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Is there an error on your property taxes? Although uncommon, if your assessment is based on inaccurate information, your home can be over or undervalued. This can adversely affect your property taxes.

According to the Appraisal Institute, if you’re appealing your assessment, an accredited appraiser can be a helpful resource. Your appraiser can coordinate with consultants and/or lawyers who specialize in taxes, increasing your odds of success.

“Homeowners should keep in mind that assessors are usually adept at spotting faulty valuations with values that appear to be unreasonably low,” says Stephen S. Wagner, president of the Appraisal Institute. “That is why it’s important to choose an appraiser who conforms to a strict code of ethics, such as one governing the actions of Appraisal Institute Designated Members.

“Homeowners should consider having an independent appraisal prepared and then present the appraisal report to the assessor because appraisers…are independent, third-party experts who provide credible, reliable opinions of value,” Wagner says.

As always, before beginning the process, check with your local municipality as to the necessary steps.

Source: Appraisal Institute

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