Property Tax Assessment: What You Need to Know to Navigate the Process.

This month, I want to address a topic that has caused a great deal of concern lately - receiving a higher assessment on your property. I understand that this can be confusing and frustrating, but there are tools and information available to help you navigate this process.

Firstly, it's important to note that each county is governed by state law, which limits annual property tax increases to 3% on average. So, even if your assessment has gone up, your taxes shouldn't increase by more than 3% annually. I hope this information can help alleviate some of the stress you may be feeling.

The great news is that the value of your home is likely to have increased over time, which means that you now have more equity in your property. Even if you haven't undertaken any major renovations or upgrades, your home's value may have appreciated on its own.

Let's take a closer look at the difference between the assessed value and the taxable value of your property.

The assessed value is an estimate of what your property is worth,

while the taxable value is the amount of the assessment that is subject to property tax.

It's important to keep in mind that your taxable value may increase by up to 3% in addition to any changes in your assessed value. This makes it essential to budget accordingly.

If you feel that your assessed value or property value is inaccurate, you can file a dispute with the Polk County Assessor's Office. This involves submitting evidence of the correct value, which can be done with the guidance of a property appraiser or tax specialist. If you need assistance finding an appraiser or have any questions about the process, I am here to help.

If you would like to take this step, do so quickly. April 30th is the deadline for filing a dispute with the county assessor.

To put it simply, your home is worth more now than it was before, which is fantastic news for you as a homeowner. This increased equity can open up a range of opportunities for you, such as refinancing your mortgage, taking out a home equity loan, or even selling your property for a profit in the future.

As your Realtor, I want to assure you that I am here to help answer any questions you may have. Don't hesitate to reach out if you need assistance navigating the assessment process or any other real estate-related matter.