Appeals
How to Appeal Your Property Value
VALUE CHANGES – CHANGE OF ASSESSMENT NOTICES
When the value of property changes because of structural or market conditions, so does the fair market value used by the Assessors Office. For instance, if you were to add an additional bedroom and bath to your home, the appraisal value would certainly increase. However, if your property had not been maintained over a long period of time and the roof is falling in, the value of the structure would decrease. People also create value in the market place. The appraiser simply reflects what buyers and sellers in the market place tell him the property is worth through sales data.
Once a value changes, a change of assessment notice is mailed to the taxpayer that owned the property on January 1 of that tax year. Typically notices are only mailed when a property value goes up, however, under some circumstances, notices are mailed when a property value goes down. The notice informs the taxpayer of the previous year’s fair market value and (40%) assessed value and the newly appraised fair market value and assessed value. All taxpayers who receive a change notice should closely review the newly assessed value. If there is any question about the new value, the Assessors Office should be called and an appraiser will be glad to review the property value information with you. Should any information be incorrect, an appraiser will be glad to re-visit your property and make the necessary changes. If you believe you could not sell your property for the amount shown on the notice, you will have 45 days from the mailing date to file an appeal on your property value.
TO FILE AN APPEAL
Before appealing your property value, establish in your mind what you think the property is worth. Property owners can usually come fairly close in estimating the value of their property once they look at it realistically.
After carefully considering the value of the property, if you continue to believe the assessed value is incorrect, you should proceed as follows:
All appeals must be filed in writing with the Assessors Office at the White County courthouse. This can be done in the form of a letter, or you can come to the office for assistance from the staff in filling out a form. There is no formal format, however, you should base your appeal on one or more of the three general areas: (1) TAXABILITY- is this property taxable or does it qualify for exempt status? (2) UNIFORMITY – is my property appraised equitably to properties of similar size, quality, condition and location? (3) VALUE – is the value of the property too high or too low? Given a reasonable time period to locate a buyer. Could you sell your property for the amount shown on the notice? This does not imply you want to sell, but should you decide to sell, could you sell the property for the amount the appraiser has estimated?
Once your appeal is filed with the Assessors Office it is reviewed by the Board of Assessors and the appraisal staff. Based on the facts submitted in your letter, and information contained in the assessors appraisal file, a decision is made to either raise, lower, or not change the property’s fair market value. If no change is made, the appeal is automatically certified to the next appeal level, the Board of Equalization, for a hearing. If the value is changed, you will be notified of the new value and you are given 21 days to appeal the new value if you believe the new value is incorrect. If you agree with the new value, no further action on your part is needed.