Decline in Value worksheet

I don’t know why i didn’t bring this up before but most states ( in the US only) have passed propositions dealing with ability of citizens to address the valuation of their properties. This is especially acute since 2007 when the economy tanked. I have an undefeated record of something like 75-0 since 2008 for getting a lower property tax bill on my properties.

All you do is Google your state to see if they have this worksheet and fill it out online.

You need two comparables and you want to find candidates that were sold prior to Jan 1st 2012. I would use Redfin for this to find these. Just search the map in your area and look for properties that match your own.

Want you want to look for is properties that sold for a cost per sq. ft. that is as low as possible below what your property is currently being valued at. You need at least two of these. They should be of relative age as your own and be within the same area ( like within 10 miles).  These candidates should have been sold no latter than this January 2012 ( however, some states allow this to be pushed forward to say March).

They will contact you by mail and email.

Also, a warning… they will deny you the request to change the valuation and you will appeal. This is automatic because the Government does not want to lose money. But they will.

You can appeal either online or fax the request.

Eventually you will get a hearing and you make your case. Remember: most states ( i checked) require multiple copies of the compatibles and pictures. If you don’t remember i have seen them turn away those people and reschedule the hearing. Always be prepared.

I know this is not the usual thread for these boards, but i know you will save thousands due to this economy nobody should be paying the valuation from prior to 2008. The government does not do this for you, you must control your fate and do it yourself.

Next year begins the new property tax year. So for that period you want to look for property sales in this year.

IL’s financial advise in now closed.