If you own real estate, it’s likely you recently received a new assessment from your County Assessor. Whether the property is your primary residence, a multi-unit apartment building, or commercial space, the assessed value can have a significant impact on the property taxes that you will owe the next year and beyond. The assessed value is determined on March 1 of each year, and is based on several factors depending on the type of property. The County Assessor considers everything from neighborhood and build quality for residential real estate, to estimated net operating income and capitalization rates for commercial properties. Because a majority of the factors considered are often subjective and estimated, the assessed values can be significantly higher than the actual value of the property or neighboring properties.
So if you think your assessment is wrong, what is the next step?