How to make an effective tax valuation appeal
According to Kevin Kroeger, a local appraiser with Valuation Services, who has also served as a property tax referee for Douglas County in the past, there are several factors you should consider when you appeal the valuation of your property. The first thing you should do is review the Douglas County records to make sure the information about the building and land areas shown in the file are correct.
Other things you can bring to the assessor’s attention are: • Are there structural changes or deficiencies that the assessor may not be aware of? • Do the income and expenses or cap rate support the valuation? • Has a major tenant vacated or is there a chronic vacancy problem? • Are there good sales comparisons or a recent transfer of the subject property that should be considered? • How are other comparable properties valued?
To make your appeal effective you must be prepared with proof. Can you provide any of these items or documents? • Photos • Income/expense reports • Recent sales comparison information • Copies of recent purchase agreements on the property • Contractors’ estimates for needed structural or capital repairs • Recent appraisals You will want to include as many of these exhibits and documents in your appeal discussion or report as you can. At Investors Realty, we help many property owners with their valuation appeals. Contact us if we can answer questions or assist in filing your appeal.