What Does It Mean if Your Property Valuation Has Gone Up?

Real Estate Podcast with Donald Payne

Have you received a property valuation in the mail from the Franklin County assessor recently? Every five years or so, the county assessor takes a look at your home’s condition and the condition of the surrounding area and gives an estimation of its value. If your property’s value has gone up, your property tax will also go up. If your property’s value has decreased, your property tax will also decrease. If you don’t agree with your estimation, you can file an appeal, but the deadline to do so is April 1. If you’re filing as an individual homeowner, you can appeal through the county’s website. If you’re filing as an LLC or a legal corporation, you’re required to retain legal counsel during the process. “If you’d like to appeal your valuation and you need assistance gathering comparable sales, just give me a call and I’d be happy to help you.” Keep in mind that when you file your appeal, you’ll need to show comparable home sales. Also, if you purchased your home recently and the valuation is higher than what you paid for it, you’ll need a copy of the purchase contract and the closing statement. If you’d like to appeal your valuation and you need assistance gathering comparable sales, just give me a call and I’d be happy to help you. If you have any other questions about this or any other real estate topic, don’t hesitate to reach out to me as well. I look forward to speaking with you.