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Property Tax Assessment
Posted by: Administrator, on 2/15/2011
Views: this has been read 460154 times

The local government periodically appraises properties for the purpose of determining their taxable value. To arrive at this value the appraiser must take into consideration: Land value and structural improvement. The basic formula is Land plus improvement plus replacement cost minus depreciation.

Land + improvement + replacement cost – depreciation = Value

 Property owners saw their property taxes stay at the old rate of assessment despite the falling value of properties at the height of the housing bust. Now we should see the reverse on property values. The periodic assessment of property value should now start to fall. Remember you can always contest your property tax with your respective city hall. To be successful you should do an independent appraisal of your property, improvements and list the comparables of similar properties in your subdivision or near subdivision as back up data when you contest your property tax.



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