1. ability of tax value to be over market value. the article found www.tinyurl.com/taxvaluemaui
the appeal process states that tax value has to be up to 20 percent over market value
the appeal process states that tax value has to be up to 20 percent over market value
to qualify for an appeal this means that tax value can be 15 percent over market value and remain in force.
2. In July we learned that the prices in Idaho at that time was getting 16 to 17 million.
3. the offer we got was 16.5 million
4. we relied on tax value or assessed value when setting our list price
5. the typical shopper is putting in a range of 15 to 18 million for prices according to barbara. this means that a list
price of 18.88 will not be included in the search
6. if tax (assessed) value is 15 percent overstated. then a market value of 16.9 million could have a assessed value of 17.9 million
7. some of us were prepared to accept 17.3 million a year ago.
some of us were ready to accept 16.8 million.... the tax value number of 17.9 million gave us all hope that market value must be equal to tax value.
some of us were ready to accept 16.8 million.... the tax value number of 17.9 million gave us all hope that market value must be equal to tax value.
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APPEAL PROCESS
The formula for real property taxes is:
(Assessed Value-Exemptions) x Tax Rate = Taxes
IMPORTANT DATES
The tax year begins on July 1 and extends until the following June 30. These are the important dates to remember:
Date
|
Importance
|
|---|---|
| Sept 30 | Deadline for filing exemption claims and recordation of ownership documents |
| Oct 1 | Assessment set for use during next tax year |
| Dec 1 | Assessment notices mailed |
| Dec 31 | Deadline for assessment appeals |
| Jan 20 | Second half year tax bills mailed |
| Feb. 20 | Second half tax year payment is due |
| Mar 31 | Certified assessment roll to County Council |
| June 20 | Tax Rate set by County Council |
| July 1 | Tax Year Commences Deadline for filing dedication petitions |
| July 20 | First half year tax bills mailed |
| Aug. 20 | First half tax payments due |
key phrase:
- The tax assessor assumed that the current market value of your home is higher than it actually is.
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The tax value (assessed value) can be as much as 19% over the actual market value
4. The County Code provides for four different grounds for appeals.
o A 20 percent differential between an assessment and the property’s actual market value.
o Lack of uniformity or inequality in the methods used to assess the value.
o Denial of an exemption to which the taxpayer is entitled and qualified for.
o Illegality under federal, state or county laws or ordinances.
o Lack of uniformity or inequality in the methods used to assess the value.
o Denial of an exemption to which the taxpayer is entitled and qualified for.
o Illegality under federal, state or county laws or ordinances.
5. In most cases, the appellant simply believes the assessment is too high. In such cases, the County Code requires that the appellant show their property was worth at least 20 percent less than what the County assessment says it was worth. So for example, to be successful, a property owner has to show that a $1 million assessment was overstated by more than $200,000 and that the property was actually worth less than $800,000.
