It is common for residential homes to be reassessed over the years to provide your county with a new valuation, which impacts how much you pay in property taxes. While the process is typically done automatically in big cities, you may want to have your home reappraised if you feel like the value is too high and impacting your taxes. Here are some of the things that are evaluated in this type of appraisal.
Some basic information about the property is used to compare it to surrounding properties in the area, all of which can be done by looking at the home from the outside. This includes the size of the home, how old it is, the location in the community, and the zoning restrictions of what can be done on the property. Then the appraiser looks at the characteristics of the structure, which includes the type of construction used to create the home and the overall quality of the building.
Homes can be in different states of improvement, especially if they are older homes. An appraiser considers those improvements that have been made to the property over time to improve its value. This includes adding an addition, installing a new roof or new windows, and even improving the landscaping in front of the home.
Existing damage and poor conditions can also decrease a home's value. For example, old roofs and old windows eventually need to be replaced.
Sales Data of Similar Properties
The true value of a home is what someone is willing to pay for it. However, if your home has not recently been sold there is no way to determine a real-world sales price. That's why sales data of similar homes in the area will be used. The appraiser uses those previously mentioned characteristics and tries to find a property that matches it in your community. It won't be an exact match, but it can be a close estimate of what your home may sell for.
There are other factors of the home that can impact its value, with amenities like a garage, backyard swimming pool, and an outdoor patio increasing a home's value even more. Even having a fence can increase the value, since they are quite expensive, and having a fenced-off backyard is viewed as a desirable feature.
Contact a tax assessment appraiser near you today to learn more.