Real Estate Matters 11.3.2020

Real Estate Matters:
Real Estate Matters:(wagm)
Published: Nov. 12, 2020 at 7:40 AM EST
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PRESQUE ISLE, Maine (WAGM) -Money is always an issue whether you’re buying a home are already own one. In this week’s Real Estate Matters with Shawn Cunningham, a local realtor offers some insights into ways to reasonably trim your property tax bill.

It’s possible to trim your property tax bill by appealing the value the tax assessor assigned to your home. One important thing to do says local realtor Stephanie Fields is something called simply “Getting the Comps.” But what is that?

Stephanie Fields Realtor, Fields Realty LLC.

“there are databases that that owners can find approximate values of comparable properties that are similar to their own in terms of size style condition and location and the other thing for comparables is if the owner is willing to pay an appraisor to get a professional opinion on the value of the home.”

Shawn Cunningham NO STANDUP

But why is doing that important and how does it help in the long run?

“once they identify the comps through an appraisor or laid down their own research to get their comparables then they can check the assessment of those comparables of those properties most local governments maintain a public database to review the tax assessment and if they feel the comp assessment is lower than they may be able to argue that their property assessment is high.”

Next Present Your Case.

“that is correct and if you’re able to have an assessment or comparables that are similar and you can show that present to your local assessor office certainly call your tax assessor they’re very willing to discuss the assessment initially and you may need to say okay I really want to come in and have a formal interview with you so we can go over and fill out instructions to support the evidence I may have and can we take it to an appeal process.”

Finally, Appeal if you Don’t like the review...

“definitely speak to the appeal board present your facts there are a few things to keep in mind when you weigh an appeal the appeal board can only lower your assessment they are not gonna lower the tax rate and there is a chance that the assessment may be raised.”

But like everything else she says consult a realtor for advice, have open communication and dialogue and always goes into everything with an open mind. Shawn Cunningham, NS 8.

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