The end of summer is quickly approaching. The mountains are full of color as the leaves change from green to red and yellow, and your mailbox should have received your Wasatch or Utah County Property Tax notice. Unless you are like 75% of the people out there that determine that it is not a bill and file it away, never to be seen again…
I am going to implore you to dig that envelope out and take a second look at the following 3 key points you should consider:
1. Is the assessment of your home accurate?
You have to keep in mind that the value you see on your assessment is not the value of your home. This number is not what someone would pay you for your home if it were on the market. In my experience, I have noticed that the majority of tax assessed values are lower than what an actual appraised value will achieve. Meaning that your home is actually worth MORE than the county assessor has assessed you for.
2. What should you do if it's inaccurate?
If you think your assessed value is too high, get on a home evaluation site such as Zillow.com or and compare their value to what you received. If the difference is too great, you can contest it. Reach out to me and I can produce a price analysis that you can take to the assessor's office when you appeal. If you need to appeal, go to your county website and download their form.
3. What is the benefit to you financially?
If you appeal and the county assessor accepts your appeal, for every $1,000 that they have over-assessed you, you will receive between $8 and $15 back in the form of a credit (depending on your county). So, a $10,000 over-assessment could net you $120 in credit.
Most of you don't need to worry about these things, but if you have any questions about your property tax notice, please don't hesitate to contact me. I would love to help you resolve any issues you may be having.