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Property assessments in an area based on the sales of a limited number of properties is unjust.
The value of a property is supposed to be based on its comparison to those sold in the area. Some of the things compared are the size of the house, land area, special features and all other factors that may have an impact on the true value of your property. The appraiser adds or deducts from the comparable property’s sale price to arrive at the proposed value of the property in question.
This proposed value is dependent on the input of the person doing the comparison. Different appraisers arrive at different values based on their thoroughness in valuing the comparable features.
How can you get a fair appraisal, should you appeal your property tax assessment, when the appraiser works for the county that issued the proposed increase? Mortgage rates affect the price that a buyer would be willing and able to pay for a property. Is this market factor taken into consideration when arriving at the assessment?
Miles Silberstein
Palolo
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