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There are many factors that affect the value of land and buildings. All properties do not change in value to exactly the same degree. Many factors influence values. Among the numerous factors to be considered are location, condition, size, quality, number of baths, finished basement, garages, additions, traffic and utilities, square feet, etc. Furthermore, changes in market value are not always reflected evenly across property classes. It is common that different types of property (single-family and multi-family) as well as styles (ranch and colonial) do not appreciate or depreciate at the same rate. Factors that cause an increase in value include structural changes (rehabilitation), upgraded facilities, neighborhood or locational factors, and market factors (housing demand). Factors that cause a decrease in value include fire damage, vandalism, outdated acilities, neighborhood or locational factors, and market factors (decrease in housing demand). The percentage change in each property owner’s assessed value will differ according to structure, locational characteristics, and size in the general real estate market. There is no uniform increase or decrease factor because each property is affected differently by the above-stated factors.
Abatement Applications must be filed by: 1) the owner of record on January 1st of the prior year; 2) a person who has an interest in or is in possession of and has paid the taxes; 3) a person who acquired title after January 1st of the prior year. A mortgagee must file an Abatement Application between September 20 and October 1 of the year which the tax relates
If you would like a hearing/meeting with the City Assessor or the BOA, you must request such in writing on your Abatement Application.
Always, the central issue of an appeal (Abatement Application) is market value. The more nearly your property (in terms of size, features and neighborhood) a comparable property is, the better. Your appeal is most likely to succeed if it is supported by sound information, remembering two reasonable people looking at the same information are likely to come to similar conclusions. Although it may not seem so, the Assessors and their staff strive to be reasonable. Be aware that many homeowners spend a lot of time and effort preparing information that has minimal effect on their value. The history of your assessment or comparisons with homes in your neighborhood that have sold are, at best, weak indicators that an assessment is out of line. Therefore, a property owner should look at two prior calendar year sales of similar structures in the neighborhood and compare the features of these properties with the property owner’s property.