top of page

Your Property Assessment Isn't Set in Stone

Sep 18
2 min read

Updated: Sep 21

House model, calculator, cash, and pen on a Property Assessment Form on a wooden desk, suggesting real estate valuation.

Like many homeowners, I assumed my property tax assessment was accurate and rarely gave it much thought, besides when begrudgingly writing out my property tax checks every year. That changed when we decided to sell our house and discovered that potential buyers were consistently put off by something we hadn't even considered: our unusually high assessed value. What seemed like a simple administrative number was actually costing us real money and making our home less attractive to buyers. This wake-up call led me down a path that ultimately saved us thousands of dollars and taught me an important lesson about being vigilant with local assessments.


The discovery process began with basic research that any homeowner can do from their computer. Most towns make property assessment data publicly available online, and spending an hour comparing my property's assessment to similar homes in my area revealed a shocking discrepancy. Our house had been assessed at a value significantly higher than comparable properties on our street and throughout the town. Armed with this data, I compiled a comprehensive comparison showing how our assessment was clearly out of line with local market conditions and similar properties. The evidence was overwhelming – something had gone wrong with our assessment.


Taking this documentation to the new assessor's office proved to be surprisingly straightforward. Rather than the bureaucratic nightmare I had anticipated, the visit was brief and productive. The assessor reviewed my research, acknowledged the discrepancy, and reduced our assessment by approximately two-thirds. Whether the previous assessor's error was intentional or simply a mistake, the result was the same: we had been overpaying property taxes for years due to an inflated assessment that nobody had bothered to question or verify.


Ms. Money is written by Marisa Rothstein, JD, CFP(t), AEP, and Lead Financial Advisor at Siena Private Wealth, A Member of Advisory Services Network, LLC.
Nothing contained in this article should be construed as investment, legal or tax advice. Consult your tax or legal advisor regarding your situation. To learn more about Siena Private Wealth, visit: www.sienaprivate.com. All information contained herein is derived from sources deemed to be reliable but cannot be guaranteed. All views/opinions expressed in this newsletter are solely those of the author and do not reflect the views/opinions held by Advisory Services Network, LLC.
 
 
 

Comments


bottom of page