assessor will want to value your new home more than banks final appraisal. However if you have this lower appraisal you can take it into county assessor and tell them to stuff it, you won't pay on cent over on the banks appraisal.
However if you cashed out the home as you built it, never borrowed money you need a base line on costs and value. That's where your appraisal you hire works for you. To find the faults and devalue your property, that way you have something to contest the county assessor. I've never had county contest my appraisals, remember "YOU ARE THE PERSON PAYING FOR THOSE APPRAISALS" Make them fit for you needs. Sometimes paying for a new appraisal will make you money in the long run, depending if selling or refinancing or for taxation purposes. |
County Assessor Question
