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Property Tax Assessment

Property tax assessment is an informal assessment of a property's market value carried out by local governments to determine the amount of property tax to be paid by the home owner. It may be done to establish a reasonable listing price when a property is placed for sale. The price is established by comparing the property to similar properties that have sold in the area within the past year.

Most states have laws that require tax estimates to be based on fair market value of homes, yet assessors have a fair degree of leeway to assess and reassess a property based on particulars.  The law requires that property be valued from actual view or the best information available. Normally, assessors keep records on the physical characteristics of all properties in the municipality. Any assessment made could be reviewed, based on the existing records and the sales of similar properties in the area.

Good maintenance will help retain the market value of your property. Generally, your assessment will not be increased for individual minor repairs such as those that follow; however, a combination of several of these items could result in an increased assessment.

What can you do to Raise your Home Value and Minimize Tax Reassessment?

Any improvement you make to your home can result in a property reassessment. Anything requiring a building permit or replacement of your furnace or water heater may to result in an automatic adjustment of your property value and result in higher taxes. You can do repairs to the following areas of your home:

• walkways and driveways
• gutters, eaves, and downspouts
• water heaters
• roofs
• porches, patios and steps
• swimming pools
• house siding
• interior walls and ceilings
• exterior house painting
• replacing electrical fixtures
• exterior awnings and shutters
• weather stripping, screens, storm windows, doors
• landscaping including lawns, shrubbery, trees, flowers

Many tax reassessments done today are computerized and not done in person by a tax assessor. If you feel your home's value has been wrongly estimated, you can contact your local city office to request a review. You can also have a home appraisal specialists look at it beforehand so you are armed with information the local government will respect. Don't show up citing minor details based on opinions. If the amount is substantial, you need factual advice from experienced appraisers.