Friday, May 22, 2009

Tax Assessor Agrees to Adjust My Rental Property's Appraised Value Lower (for Taxes Purposes) As Result of Successful Informal Review Request

In April I got a letter for the County Tax Assessor for one of my three investment properties. The letter advised that my property was being assessed a value of $246,400 for tax purposes and that I had about one week to request an informal review if I disagreed with the assessment.

Knowing that I bought the place for $219k in 2006 and the Tennessee real estate market has been soft since then, I argued that my property should be assessed for $218k (prior related article).

Well, I got a letter today with the results of my informal review request. It seems that my argument was well based and the assessor agreed to a lower appraisal of $230,500. While it's not the amount I argued for ($218k), it does result in a lower annual tax. I still have the option to appeal the new appraised value, but am choosing not to. I choose not to because I know that my odds of getting a $218k assessment are low and that all counties are hurting for property tax revenues, especially after the housing bubble deflated.

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