Our Residential Appraisal Services
Property Tax Assessment
The market value of your house and the assessed value may differ considerably. Which figure represents your home’s true worth? For resale purposes, it’s the former. For tax purposes – and only for property tax purposes – it’s the latter. While market values can fluctuate depending on supply and demand and economic conditions, the assessed value is a more stable indicator of a home’s worth. An updated appraisal value may lower your property taxes or enable you to remove PMI.
Assessment Appeal
Lower your property taxes
You may be paying a higher tax rate than required. An application for a property assessment appeal on your property is an opportunity to challenge the assessed value and annual property tax assigned by the County Assessor. Before you file for a property tax assessment appeal you should get an appraisal prepared by an experienced appraiser licensed in your state. An appraisal can provide you with the credibility you need to challenge a property assessment. The key is to provide well documented evidence. An Appraisal by Sylvain Appraisals can provide the documented evidence you need in challenging your property tax assessment. Many times the board of appeals is made up of at least one former or active real estate appraiser. A well documented professional home appraisal can many times make the difference of whether your property assessment appeal is successful or not.
Did you know?
– The property assessment appeals board operates under the presumption that the County Assessor is correct in his assessment of your property.
– You must provide substantial evidence to support your assessment appeal claim. An Appraiser can represent you at the hearing and provide you with a well researched and documented appraisal of your property.
– At the commencement of every hearing you should request a finding of fact in writing and submit it to the clerk. This requires the assessment appeals board to discuss all of the material points raised by the application and should also require a statement by the board of the method or methods of valuation used to determine the value of your property. Rule 325 of the Assessment Appeals Manual generally states findings of fact must be rendered within 45 days.
– You may request a copy of the tape recorded hearing within 60 days following the final determination if you plan to appeal the boards decision on a judicial review.
What if I disagree with the assessed value of my residential or commercial property?
Your first step is to get an appraisal prepared by a Qualified State Licensed or Certified Real Estate Appraiser.
Differences of opinion can and do arise. Property owners have a right to challenge their property assessments by filing an application for changed assessment with the Assessment Appeals Board. The key is to provide a well documented appraisal report by a qualified Real Estate Appraiser who is State Certified.
You are also urged to contact the Assessor to verify the circumstances of the assessment. This will assist you in understanding the method used in appraising your home or commercial property. You may also ask the appraisers at the Assessor’s office for an informal review. Armed with a well documented appraisal report prepared by a Real Estate Appraiser may result in an adjustment without requiring further action. Be sure to check with the Assessor for any form or filing deadline that may apply to an informal review.
PMI Removal
Stop Paying PMI
Private Mortgage Insurance (PMI) is a monthly charge incurred when your down payment is less than 20% of the appraised value or sales price. By accepting PMI you will be able to have a lower down payment because the bank is protected against loss.
Rates of PMI vary depending on a number of factors. As an example: If the average median home in the area costs $400,000 then 20% down would require $80,000. That’s quite a chunk of your hard earned money.
If you have $40,000 available, or 10% of your loan, the bank then takes the loan amount of $360,000 and multiplies it by .005% to determine PMI. That means annually you are paying an additional $1800 or $150 EVERY MONTH. You may find the specific PMI amount that you are currently paying by looking at your monthly mortgage statement.
Lenders are by law required to notify a home owner when they have reached 20% equity, but you need to keep track of these numbers. Once you have reached 20% you may obtain an appraisal and waive this monthly fee.
- Over half of all mortgage loans have mortgage insurance (PMI).
- A 1998 federal law requires lenders to allow you to drop your PMI once you have 20% equity in your home.
- To remove your private mortgage insurance you may need an appraisal by a Certified appraiser licensed in your state. Improvements you have made since purchasing your home will be reflected in the report.
What do I need to do to drop my mortgage insurance?
- Contact your lender. Verify that you are paying mortgage insurance. Confirm that you qualify for PMI removal. Get their specific requirements for exactly what you need and where to send the information. Most will require an appraisal by a certified appraiser licensed in your state.
- Contact an appraiser. Verify that they are state certified.
- Send the report to your lender and enjoy your lower house payment.
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