Tax Man Cometh
June 24th, 2013 (Monday) is the deadline to submit your appeal for your property tax assessments for 2013. If you are an Idaho Property owner you were mailed a valuation of your home in late May, early June, based on January 1st of the year. This assessment of value from the county assessor’s office can change every year based how home values are doing in your neighborhood.
Since home prices are on the rise in many locations across the state, you should look at this tax assessment closely. If you feel the value they have place on your home is too low, then do nothing and keep quite about it (enjoy it while it lasts). However, if your home is being over valued then you have the right and ability to call your tax assessor’s office talk to them about your assessment.
HOW TO APPEAL YOUR IDAHO TAX ASSESSMENT
1. Contact your favorite, knowledgeable real estate agent, and have them do a quick check on value of your home based on Jan 1st of the year. Many agents make the mistake of showing the value today, but the assessor’s office is trying to prove value as of Jan 1st, and therefore will not accept comps selling today.
2. If your realtor can show you proof that your home is indeed, being over assessed then you should call your tax assessors office right away. The number to call is right on your tax assessment. Share with them the findings from your Realtor. Remember that home valuations are subjective. It depends a lot on which comps are being used to determine value. If the tax assessor shares with you comps that your realtor did not show you, then make a note of that, because your agent will need that property info to see if they can dispute those comps for any reason.
If you provide compelling evidence for the tax appraiser, and they agree with the over assessment, then they have the ability to make a change right then and there if they agree with the information you have presented. However, if you are not that lucky, and they don’t agree to change your valuation, hope is not lost.
3. In the State of Idaho, you can file an Appeal against your property assessment. The process is not difficult, but there is a deadline. You must submit your appeal by the 4th Monday in June (June 24th, 2013!). Call the assessors office as ask for the form. Some county assessors offices have the form on their website where you can download it. Here is a link to Ada County Appeal Form or just got their website: http://AdaWeb.net. This will establish a court date when you will have an opportunity to further make your case. Be sure to lean on your favorite realtor for plenty of documentation to support your claim. If your home is being drastically over assessed this will be worth it. If is just marginally over assessed then it is probably not worth the fight.
You only have one time a year when you can appeal your property tax assessments, so make sure you don’t get caught off guard. Also, this process only addresses property assessments, not property tax amounts. Your home assessment is calculated into your tax levy. Your tax levy is determine by the tax districts and county commissioners. Each county has multiple tax districts and meetings throughout the summer where the tax levy’s are discussed and determined. You have the right to attend and speak at these meetings, so if you are concerned about something, attend and speak up.
If you have more questions about property taxes, or need market assessment on your home. Just call me at 208-340-8399.
- Mike Turner – Boise Real Estate Professional - Front Street Brokers