Assessing Your Assessment

Like most things in life, the current state of the housing market is a mixed bag. Historically low interest rates and affordable choices make buying easier, but today’s sellers are often getting less than they might have gotten if they had sold their home five or six years ago. For those of you who aren’t currently in the market to buy or sell, seeing a slide in your home’s value can cause your spirits to sink as well. Values may be gaining traction, as we see in the recent uptick of home appreciation in the Kansas City region, but we’ve got a ways to go before we bounce back to the highs we saw a few years ago. In the meantime, keep in mind that if your home’s value has decreased, your property assessment should too. And that’s not likely to happen without a nudge from you. If you feel your property taxes are higher than they should be, you have the right to appeal.

Mistakes on Record

Your first step is to determine whether your home’s inflated valuation is the result of an error in the historical records used by the assessor. One way to do this is to compare a recent appraisal with the assessment. Is the square footage noted on the assessment larger than the actual size of the house? Does the assessment show too many bathrooms? If so, you may have solid grounds for appeal.

How I Can Help

If you’re satisfied with the records used by the assessor but believe the assessment value is still too high, start looking at comparable houses in your neighborhood. I can help by showing you the data on nearby homes similar in size and age. If they have a lower assessed value than your home, chances are yours should too. If, however, comparable houses have been recently renovated and yours has not, this may be artificially driving up the assessed value of your home. A few photographs might support your argument.

As much as 60 percent of the nation’s taxable property may be overassessed, reports MSNBC. If you want to get a fair shake when it comes time to pay your property tax, here are the steps you need to take. 

For Johnson County:

Once you receive your official Notice of Appraised Value in March, fill out the form on back within 30 days to schedule an informal hearing. Before your hearing, make sure to gather any documentation that bolsters your claim, such as a recent appraisal, photographs of structural damage, or data on recent sales of comparable homes in your area. 

An alternative to appealing the spring notice is to wait until your tax bill arrives in the fall. If  using the Payment Under Protest method, or PUP, contact the treasurer’s office for the appropriate form. You still need to mail in your payment with the appeal form; if you present a strong case at your informal hearing, you may receive a refund on the taxes you already paid. Check the website for deadlines if an escrow agent handles your taxes.

Appraiser

913-715-9000

Treasurer

913-715-2600

For Jackson County:

Your appeal must be filed before July 9, 2012. The forms are not available online, but you may request one by calling 816-881-3309 or by visiting the Kansas City Courthouse at 415 E. 12th Street, Room 102 or the Independence Courthouse at 308 W. Kansas.

For Wyandotte County:

913-573-8400

Like Johnson County, Wyandotte County offers taxpayers the opportunity to appeal their assessment when it is mailed in March, or to file a PUP after your tax bill arrives. For forms, click here.

Aim Straight: Home-Selling Success in 2012

It’s a dream come true: you stick the for sale sign in your yard, buyers come clamoring, and within a day your house is under contract for more than the listing price. Sound too good to be true? Think again.

This scenario was just one of our success stories this past month. And there are many more stories just like this one, which is why Keller Williams Key Partners trumped the region’s averages in 2011. Overall, sales in the Kansas City metropolitan area were down nearly 8% compared with total sales in 2010; at Key Partners, our sales grew by a whopping 62%. Not only did we sell houses closer to their original list price than our competition, translating into thousands of dollars for our clients, we sold them in just two-thirds the amount of time it took our competition to sell houses. Faster, closer to full list price, more houses. At Key Partners, we captured a greater share of the real estate market, and we turned it over quickly. 

How did we do it?

If you’re hoping for the same results when selling your own house, I can help. Here are a few things to consider before you plant that for sale sign in your own front yard.

1) Yes, it IS a beauty contest.

You may look at your home and appraise its value based on memories of family holidays or the shelter of a quiet winter evening, but a stranger looking to buy has a different set of criteria. For today’s buyer, value lies in how fresh, clean and updated the house looks. As a Real Estate Professional, I can give you pointers on staging your home to get the desired response from potential buyers. You wouldn’t go on a first date without sprucing up; do the same for your house.  

2) Do the prep work.

One of the biggest mistakes a homeowner can make is rushing his house to market. If you want top dollar for your home, present it to buyers as move-in ready. That means making sure it passes the “white glove” test both inside and out BEFORE IT GOES ON THE MARKET. Fix that leaky faucet and that loose stair tread; make your paintbrush your new best friend. The greater your effort before you list, the greater your chance of selling quickly.

3) Price it right.

Here’s where my expertise really comes into play. By studying the market and keeping up with housing trends, I have the knowledge to help you decide on the best price for your house. A home is worth what someone will pay for it. Because I work daily with sellers and buyers, I can help you determine just where that elusive number lies. 

Keeping these tips in mind, together we can make the next success story your story.