One way to take advantage of falling home prices is to get your property reassessed by your counties assessors’ office to see if your value is lower than what they have on record. The National Taxpayers Union cites that only 10% of homeowners protest their assessed value, but many more could benefit from the challenge.
I recently sold a home to a couple in the west-metro Minneapolis area that had a county assessed value of $231,600. In reality, this property sold to my buyers for $149,000. This property was assessed 36% too high. I recommended that they protest the value immediate so that their 2009 taxes will be lowered considerably.
Contact me for a free market analysis to see if it might be in your best interest to protest your assessed value.
Email: steve@mnrates.com
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