Hearing With The Board Of Revision
Recently I have received numerous certified letters regarding my rental properties. These letters inform me of hearings set up with the county Board of Revision.
It is my understanding that these hearings are part of the legal procedure of setting the value of my property at a higher level. Accordingly, a tax increase will follow.
Is it worth while to even attend this hearing, or would that be a waste of my time.
If it is worthwhile to go to this hearing, what would be some strategies to help keep my taxes down?[ Edited by curtbixel on Date 05/15/2004 ]
Run QUICK to an attorney to find out what you need to know. I'm not sure that anyone on here can give you advise in this situation.
Yes do get some advice from an attorney but this is happening everytime to a investor friend of mine. He buys the land builds some houses starts to rent them out then gets put under review. They always raise the value and thus taxes are higher but if you fight with them when you go it probaly wont be as much if you dont show.
On many of my properties, they have been raising the value up to the price I paid for the properties.
It seems like it might be difficult to argue that the property is not worth what I paid for it. On the other hand, their are many very similar properties in the neighborhood that are being valued at a much lower rate. I have one property that I think would sell for $240,000 that has an appraised tax value of 140,000. This was purchased in 1994.
A new property purchased in 2001 would sell for 215,000 but it is being taxed at the appraised value of 180,000. This is what I paid for it.
Can I make an argument that it should be appraised at the same value as similar properties in the neighborhood, even if those properties appraised tax values are substantially below market?
The first thing for you to do is acquaint yourself with the function of the Board of Revision.
The Franklin County Board of Revision (BOR) hears formal complaints on property valuations and appraisals. BOR complaints are accepted from December after the first half tax bill is mailed to March 31 each year. Filing a complaint allows property owners to schedule a hearing before the Board of Revision, which is comprised of the County Auditor, Treasurer and President of the Board of Commissioners or their representatives.
At the hearing, property owners may present information such as recent appraisals or sales data for similar properties in support of their complaints. Valuation complaints must relate to the total fair market value of both land and buildings. The Board hears complaints on property valuations - not tax dollars. The burden of proof is on the complainant. Failure to meet that burden may result in no change or possibly an increase in value.
All hearings and documents presented to the Board are of public record. The hearings are recorded. All decisions by the Board will be made on the record and will be mailed to all parties by certified mail.
If you did not file a complaint about your property's valuation, someone else with property in your neighborhood did. Your property's valuation may be cited as justification for lowering the complaintant's property valuation.
It may be worthwhile to attend, just to see the process in action.
Dave,
Thanks for the reply. I think that the city of Columbus may be systematically trying to raise the valuations on investment property. They will most likely raise the value of my property to what I paid for it.
It seems like it would be difficult to argue that it is worth less than I paid for it. I have been on the auditor's web site and it looks like most other similar properties are valued at far less, except for the ones that have been purchased recently. It looks like they have had their taxes raised as well.
Would their be any hope for me to use information from the auditors own website that shows properties identical to mine that have a much lower value according to the auditor's web site?
You might try. However, since you did not file your complaint before March 31st, you will have to wait until next year.
Go to this hearing and observe. See if any complaintants get their valuations reduced. If so, then get a copy of their documentation (public record) and imitate their argument.
By the way, the city of Columbus is not in the mix. The Board of Revision in your area is a Franklin County entity.