Working with Your Local Real Estate Assessor
An occasional series for property owners concerned with expenses associated with property ownership, one of the largest being property taxes.
November is the time of year to contact your local assessor about possible changes in assessments and real estate taxes for the upcoming year. If the effective date for 2010 property assessments is December 31, 2009, or January 1, 2010, your local assessor has probably considered residential sales through September 30 and may have forecast how assessments may change. Assessors have also monitored non-residential property rents, vacancy and expenses and may be considering these factors for 2010 assessments. It's at this time of year that local assessors begins to seriously think about assessment changes for the upcoming year, but is typically not so busy that they are reluctant to take the time to meet with you. A matter a fact most assessors want to hear from you so that they can take your concern's into consideration for the new assessments. Here are just few things that you can share with your local assessor at this time of year:
- A recent independent appraisal of your property that may have been performed at purchased or part of refinancing your property;
- Any unusual conditions involved in the recent purchase of your property (Typically local assessors will assume a sale is a valid indication of market value unless they are aware of unusual conditions that affect the sale.);
- The status of construction-in-process (this applies to residential as well as non-residential property);
- The status of fire, flood or other physical damage your property may have incurred since the last assessment; and
- For owners of income-producing properties, current income and expense experience of your property.
Don't wait until you receive your 2010 assessment to communicate your concerns to your local assessor. While the assessor may not be able to change the current assessment there is time to lay groundwork for nest year's assessment. Establishing good relations with the assessor will also give you a better idea of how the assessment system functions, including the timing for filing an assessment appeal if you are dissatisfied with the 2010 assessment.
