The Duplicitous Nature Of Home Assessments
Like most other things, you either love or hate home assessments. It’s an odd thing because the mount your home is assessed for is used for both getting more money out of your pocket and getting more money into your pocket, although not necessarily at the same time. It’s this strange dichotomy that drives both individuals in areas where they live crazy.
Cities, towns and the like all want your property assessed as high as it can be. This means higher taxes they can get from you to help them fund all those things throughout the community that you either care or don’t care about. For some people, if you have children you don’t mind this; for others, if you don’t have children you hate having your tax money going to education. Unfortunately, you don’t get to pick and choose; that’s just how it is.
For individuals on the other hand, it’s a dichotomy that makes you sick. You don’t let your property assessed, at least by your local municipality, because they are gonna charge a higher property taxes. In the area I live, one of the local towns just had their first assessment of local properties in about 10 years, and most people have learned that their property taxes are doubling. In a tough economy, it’s not a pleasant thought knowing that you’re going to have to try to find the money to pay more taxes.
On the other hand, we all want banks and real estate movers to assess our property hire than even we can imagine it could be worth. If we’re looking to sell our home we all hope to make more money off of it then we paid out when we bought it and started paying mortgage on it. If we’re looking to get a line of credit or home loan, it works out in our favor if our home is assessed as high as possible.
In general, we like or hate assessments based on the timing of them. Unfortunately, were not always in control of those times. The best we can hope for is that any assessment is being done on our property is a fair one. For instance, there are some areas of the country that have people doing assessments on their homes that have never seen their homes and don’t live any where close to where their home is. All they do is take an estimate of surrounding property, which they can get online, and come up with a dollar amount. Something to work for you, other times they can backfire, but either way it’s not all that fair.
What’s the best thing for you to do? You probably should pay someone to do an assessment of your home and property. If you do this regularly, you would least have a legitimate dollar amount of what your home should be worth. If your local municipality doesn’t assessment and they come up with a much higher figure, you can always challenge it by taking your assessment in with you. If there figure is lower, you can keep your mouth shut and still go off of the piece of paper you got from your own assessor. It’s not perfect, but either way you have a chance to at least get some fairness.