A friend is buying a house that was assessed several years ago for ~$400k, but the market right now appraises it for only ~$200k. Can he "force" the town to reassess this house and, thus, get his tax liability lowered?
by 
Wolfgaar
ANSWERS: 5
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LOL Yes indeed. In fact ALL homeowners should do this However, don't be a bit surprised when the newly assessed value has the same or larger tax. Government entities do not have the discipline to operate within budgets -- specifically when the revenues go into decline. Furthermore, there may be a user fee (tax) to have the property reassessed at any time outside of their standard assessment interval. You just can't fight "city hall" and expect to win. Good luck.
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In some areas the new assessment will not effect the property tax till the next year. I tried to dispute the tax levied on some of my prop. I explained that my prop. was unimproved and the market was in decline, but was told the tax levied was from last year. But as I said before each state and even county has their own rules and regs.
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I was a tax assessor for over 20 years before retiring. I always appreciated it when property owners came in to my office to discuss their property value. All state have specific periods, usually 30 days following the mailing of the notice of value, that a property owner can appeal their value, but nothing stops a property owner from coming in prior to the setting of the values to talk to the assessor. The assessor only deals with the value of the property in the jurisdiction, his/her only goal is fair and equitable values - no one pays too much and no one pays too little. If the house your friend is buying is listed for less thgan the assessment and he buys it for less than the assessment, go talk to the assessor. Don't forget to ask about any other exemptions that may be available to him.
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1. Consult an experienced lawyer in this speciality, and/or, 2. Ask the municipal real estate tax assessor for the "comparable sales" on like properties nearby (and recently). Comparable sales are solid proof of the market value of your property because you will learn what others paid for like properties, assuming a "bona fide 'arms-length'" sale.
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YOU CAN VISIT THE ASSESSOR AND TELL HIM YOUR PROBLEM AND HE CAN RE-ASSESS IT, BUT IF HE SAYS ITS WORTH MORE YOUR TAXES WILL RISE. ITS UP TO YOU. I'D TAKE IN ROOM BORDERS AND LET THEM PAY YOU FOR RENT, SO YOUR PAYMENTS FROM THEM CAN COVER YOUR PAYMENTS AND TAXES. HAVE A NICE DAY. MIKE
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