Home Buying in Conifer>Question Details

cdpickering, Home Buyer in Omaha, NE

Can you protest the assessed value before you purchase a property?

Asked by cdpickering, Omaha, NE Tue Jan 22, 2013

We are looking at a property that is bank owned and has been vacant for over a year or two. The bank listed it last year and since that time has dropped the listing price 4 times. It's currently listed at $489k but the county has it assessed at over 1 million, big difference in property taxes.

Help the community by answering this question:


You can only file a "tax appeal" when you are the owner.

You're not alone - there are a lot of properties out there whose assessed value reflects their value before the prices dropped, so ......you could only hope for a successful appeal.

Best wishes.........
1 vote Thank Flag Link Tue Jan 22, 2013

In the situation you mentioned it certainly is a good idea to contest the value of a home in this market. The county sill not take into consideration what the bank foreclosure value is but what other normal homes have sold for over the last year. But you will need to be in title and ownership to appeal the valuation of a home. At closing, the title company will normally use the most recent tax valuation to calculate what you pay.

Robert McGuire ASR
Your Castle Real Estate
Direct - 303-669-1246
0 votes Thank Flag Link Sat Feb 2, 2013
The immediate answer is no. You are not entitled, while you own the property. But for the most part, once you can become a homeowner, you can request a hearing in your respective municipality, and present your purchase contract; usually, that'd be enough to lower your taxes; provided, the actual price you paid for is truly a represent action of the market value. The fact that the property is being sold (or listed) for an amount so low from the assessment value, doesn't mean that the price has gone down. It could mean that the property present physical depreciation. If the median price (and its respective taxes) represent the price you would pay for the property! Then you have a potential case for property tax appeal.
0 votes Thank Flag Link Tue Jan 22, 2013
My experience with tax protests is that while the county is not anxious to lower their revenues by reducing the assessment, they will work with you if you do your homework and present a valid case for the reduced valuation. If you make your case and the county does not lower the tax you can request arbitration with a neutral party. These folks really are neutral and while they will still require you to make your case, if you do, they will be fair.

Call me when you're ready to protest your tax burden and I will help you prepare your case.
0 votes Thank Flag Link Tue Jan 22, 2013
Yes, you'll need to wait until after you own the property, in order to file an appeal. Otherwise, anybody could file an appeal on any property, right?
0 votes Thank Flag Link Tue Jan 22, 2013
Protesting is a formal action that would require you to own the property. You could discuss with the County Assessor the situation so you could have a better understanding if you do buy the property.
0 votes Thank Flag Link Tue Jan 22, 2013
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