Home Equity Loans
-What Are Rate-Locks
-Cost of Owning a Home
-Homeowner Tax Breaks
Fixed vs. ARMs
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-Mortgages in 2007!
Much Can I Afford?
Selling Your Home
FIGHTING YOUR HOME ASSESSMENT
Has the assessment of your home gone up steadily over the last
few years. Are you concerned that your assessment is climbing faster
than the value of your home. Did you know that there are things you
can to challenge the assessment of your home?
Typically, if you are going to fight your tax bill, it is going to be
because of the high assessment put on your home. Most of the time,
the assessed value of your home is printed on paperwork received from
your assessor. However, if you are having a hard time determining
what your home's value has been estimated at, you can contact your
assessor via phone or by stopping by their office.
Should I fight my assessment?
Once you have determined what your home has been assessed for,
you need to consider the following....
-- Can I
sell my home for more than what is has been assessed
for? If the answer is yes, you definitely do not want to fight your
-- You need to also determine if the value placed on your home is
comparable to other houses in your area. If your house is in poor
condition when compared to other homes in the area, then you will not
be able to dispute your assessment. However, if your home's condition
is in a similar state to the other house's in your area, but is being
valued less, you likely have a good case for obtaining a reduction.
Read more about
finding out how much your home is worth.
I have a good case for fighting my assessment! Where do I start?
Every county in the United States has a local assessing organization
that has a system for fixing or disputing assessments. The process
will likely be different for every area. It would be a good idea to
contact your local assessing organization before you start your
assessment dispute and find out what information and paperwork is
going to be needed as well as what forms are going to required for
filling out and what the deadlines are for filing.
What are the top reasons that assessments get lowered?
-- The specs of your property are incorrect. Meaning, the assessor
may have the wrong lot size, square footage, number of bathrooms,
bedrooms, etc.. Also,
improvements options may also be mistreated. Meaning, a pool or
steam room are being included in your assessment when in fact they do not exist.
-- Your home and property is not in the best of shape and needs a lot of
home repairs. For example, your home has been assessed at $300,000, but
needs approximately $50,000 worth of repairs. These needed repairs
will impact the worth of your home. If this is the case, you will
need to document the repairs needed and the costs to fix as best you
can with pictures and estimates from contractors.
-- Your home is not being assessed at the same value as other houses in
your area. This is hard to prove. You will need to get the assessment
of some other homes in your neighborhood. You can do this by going
down to your assessors office with the specific addresses of
properties you are interest in, or you can may be able to go online
and find out. For a fee, you can seek the assistance of a local real
estate agent. You can even hire an appraiser for a few hundred
dollars. If you think your case is strong, paying some money and
getting your work done professionally may be your best solution.
Presenting your case!
Once you have all of your information together, you should make an
appointment with your assessor. Keep your presentation short and
precise. Be professional and courteous. The national estimate of
homeowners that are successful in challenging their assessments is
Your Credit Report and Your Mortgage
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Fair Market Value
vs. Seller's Market?