The value of a realtor’s home was assessed as having increased by $150,000, leading to higher monthly mortgage payments.
However, she took three steps to dispute the assessment and lower her mortgage.
Quen Williams (@quenwilliamss), a real estate broker and content creator, shared the steps she took to combat the rise in mortgages.
“Any chance the government gets they will try to trick you and they tried to do that to me,” she said in a TikTok video starting in February.
Williams explained how, a year after she moved into her home, the county determined its value had increased by $150,000.
An increase in property value results in increased mortgage payments due to increased taxes.
The real estate agent refused to believe the assessment and protested to have her tax assessment reduced.
THREE STEPS
The realtor shared the three steps homeowners can take to refute their property tax assessment.
She noted that she helps her family and friends win protests every year and that she has won every protest she has ever done.
- Tax Assessment
The first step Williams said is to check your notice of assessment and ensure the information in it is correct.
This includes your name, address, lot description and tax exemptions.
two. Evidence
The next step is to gather evidence, of which there are two types – evaluation and comparison.
Williams noted that if you purchased your home last year, you will be required to have an appraisal done, which is “more than enough evidence” to turn over to the county.
If you don’t have an evaluation, you can use comparisons as evidence. These are properties comparable to your home that are used to price your home.
Williams noted that homeowners can ask a real estate agent to find them for you, or you can find them yourself.
She suggested using Realtor.com instead of Zillow, as the latter’s estimates aren’t always accurate.
Homeowners need to find five offsets to protest the property tax assessment, and all five must be homes sold within the last 90 days, or no more than a year ago.
Property Tax Assessment
The Department of Finance assesses homes every year as a step in calculating the homeowner’s property taxes.
Property tax assessments are performed by a government appraiser who uses the assessment to calculate property taxes.
Several factors can influence your tax assessment, including market conditions, renovations, property features, local tax rates and economic factors.
An increase in property value leads to increases in mortgage payments due to increased taxes.
If homeowners believe their property tax assessment was incorrect, they can request an appeal through their local government.
Williams shared five things to consider when finding each composition:
- Location – the house should be in your neighborhood.
- Year Built – The house must be built within five years of your home.
- Square footage – the house must be within 20% of the square footage of your home.
- Bedrooms and bathrooms – the house should be no more than one or two places away from your home.
- Features – the home should have similar features to yours, such as solar panels or a pool.
3. Find the price
Williams noted that once you find your five comps, you will have most of the information you need to protest the tax assessment.
The final step is to use your comparatives to determine the final price of your home.
“It’s just a little price adjustment game to see what your house price would be based on these houses,” Williams said.
In related news, a real estate agent shared her experience with the “golden handcuff” effect – she said homeowners don’t need to feel trapped.
Additionally, one homeowner became frustrated after her mortgage increased by $1,200 – it may not seem like “a lot,” but she feels trapped in her home.
This story originally appeared on The-sun.com read the full story
