How to file a Property Tax Appeal?

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I got into a situation with my house.

I bought it assuming the taxes were $3000 and it was assessed around $119,000. I bought it for $138,000 and then what the agents didnt' tell me is there was a reassessment that year and it reassessed for $154,000, substantially over what I paid (and thus, what I think is fair market value).

Then, I found out all this after the appeal period was over (nice of the agents, huh? especially mine).

Anyway, I have to wait until Jan 1 to appeal again. I have it marked on my calendar.

Besides gathering comps in my area, any advice? I had a person who said it's a waste of time, that they will do what they want anyway.

Is the process corrupt? Is it a waste of time?

[JoshuaHeckathorn]

Be careful when comparing FMV and assessed values. They are often completely different. Regardless, a 30% increase in assessed value during a time when values around most of the country are still decreasing sounds unreasonable to me.

My personal experience has been that appealing is a waste of time unless you're talking about a huge difference and big savings, but that doesn't mean a lot of other people haven't had success appealing smaller differences in value.

It can't hurt to at least try since we're talking about a rather sizable increase here in one year. Gather all the information you can regarding comparables, read up on the process in your county, and give it a whirl. The worst thing that can happen is you get denied, but you'll probably still feel better that you gave it the old college try.

[GrimJack]

It is definitely worth the effort. Since you are in Seattle here is an article you might be interested in. Digging deep into the google search shows that there are a couple of blogs focused on appealing valuations here in Seattle.

Oops! you are not (necessarily) from Seattle - maybe the links will help anyway.

[Slug]

It's worth it. I've appealed twice. The first year I got a reduction. The next year I got nothing, but I'm intent on making the county work extra hard to tax the crap out of me.

[Gary Barzel]

I would say get a professional to review the appeal procedure or someone who can clearly explain the details of the process to you and point out the specific factors of the procedure required in the state where your property is located, as these requirements tend to vary from state to state.

[MonkeyMama]

I suppose it depends where you live. It's not that big of a deal in California, from my understanding. (Of course, I think the assessors have been low balling a bit to prevent a flood of appeals. I have no complaints and have no need to appeal).

"Be careful when comparing FMV and assessed values. They are often completely different."

True - that also depends where you live and what the rules are.

[BMEPhDinCO]

Why would you want the assessment lowered? Isn't it better that the house is now worth more than what you paid for it?

That said, I am surprised it went up so much higher - ours (along with many others) has dropped in assessment value...

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I just want it accurate. I would have been fine with what I paid even though most assessments are lower.

But not higher than I paid.