Yay! It’s Tax Revaluation Time!!

It’s so exciting.  It’s the time we all wait for… like Christmas! Every two years, the County re-assesses all properties to determine the basis for the next property tax bill.
When the new property valuations arrive in your mailbox in the first week of May, your property’s value will probably be below what you think your property is worth.  So before you call the assessor or your Realtor to find out why when you’ve just been reading about our recovery, read this.
Your new valuation is what your home was worth last year, not what your home is worth today. Valuations are based on the 24 month’s sales from July 1, 2012 through June 30, 2014.  That covers the years when prices were basically flat at 2011 levels.  You can expect that your home will be valued less than it’s value today.
The Summit County Assessor says that about two-thirds of our owners are from somewhere else.  Those from Florida or other depressed areas will not be pleased when the Assesor says their property has gained value.  Sorry.  Prices never fell as much as in many other areas and have increased slightly since the bottom in 2011.
Even if your valuation increased by 30% (highly unlikely) it doesn’t mean your tax bill will go up 30%.  Various state laws limit how much government can collect each year.
To keep our property taxes in perspective, remember that in many states it can cost several times what we pay for taxes on similar types of property. For example, a 3100 square foot home in Summit Cove paid about  $1800 in property tax last year.  In New Jersey they might pay $10,000.
You have until May 31 to protest, but unless you can bring comparable sales proving that the County is wrong, your valuation will stand.
Go to my web site and look under Neighborhood Sales & Listings for the red Tax Comps button for your neighborhood.  You will see all sales from the tax valuations period.
So you have two more years of grace before tax valuations actually will cause your bill to increase.  Enjoy them.

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