What you Must Know About
Property Taxes and Valuation
WARNING: You Must Hurry to Avoid Paying More
Than Your Fair Share of Property Taxes
Remember not long ago when property values were soaring? It was nothing then to open up your property tax valuation notice from the county assessor and feel pleasantly surprised to see the value that the county had estimated your home to be worth?
Well, as you know, times have changed. As good as the market was just a few short years ago - and how high house values were—home values have dropped well below what they were at their peak.
Its more critical now than ever to know how the county government is viewing your property and learn what you need to know to avoid overpaying property taxes. As a property owner, you should only pay what your home is really worth—not some inflated amount that the assessor’s office has decided. You don’t want a deal—you just want to pay your fair share, and not any more.
How are property taxes determined? Property tax amounts are based upon the amount that the county assessor estimates your property to be worth. The higher they say your home is worth, the more money they charge you in property taxes. The property tax assessors try to figure out a value on each and every property within the County. (And, MANY assessors are NOT looking at all the market data that affects value—they are disregarding ALTOGETHER the foreclosures that have drastically dropped the values of all nearby homes).
Let me share with you a true story of a local property owner. This man had owned his home for years and years. He got his property tax estimate of value and the total amount due for his property taxes, and he was shocked by the amount that the county was billing him.
He talked to his neighbors and many of them were just as worried about the taxes they were being told to pay.
Each county in Minnesota offers residents the chance to dispute their estimated value on their property. It is published on their county website. Trouble is - - who’s going to go toe-to-toe with the county assessor’s office? Martin had a job, and didn’t have the time to navigate the county’s systems. But, Martin knew there had to be a way to pay a more reasonable amount on his property taxes.
Martin called an appraiser he knew. He called Craig from Village Appraisal. Craig went and met personally with Martin and each of his neighbors. He thoroughly reviewed what the county had estimated the values to be, and then Craig rolled up his sleeves and went to work. He inspected the properties. He analyzed market data. He calculated values for the homes. And he presented each homeowner with the professional appraisal report. It was this professional appraisal report that was also delivered to the county.
In the end, each of the homeowners had their assessed property value (AND the amount they needed to pay in property taxes) lowered by a big $$ amount.
There’s so much to know and understand about the property tax assessments and about property valuations. Who has time to dig into it all, much less investigate how to find someone who can give you a true picture of what your home is worth? Some folks will try using an estimate from websites, others will try having a real estate agent give them a value. Trouble is that those values won’t hold water with the county officials, and the property tax doesn’t have a chance of being changed.
Village Appraisal helps homeowners each year with their property values. Our appraisers are licensed by the state, have more than 10 years experience each, and are local residents who understand the real estate market of the Twin Cities. Since they appraise properties all the time, they know what to look for, and how to report their information to the county. We know our appraisal has to be able to go up against the estimate from the county assessor.
To top if off, Village Appraisal guarantees their services!
Now, no appraiser can guarantee to reach some specific value. Just like your dentist can't tell you how many cavities you have before they see your x-rays. Each appraisal by Village Appraisal is going to be a good snapshot of your homes value - it is based upon extensive research, investigation and analysis. Because Village Appraisal has experience with property tax appraisals, you won’t be left wondering about anything.
Village Appraisal guarantees:
· We’ll stand behind our work each and every time.
· Our appraisers are fully licensed with the State of Minnesota and go through ongoing training.
· Your specific property will be researched and the market analyzed for your home.
· From the time that you request your appraisal, it will be less than 48 hours until we contact you.
There’s more than just estimating property values—and good accurate appraisers are few and far between. Oh sure, lots of people are licensed appraisers in Minnesota. But try to think of any you’ve heard of that specialize in generating only top-notch appraisals, with a track record of working with property owners on property tax valuations?.
Village Appraisal completely eliminates the complexity of working through your county property tax valuation—simply because we’ve been through it before, and we understand it from all sides. No run-around or shoddy workmanship. In fact, like most things that make perfect sense, its very practical when it comes down to it, simply because Village Appraisal has a great way of making a complex issue easy to understand, and does all the “heavy lifting” for you.
· You’ll be personally contacted within 48 hours
· We’ll talk with you about your situation. We’ll answer any questions you have about the process
· Your home will be researched by your appraiser—including measurements, zoning data, photographs, market trends and neighborhood analysis
· Your appraiser will carefully craft and prepare your Property Tax Appraisal on specialty appraisal forms
· You will be given the written appraisal, giving you an accurate value for your house
· You will be given an ADDITIONAL copy, at no charge, of your appraisal for the county
· We’ll let you know the way YOUR county handles Property Tax change requests—an easy to follow, short, checklist to guide you through each step of the process
We don't charge to discuss your situation with you. Of course, we do have to charge for our appraisal report - our expertice, our research, our investigation, our analysis of the property and the market data affecting the value of the home—its how our company stays in business. We charge banks and lenders $350 for this service. We do the SAME thorough work for homeowners like you, but we offer a discount to individuals (you aren’t some Wall Street type, are you?). The cost for a property tax related appraisal is just $300. That’s a savings of $50 right off the top—- and if your property’s value is different than what the county assessed you for, the $50 savings might just be the start!
P.S. One last thing, because it is near the deadline, our appraiser’s schedules are already filling up with other homeowners’ appraisal requests. To guarantee a spot in our schedule, you’ll need to act quickly.