Assessed Property Value
Does anyone know the formula the city uses to determine the fair market value of your house? Has anyone tried to challenge the city’s determination?
Does anyone know the formula the city uses to determine the fair market value of your house?
Has anyone tried to challenge the city’s determination?
People frequently challenge changes in their assessment (I’m not saying they win, just that it is a fairly standardized area of practice). It’s called certiorari. There are lawyers who specialize in this and they can tell you quite quickly whether your claim is worth bringing or not. If you liked your RE attorney, ask if s/he does these claims or, if not, get a referral.
All I know is the Fair Market Value listed on my Prop Tax is $160,000 for a condo I paid over $500,000 for. I am not going to mess with that.