Understanding How The Value Of Your Property Is Assessed

This week, you can expect to receive, or you may have already received your property tax notice

. Youll see what you owe this November and youll also see how this was figured. The assessed value of your property is the key to determining how much you owe, but if this figure is wrong, you could end up paying for more than you should this November.

So, how does the county determine what the value of your home is? The County Property Appraiser will determine what the value of your property is by using something called the Mass Appraisal Technique. This mass valuation system considers many different elements on one certain type of property. The values of these elements from a large number of properties of this certain type are averaged in order to get the best general value. The PAO will then apply a few small, elemental changes and that is how your property value is determined.

As you can see, this is a very non-specific average. Your home could be lumped in with homes from other neighborhoods across the county that are the same type of property as yours, but differ widely in many elements. This is why your real estate appraisal could be incorrect.

How can a Florida homeowner determine the correct appraised value of their home? Hiring a private real estate appraiser can work, but this can be costly. One affordable option is to use MyTaxRights.com. The site gives you a free assessed value for your property, which saves you money and will let you know if you need to appeal your property taxes.

Why is the MyTaxRights.com appraised value more accurate than your local tax assessor? Instead of using the mass value method, this website looks at your specific property and selects comparable properties within your neighborhood. They use the exact same techniques and formulas that other appraisers do, but they are using comparable data for your specific property, which provides a more comprehensive look at the value of your real estate.

Most Florida homeowners are not aware that their tax assessor is using these widely inaccurate methods for calculating their property value. When you receive your tax notice, make sure to double check the real value of your real estate at MyTaxRights.com. You may just find that the tax assessor has valued your home incorrectly and that you really owe less for your taxes than listed. A simple check is all you need to do to possibly save thousands of dollars this year. MyTaxRights.com boasts a 100% Money-Back Guarantee a fully stocked library of information and is available in 60 languages.

by: Errol Chung

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