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by Nicole Soltau
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ent, and your home is assessed at 250,000 dollars, your yearly property tax would be 22,500 dollars. If your neighbor’s home were only assessed at 235,000 dollars, he or she would pay 21,150 dollars in taxes per year. Many areas have specified periods of time required for a new assessment. Most places require a new assessment every five to seven years. This means that your taxes could go up or down as your property value changes.
What goes into a property assessment? There are some guidelines assessors use when determining the value of your home. By being acquainted with these, you will be more likely to understand why your home has been given a certain value. Here are the most common benchmarks taken into consideration when determining a home’s value.
• Sale price of similar properties in the area: the assessor will know how much other homes in your immediate area are selling for, and will assess your house to reflect the value of the neighborhood.
• Property’s historical value: records of the property’s value through the years will help the assessor determine whether the home’s value keeps with current trends, and whether the home increases in value over time as a general rule.
• Cost of replacing the property: it is possible to determine how much the materials to replace the property, or to add improvements to increase value, would cost. This can figure into the value of the property.
• Potential value of the property if it is used to make money: many people use their property as income through rental or sale, and this value can be used to help the assessor decide how much he or she should value your property for.
Disputing an assessment. Bec |
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