I wanted to make sure everyone was made aware of a simple process to reduce
your real estate taxes by several thousand dollars per year. In all the gloom and
doom of this awful Real Estate crisis, there is a silver lining. As property values
around the nation continue to decline, the assessed values on our homes have
stayed the same or even increased.  

Here's the coveted road map:

First you need to know if you have a basis for an appeal.

1. Go to the following website to find out your assessed amount if you do not
already know it::
http://propertyrecords.montcopa.org/Search/Disclaimer2.aspx?FromUrl=..1
Search/GenericSearch.aspx?mode=address

2. Click on 'Agree'

3. At the top make sure you are in the Address Search section and type in
your home address and hit search. No need for any other info but number
and street.

4. When your property record comes up, scroll to the bottom and right above
Estimated Taxes you will find you two columns named Appraised Value
and Assessed Value. For my record, it shows $492,020. It's important to
note that this is NOT the value for which the county thinks you can sell
your home, only what they value the structure.

5. There's a magic ratio called CLR (Common Level Ratio) the county uses
to derive your assessed value. I was told this ratio was .54 and
that's what I based my appeal on, which gave me an estimated value of
$911,111. During the hearing, the assessor told me the value they had on
record was $970,000! This equates to a CLR of .507, so I'm a little fuzzy
on this whole CLR thing but in any event, either number is too high based
on recent sales in our neighborhood.

Now, to start the appeal process:
1. Go to http://boa.montcopa.org/boa/site/default.asp and download/print the
Assessment Appeal Form.

2. Fill out the form and mail to Appeals department.

3. For 'Opinion of Value' I went to the Model home and wrote down the base
price of my house plus all structural upgrades. Right now, Toll is selling
our model with the same structural upgrades for $737,675 and I added
$40,000 for the basement arriving at an Opinion of Value = $777,675, a
full $200,000 less than what the county has on record. I also had some
recent sales to help support my argument. Now certainly this is not what I
would put my home on the market for as the county has no knowledge of
the non-structural upgrades to our home.

4. At the end of the hearing, the assessor agreed that a reduction was
warranted and said I would receive a letter in about 2 weeks divulging that
exact amount.
 

A fairly easy process but it does take some time for the county to get back to you,
after all, we are dealing with the government here.  A few hours work could save you
thousands.

Good luck and feel free to call should you have any questions!

Return to Local Resources