A property tax appeal may save you some money

If you are a home owner in Tennessee, you pay County and Municipality (if you live in an incorporated town that collects taxes) based on the Tax Assessor‘s Appraisal of the value of your property.  It is important to periodically have a look at your property’s value as it compares to others in your neighborhood.

Values in most areas have been impacted by the housing meltdown that started 5 years ago.  Foreclosures and bank owned properties usually sell at discounts from normal sales.  Recent sales have the greatest impact on your home’s value. Other factors can also impact your value:  some houses are impeccably maintained, while others languish; some have more value based on location.

How does the Tax Assessor’s valuation of your property compare with what it’s really worth?

I am always happy to help my clients by providing recent sales data for comparison, and many times the sales price trends are quite different from the Assessor’s appraisal.  There is a relatively simple process for appealing your tax appraisal, which can be a do it yourself process.   This works for many who believe that their home’s assessment is out of line with the market, and the result can be significantly lower property taxes.

But the only person who can legally put a value on a given property is a licensed Appraiser, and if the first, informal appeal step doesn’t work for you, you may need to hire a professional.  My friend, Appraiser Tom King and his associate Deanna Vaughn, are not only appraisers, but Registered Agents with the Tennessee State Board of Equalization.  They can take your case as far through the system as necessary to improve your tax appraisal.  And their fees are quite reasonable:  50% of your tax savings for the first year only.

Call your local agent first to evaluate your situation.  If want a professional to handle your appeal contact the King and Vaughn Consulting Firm, LLC, at 901-258-6601 or 901-487-6989 or email taxappealexpert@gmail.com.

Questions?  Send them along in the comments section.

Joe Spake

Joe Spake is a Real Estate Broker and Consultant, specializing in Midtown, Downtown, and East Memphis residential properties. His interests include architecture, community activism, music, photography and cooking.

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