How Do I Go About Disputing a Low County Property Assessment ...

Q: Dear Sir or Madam,

My apologies for the long-winded question. I figured a bit of a background on our situation would offer a better perspective on our predicament. We built a house which we moved in to on September 2009 in Alexandria, VA 22312. Needless to say, the appraisal from the time we closed the deal on the lot to the time we closed on the new house with the builder had changed drastically and we had a tough time converting our construction loan to a permanent loan. We had three appraisals done which had our house at an 80% Loan-to-Value: One before we closed on the lot and chose the new house plan; the second right before the construction began; and a third when we were converting the construction loan to a permanent one. When the last one was submitted to the underwriter, it was rejected which threw everything into a tailspin. We were required to get another appraisal and we ended up with some inexperienced kid who lives in a far off county in the state Maryland. The guy literally halved the last three appraisals. We were shocked. I rejected the appraisal and ended up going with a different lender who came with an appraisal that?s almost equivalent to the loan amount ? $610K. At this amount we were still at a loss since we put almost 15% down payment on the lot and new house. However, we were able to convert the loan just in time before the deadline. Fairfax county property assessment for 2010 came at $560K then rose to $580K on 2011. This year, we ? surprisingly ? saw it tumble back to what it was two years ago to $560K. We were very disappointed to say the least. We were looking at the possibility of refinancing at a lower rate this year. Furthermore, we always wanted the option to sell the house and walk away without owing anything ? in case of an emergency ? even though we?d lose the down payment. My question is, even though unconventional, is it considered crazy to dispute a tax assessment because we think it?s too low? I know most people want to lower it to reduce property tax but it?s just depressing us knowing that while there was overall increase of 3% in property values in Fairfax County. VA, we were in a neighborhood which dropped down 3% even though our house is a brand new construction and almost twice the size as the average house in our subdivision. Your insight and answer would be much appreciated.
?Harry, Alexandria, VA

A: The county assessment (appraisal) value of your home is not what the bank uses to assess value. The bank uses an appraiser?s report to decide on the value of your home. Therefore, there is no logic in going to the Assessors office to fight for an increase in your taxes or tax assessment value.
Adam Aguilar is a Realtor? with Reliantra in West Toluca Lake, CA.

A: Hi, First and foremost, the county tax assessment is not to be equated to the fair market (retail) value of your home. Market value is determined by an appraisal and/or by homes similar to yours that have sold within the last six months. Almost all homes experienced a drop in their assessment value, which is good for homeowners in that it means lower property taxes. Fortunately, when performing an appraisal, appraisers do not take into account a home?s tax assessment value. When it comes to pricing your home for sale, a REALTOR will compare your home to other nearby homes that are similar in size and condition. They do not look at tax assessment value either. I think Fairfax County would be pleased to know that you would want to pay more property taxes, but I?m not sure that is what you want to accomplish. The appraisals from 2009 when you purchased the home have no bearing on what the market value is now. You mentioned that your home is newer and much larger than most homes in the neighborhood. That makes it a bit difficult to price, not impossible, but difficult. I?d be happy to complete a Comparative Market Analysis and let you know what your home might be worth if you were to put it on the market today. Feel free to call me.
Cathy Baumbusch is a Realtor? with RE/MAX Executives in Alexandria, VA.

A: I really do not see any benefit in arguing for higher tax assessment. When you get ready to sell, the market value of your home will be tied to the values of similar homes that have sold in your area. While there is some correlation between the property?s tax assessment and the market value, they are not the same thing. I have seen neighborhoods that sell at or below the tax assessment, and others that sell for well above the assessed values. I am acutally more concerned that you built such a large home in an area of smaller homes. Of course if the area is in transition, and this type of redevelopment is common, hopefully you will be ok in the long term.
David Welch is a Realtor? with RE/MAX 200 Realty in Winter Park, FL.

A: A tax assessment really has no bearing on an actual appraisal. The appraiser is suppose to use recent comparables in the area to assess value. So I would not dispute the tax assessment because if they agree, you will end up paying more taxes. Get a relationship with a local Realtor who can provide you with current comparables every month so you can track the values on your own. Then when it makes sense to refinance, you will have current information as to your value.
Beverly Houlier is a Realtor? with Hilltop Chateau Realty in San Diego, CA.

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