2a. 2019 Report
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2a. 2019 Report
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<br /> <br />14 | Page <br /> <br />Appeal through the Board of Equalization (Continued) <br /> <br />equitable values for property owners. If true and full values are fair and equitable, then everyone should <br />be paying their fair and equitable share of the property tax. Taxing entities such as county, city, park, <br />and school boards decide how much money their budgets need to operate for the up‐coming year. That <br />is how the actual tax dollar is decided. For example: the combined budget for all taxing entities is <br />$1,000,000 and the assessor has determined that the total valuation of all taxable property is <br />$100,000,000. A tax rate is calculated by dividing the amount of needed tax collections by the total <br />valuations. 1,000,000 / 100,000,000 = 1 percent tax rate. On a $100,000 valuation the taxes would <br />equate to be $1,000. If the assessor doubles all property valuations and the budget amount remains the <br />same, the tax rate is reduced, but the tax amount stays the same. 1,000,000 / 200,000.000 = 0.5 percent <br />tax rate. On a now $200,000 valuation, the taxes would still equal out to $1,000. The property valuation <br />doubled but the taxes remained the same. If the property value increases but the taxing authority <br />maintains the current tax rate, the taxes will rise. The jurisdictions can receive more money without <br />changing the tax rate because the value increased. $200,000 X .01 = $2,000. Likewise, if the assessor was <br />to lower all valuations by 25% and the budget amount remained the same, the tax rate would increase, <br />and the tax amount would remain the same even though the valuation decreased. $1,000,000 budget / <br />75,000,000 = .0134 tax rate. A previous value of $100,000 lowered to $75,000 would still pay $1,000 in <br />taxes. $75,000 X .0134 = $1,000. <br /> <br />WHAT IF THE VALUATION IS INCORRECT? <br /> <br />If a property owner believes the true and full value of their property is incorrect, they should contact <br />the assessor’s office for a review. The property owner should ask: <br />1. How the assessor values property. <br />2. How to gather information about their property and comparable properties. <br />3. How the appeal process works and what the deadlines are. <br />It is the property owner’s responsibility to furnish good information about their property to the assessor. <br />An appraisal of your property is only as good as the known information. A property owner would not <br />want to seek a mortgage on the property without a private appraiser knowing all there is regarding the <br />property. Likewise, a property owner can’t expect an assessor to fairly assess their property without <br />knowing all there is regarding the property. <br /> <br />CAN A PROPERTY OWNER APPEAL? <br /> <br />An assessment appeal is not for complaints about high property taxes. If, as a property owner, you feel <br />that your property taxes are too high, you will NOT win an appeal. High property taxes are an issue for <br />the entities who determine budgets. <br /> <br />A valuation can be appealed if: <br />1. Items that are affecting the valuation are incorrect on the property records. For example, <br />there is only one bath, not two; a double stall garage not a triple; or the square footage of <br />property is wrong. <br />2. Evidence that comparable properties are selling for less than the true and full valuation of your <br />property.
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