Denise Wambsganss
Realtor Your Castle Real Estate

Friday, March 18, 2011

Lower Your Real Estate Property Taxes on Your Home

Lower your Real Estate Property Taxes on your HOME

Read the article to see how

Every year one of the major questions I receive “this time of year” is “What do I do if I think my house has been assessed incorrectly concerning my taxes. So I know there are many of you out there that have the same question. Below is information that might help. Feel free to call me or email me if you have additional questions. I am NOT an expert in this area, so take this information as a “general” bit of information to direct you to those who can give you the specifics for your county or home. Denise Wambsganss Realtor – Your Castle Real Estate 303-880-8771
My Blog for basic RE Information is: My Husband and I have been successful over the years at getting our Property Taxes lowered… Possibly So, can you !

ValueAppeal says about 25% of homes are over-assessed
Inman News™

In the Count of Denver 123,953 properties were assessed and 54,051 were over assessed. These properties were over assessed 43.6%. That is A LOT !
About a quarter of the nation's homeowners pay more than their fair share of property taxes every year, by the estimates of ValueAppeal,

A person needs to analyze whether a particular home is over-assessed compared to nearby, similar properties. You will need to take into account several factors, including a home's number of bedrooms and bathrooms, construction quality, age, condition, square footage, grade, and whether it has amenities like a golf course or an exceptional view.
Notices of Valuation are mailed to owners of property on or before May 1 of each year, if there has been an increase in valuation over the previously year. If you are not satisfied with the valuation you may protest the valuation in person or by mail. If you choose to mail a written protest, your mailed protest must be postmarked no later than June 1st. If you choose to present oral or written objections to the Assessor in person, you must appear in the County Assessor's Office on or before June 1.

Are there any specific property tax credits or deferrals that I can receive?
Yes. Depending on the specific circumstances, you may qualify for certain property tax credits and/or deferrals. Details pertaining to this information are described in a brochure entitled "Credits & Deferrals for the Elderly & Disabled." The brochure may be obtained from your local County Assessor or on the Division of Local Government website at

For additional information concerning Adams County Assesors , there is a help file that can guide you or you can contact the Assessor's Office GIS staff at 720.523.6038
Property-tax assessments are created by running an automated valuation model over homes in the county, said Charlie Walsh, ValueAppeal's founder and CEO.
"That model will spit out values for all those homes. Anytime you do a model like that ... on one end you will have 25 percent over-assessed, and on the other 25 percent under-assessed, and 50 percent are about right. And that's what we've found," Walsh said.
Homeowners who believe their county has over-assessed their home can appeal the decision themselves for example, homeowners can submit evidence from comparable sales of similar properties to their county assessor's office. If the homeowner and the assessor cannot agree, the homeowner can file an appeal form with their local appeals board and submit similar evidence at a hearing.

Foreclosures are generally not considered comparable homes when filing an appeal "because those are not considered arms-length transactions," Walsh said. "That's one of the things that those who try to do this on their own get tripped up by."
"We haven't found a pattern with foreclosures and distressed properties. In reality, that actually has nothing to do with it. Whether the housing market went up or down has nothing to do with whether a house is over-assessed. It depends on how your assessor responds and that varies from county to county," Walsh said.
"I have yet to meet a real estate agent who has recommended (a seller) use the county's assessed value as a data point. They know it's out of date or just out of touch with reality," Walsh said.
However, "if I'm trying to buy a house and I see that the property taxes are very high, then that's a negative for me. A lot of people pay their property taxes into escrow every month and the lower they are, the bigger mortgage they can afford," he said.