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Asked by Christine, Lessard Tue Aug 19, 2008

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Answers

7
Eric Crane, Agent, Mesa, AZ
Wed Aug 20, 2008
The first thing to realize is that appraisal values can vary, depending upon whether the appraisal is being done for a re-finance or a resale. They can also vary somewhat from appraiser to appraiser. In other words, the work that goes into an appraisal is part 'art' and part 'science' and the standards and efforts vary from appraiser to appraiser.

It could be useful for you to have a Realtor check the comparable values in your area, to make a separate assessment.

Finally, if you believe that your property has been assessed too high a value by the local government, for tax purposes, there is typically a way to contest the amount of tax -- to file a request to have it reviewed. There are many people in the U.S. who are having success in getting their property taxes reduced, on that basis.

Best regards, Eric
Web Reference:  http://www.JustAskEric.com
1 vote
NonRealtor, , 23456
Thu Aug 21, 2008
It's probably correct. Why would an appraiser lie? You should talk to the assessors office about getting re assessed, this way you pay less property taxes. Good luck
0 votes
Keith Sorem, Agent, Glendale, CA
Thu Aug 21, 2008
Christina
Have a look at the link below, go to Ave. Price Per Sq. Foot.

It appears that depending upon when you bought, it is possible. A couple of things to consider:
If this reduces your property taxes. then be happy. i would go the the assessor and appeal your current taxable value and see if they'll lower your tax bill.

OTOH, if you are looking at selling, then look at the comparable sales used and see if they are truly comparable. If you are trying to re-fi, the same will apply.

Remember that in most counties properties are not appraised each year. The county assessor does not have the manpower, so in many cases homes are appraised every couple of years. In many areas of the US we have seen values drop over 20% in the past year, so depending upon your price point, having a large drop in value is exactly what is helping this cycle of foreclosures and defaults.
0 votes
Maria Morton, Agent, Kansas City, MO
Wed Aug 20, 2008
You'll have to ask your realtor to check with the surrounding properties to see if this is happening to other homes in the area.
We have the opposite problem in Johnson County and many homeowners have had us do CMA's to take down to the county office to correct the value.
On the other hand, in Jackson County, many homeowners have had to take similar documentation to their office to have the value adjusted to lower their taxes.
Depends on the reason for your concern. If you are paying less taxes, why bother to correct?
If you are trying to sell or refinance, you might be able to have the county adjust their value to make it look better to buyers.
Please note that getting any government office to change anything is not always easy and may require persistence on your part.
0 votes
Bill Schmiett, Agent, Mountain Ranch, CA
Wed Aug 20, 2008
In CA if your home is worth less than it's appraised value, you can file an application with the assessor to lower your assessment to the current market value. Our assessor has processed 5000 applications for such reductions.

Obviously the laws of AZ are different, I'd check with your assessor to see if you have a similar structure in your county/state.

Good Luck!
0 votes
Brad Bergami…, Agent, Prescott, AZ
Wed Aug 20, 2008
Christine,
I don't know about Maricopa but here in Yavapai County we are seeing a close match from assessor value to actual value. I can foresee this to be a real revenue issue with all the counties. The assessor Here Vick Hambrick explained that the county tries to stay within the 76-95% of actual value. In the past there was a trail or a lag on values causing taxes to be lower than expected. Most home owners didn’t complain. Since market value is decreasing and the old values are still on at the 76-95% level of a few years ago you may see a level value or less than assessed value very often and probably for a few years until the assessor’s office can catch up.
I know that isn’t good news for tax payers but no one complained when their tax assessed value was much less than market value.
Web Reference:  http://bradbergamini.com
0 votes
Lucinda Tkach, , Phoenix, AZ
Wed Aug 20, 2008
Christine,
I would suggest you have and agent create a Current Market Analyis and then you can move forward. In many cases homes are appraising for much less than they were valued at a few years ago. Foreclosures are affecting the values of homes too!

Are you selling your home? Or was this appraisal for refinance purposes?

Feel free to contact me if you have any questions!
0 votes
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