Assessed value
of homes in Bowie
- What to do if yours is higher than
market value
Talk to real estate professional about homes in Bowie: Call use at
301-613-2043
If you have a home in Bowie and will like to get the current estimate
value of your home click here for home value estimator
The assessed
value of homes in Bowie
is improving from the low point in 2009 and that means property taxes will go
up, however you can get it reduced if
you think your house value is less than the assessed value.
Don't confuse
assessed value with market value, as they are two different things. Assessed
value determines how much you will pay
in property tax, while the market value determines how much your house is worth
if you are selling or refinancing. The
less your assessed value, the less your property tax will be.
Assessed value
of homes are sent out every three years
to property owners in Bowie,
and many times it does not reflect the current real estate market. When the
real estate value dropped in 2009, assessed value did not reflect that, but
rather reflected the value when the market was high. This means that in
addition to the home value being down, homeowners are paying higher property
taxes.
What can you do
if the assessed value of your home is
actually higher than the current value? Property owners have options to reduce the assessed value to
be in line with the market. Once you get the new assessment notice from the county, you need to find out your current home
value. If the market value is actually
lower than the assessed value, you need to file an appeal to reduce the
assessed value. If the assessed value is lower than market value, then rejoice
as your property tax will be lower.
.
To have any chance of success in your appeal you have to provide
supporting data to show that the assessed value of your home is higher than the
current market value. What type of data do home owners need? You will need
similar home sales in your neighborhood that shows prices are lower, you will
need tax records for recently sold homes. As a Realtor I can help you get your current
home value as well as provide you information you can submit to support your
appeal.
Time is of the essence if you want to
appeal the assessed value of your house, you have 45 days from the time you get
the new assessed value to appeal. More information on the process is available
here.
To find out if you need to appeal the assessed value of your house in Bowie, contact me for
free market evaluation of your house.
Talk to real estate professional about homes in Bowie: Call use at
301-613-2043
If you have a home in Bowie and will like to get the current estimate
value of your home click here for home value estimator.