To find comps, many things factor in. Number of bedrooms and bathrooms, acreage, improvements, as well as year built and square footage. I don't know if they'd consider a bank appraisal since they do their own.
Here is some information that might help, put out by our company, Better Homes and Gardens Rand Realty:
Understanding The Property Tax Grievance Process
Most people think that the property tax grievance process is complicated. Itâ€™s not. It only requires you to do a bit of research, fill out a form, and write a supporting letter, and get all your paperwork submitted by your municipalityâ€™s deadline. Here is a brief (and somewhat simplified) overview of that process.
People sometimes think that their property taxes are set by their assessor. Thatâ€™s not the case. Your municipalityâ€™s assessor does not determine your property taxes. Rather, the assessorâ€™s role is only to determine what the market value is for your property by performing what is essentially the same sort of comparable sales analysis that a real estate agent or appraiser conducts when determining the value of your home when you are buying or selling.
Once the assessor has determined your market value, the assessor then calculates your assessed value, which is a simple mathematical calculation that multiples the market value by a predetermined Uniform Percentage of Value set by the state. The purpose of the Uniform Percentage of Value (â€œUPVâ€) is to provide a standardized assessment calculation to ensure that every property receives an equitable assessment. So, for example, if the UPV is 40%, and your market value is $500,000, your assessed value would be $200,000 ($500,000 times 40%). If your neighborâ€™s home has a market value of $400,000, her assessed value would be $160,000 ($400,000 times 40%).
The Assessment Roll
Once the assessor has determined the assessed value of all the properties in a municipality, the assessorâ€™s office will publish whatâ€™s called the â€œroll,â€ which is a comprehensive listing of all properties, their determined market value, and their assessed value. For most municipalities, the roll is published in the first week of May, a few weeks before grievance applications are due. You can get the roll by going to your local municipality, and in some cases online. You can check on www.randrealty.com after May 1 for links to your local roll publication.
The purpose of the roll is to provide property owners with fair notice to prepare their grievances once they see the assessorâ€™s determination of their market and assessed value. Again, the roll does not state your property taxes, but provides the market value and assessed value upon which your taxes will be based.
Researching Grounds for a Grievance
Once you know the market value determined by the assessor, you can decide whether you have grounds for filing a complaint about your assessment. Technically, property owners can make four distinct claims for a grievance, including situations where the property is improperly classified (i.e., itâ€™s not commercial property, itâ€™s residential) or exempt from taxation (i.e., itâ€™s a church or school). But the main grievance situation for most homeowners involves the basic complaint that the property is subject to an â€œUnequal Assessmentâ€ because owners of comparable properties have received lower assessments and thus will pay lower taxes.
Essentially, a claim of â€œUnequal Assessmentâ€ boils down to this: you contend that the assessor over-estimated the market value of your property, leading to an inflated assessment value, resulting in your having a higher assessment than other owners of comparable properties. In order to prove that claim, you need to show that the market value of your property is actually lower than the assessorâ€™s determination.
If your review of your propertyâ€™s market value demonstrates that the assessorâ€™s determination of your market value was too high, then you have solid grounds for filing a grievance petition. (much more to follow, was cut off because of space constraints)
Much more here...http://www.randrealty.com/blog.aspx?postid=1595
Dawn M. Barclay
Associate Broker, BH&G Rand Realty, New City