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Frequently Asked Questions How is my assessed value determined? For residential property the assessed value is typically based on recent market sale prices of similar property from the same or similar comparable areas. Why is my assessed value greater than my deed price?  Often a recent deed price will be used as the assessed value, but not always. If your deed price reflects fair cash value the assessed value will match the deed price. If you "get a deal" and pay less than fair cash value the assessed value will be greater than the deed price.  Fair cash value is not "any deed price". Foreclosure or distress sales often sell for less than fair cash value, therefore their assessed value may be greater than deed price. When do assessments change? All real estate is assessed at its fair cash value as of January 1 each year. All assessments are subject to change annually. A change in assessment (reassessment) will occur anytime the PVA discovers, or is presented with, sufficient information to base a change in value. Will my assessed value ever decrease? If appropriate, yes. Assessments follow market values. The assessed value of your home should be supported by market sale prices of similar homes from your area or similar areas. Why did  my assessment  increase/decrease?  Your assessment value changed  because market sale prices of similar property showed your prior assessment was low or high. What if I don't agree with my assessment? Call us and discuss it. We can verify your property data, compare market sales of similar property and consider additional information. If we discover a change is in order, we will change your assessment. If we can't agree, you may file an appeal. What is an appeal? It is a formal challenge to your assessed value. If our discussion doesn't result in agreement, you may file a formal appeal to be heard by the Local Board of Assessment Appeals. A brochure, "The Appeals Process for Real Property Assessments" is available in the PVA office. What is the Homestead Exemption? Homeowners age 65 and older or homeowners less than 65 receiving 100% disability benefits can reduce their property tax by more than $200 at current tax rates.  IF YOU HAVE ADDITIONAL QUESTIONS CONTACT OUR OFFICE, 502-863-7885.
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