Increase Your Chances of Successful Property Tax Appeals, Says Appraisal Institute
February 8, 2022 08:30 AM
CHICAGO (Feb. 8, 2022) – Highly qualified appraisers are able to assist homeowners with appeals of property taxes, which can be among a homeowner’s largest annual expenses. Working with an Appraisal Institute Designated Member can benefit homeowners who choose to appeal their property tax assessments, the nation’s largest professional association of real estate appraisers said today.
As U.S. homeowners begin receiving their local property tax bills, the Appraisal Institute offered suggestions to make the appeal process easier. “Homeowners need to keep in mind the importance of hiring a highly qualified appraiser who conforms to industry standards and a strict code of ethics, such as one governing the actions of Appraisal Institute Designated Members,” said Appraisal Institute President Jody Bishop, MAI, SRA, AI-GRS.
“In a perfect world, the assessed value of a particular property would match market value if that is the regulatory intent of the particular jurisdiction’s property assessment law," Bishop added.
There can be different stages of tax appeals based on municipality, and Bishop suggested homeowners check with a local appraiser who can provide the experience and assistance needed to navigate this process. He added that a qualified local appraiser can also shed light on the local appeals process and should know that when errors are made in how local governments calculate a homeowner’s property tax bill, they can appeal the assessment.
Homeowners considering a property tax appeal should be prepared with all the necessary information, Bishop said. Qualified appraisers can then guide homeowners who choose to appeal their property tax assessments. Appraisers often collaborate with property tax consultants and attorneys who specialize in tax appeal matters, which could provide the best opportunity for a property owner to increase their chances of a successful tax appeal.
The Appraisal Institute, celebrating its 90th anniversary in 2022, is a global professional association of real estate appraisers, with over 16,000 professionals in almost 50 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA, SRA, AI-GRS and AI-RRS designations. Learn more at www.appraisalinstitute.org.