What Are Property Tax Appeal Appraisals?
Property tax appeals are a growing area of interest for home and business owners. They are a course of action you may undertake when you believe a property value assessment is in error.
For this, the help of a qualified, trusted professional is imperative. A certified appraiser will not only provide an accurate opinion of value, but they can also help navigate the appeals process, affording better assurance of success.
Why a Property Tax Appeal- Might Be Necessary
Government assessors do not always make accurate estimations. There is plenty of room for error. Here are some reasons a property value assessor might get it wrong:
- Government assessors often make procedural errors.
- Government assessors may utilize outdated residential sales information.
- If your property has deferred maintenance (i.e. roof, HVAC, plumbing), this may reduce the taxable market value of your property.
- When it comes to market value estimations, assessors are prone to applying general, mass-market data and techniques that can lead to factual errors.
President James L. Murrett of the Appraisal Institute explains it like this: “Assessors can’t look at each property individually every year…[therefore] it’s possible for assessments to be based on flawed information, such as incorrect square footage or a number of bedrooms or bathrooms or even location.”
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How Property Tax Appeal Appraisals Work (in Missouri)
The Board of Equalization (BOE) conducts hearings for property value assessment appeals. This is a Statutory Board-regulated by the Missouri Constitution and Missouri Revised Statutes. Members of the Board are appointed by the County Executive, approved by the County Council and serve for three-year terms.
The state requires the BOE to provide appeal forms to property owners contesting their property’s assessed value. Forms are available as of May 1stand must be submitted by the second Monday of July. By law, there are no extensions.
Here’s where the services of an experienced, certified appraiser come in handy: The property owner must provide supporting documentation along with their appeal form. While you do not have to be present at the hearing, the evidence backing your value assessment must be.
Prior to the hearing, you should have a certified appraiser – ideally, one familiar with your area — assess your property and provide a professional opinion of value, which you will then submit along with the appeal form.
Property assessment hearings are held in July and August. If you or your representative choose to attend the hearing, the BOE will provide you with a specific date and time. Decisions are then sent by letter to you or your representative.
What if you still disagree with the decision?
You have the right to file another appeal with the State Tax Commission within 30 days of the date the BOE mailed your decision or by September 30thof that year, whichever date is later.
Why Choose Authority Appraisals?
Authority Appraisals offers a team of certified, experienced appraisers. Not only are we experts in our field, but our knowledge of the Greater St. Louis area and local laws is unmatched. We will provide an honest, comprehensive appraisal that takes into account all relevant and current factors.
Should we find that your property value assessment is in error, we will provide credible, legitimate evidence and advocate for a fair reassessment for you.
Authority Appraisals also can offer professional Brokerage Services under our sister company Rhodes & Associates Realty. For more information on our Brokerage services please visit us on the web at www.Rhodes-Associates.com
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Feel free to contact us and get a free quote!