Posted: Mar 31, 2009 11:53 am
Well first of all, all as a whole the city's real estate values are in a state of decline. Theres no doubt about that. I also think that the assessor tries to "make up" for the decline in neighborhoods that they think they can over appraise properties. In other words where folks just say"oh well..guess its good our property values are going up"! Im finding that this year more than ever they have completely gone crazy, in some cases raising homes $100k more than they were appraised at last year. Chandler Reports is offering a service where you can pay a certian amount and get the latest comps etc.. which should be of great help in making your appeal. The only other thing to do is actually pay for an appraisal whcih these days the going rate is $300 for a single family residence. If you do get the Chandler Reports deal..here are some tips.
Typically you wanna look for comparable homes that have sold within the past 12 months, are around the same age as your home, are of similar size to your home(meaning within 200+/- sq. ft. if possible), are within a mile of your home(and in the same market area..meaning if you live in Cooper Young you wanna try and stay in Cooper Young) and have the most similar bedroom/bathroom count as your property. Its also good to try and find homes that are in similar condition as your home, meaning if your home has been renovated, find Comps that appear to be renovated(either by looking at them from the exterior or having prior knowledge) and vice versa. Its also good to maybe try and bracket the comps by square footage, meaning to find a couple that are bigger and a couple that are smaller. We as appraisers make adjustments for these things, but for your purposes and the assessor knows that most people arent appraisers, try and make some sense of it by what these properties sold for. It can be a rather complicated process, but hopefully I have helped out some of you. I may be mistaken, but I think the Chadler Reports deal is $50 which is a pretty good deal. The Chadler Reposrt site has a button you click on the frontpage that tells you about appealing you appraisal. Heres the link.
Alisa, you live in a rather difficult location that will take more than a little reserach to make an appeal or appraise for that matter. Im in no means discouraging you for doing so, but I think we have it right. Maybe look for comps on Holly, Mcconnel..possibly University Circle and maybe if you have to Hallwood, Univeristy north of Jackson, Sheridan, Kensington etc.. You also live an a busy traffic thoroughfare which factors into it as well. The market would prefer not to live on Jackson(or any other busy street for that matter) so you may have that working for you if you were to point that out.