How can a house be appraised for $20,000 less than its tax appraised value?
Luz Velez is correct. Your state may be different from most states but the assessed values for tax purposes are determined by mass appraisals by the assessors office or taxing authority and are normally re-assessed every 2 or 3 years. In most states the tax rate is determined by the State Legislature annually. When a property is sold, in most cases the assessed value is determined on the recorded sale price in the recorders office, and depending on the assessment cycle it may be 1 or 2 years before the adjusted value is used for property tax calculation. In areas that have been expierencing signigicant increases and decreases in property values, it would be wise for a property owner to consult with an appraiser each year when tax notices are recieved to possibly contest the assessed value and tax amount. The property owner will in most cases fail in their attempt to have the taxes reduced if they protest using information obtained on their own that is inaccurate, not true sales or arms
