PT-7
Property Tax Assessment Service
The details
Your assessment should reflect true market value, what your home would sell for between a willing buyer – willing seller, multiplied by the average ration based upon recent sales calculated by your town’s assessor.
Example 1: $100,000 X 90% = $90,000
Sale price ratio Correct assessed value
Example 2: $350,000 X 44% = $154,000
Sale price ratio Correct assessed value
The problem is that often the ratio is not applied by the municipality
Confirming Market Value
Reports accompanying your appeal form must contain comparable sales in your municipality. Comparable sales issued will contain for sq. ft., building grade, site location, effective age, correct sale dates and sale type (strongest sales are between willing buyer – willing seller.)
Completing the Report
The complete physical report is combined with state ratios, laws and required dates. The report is mailed out along with all complete forms for submission to the county, municipal assessor and clerk.
The Process
After submitting your appeal, the county/municipality has 3 months to determine your case. You will receive a letter from the county board of taxation giving you a date for the informal hearing. This gives the homeowner the right to be heard. Homeowner might also receive a settlement stipulation for the assessor. If settlement is accepter the homeowner does not need to appear at the county’s informal hearing. The homeowner should call their field representative which is an assessor to go over the details of the settlement offer for a complete understanding of the offer. To make sure the offer is fair and the wording correct.