Tax assessment appeal % success rate based on market price
How likely can I mount a tax assessment appeal based on the fact the property is assessed at 2 million and I'm going to buy it for 600k?
[{"id": "ht78ws4", "text": "Is it an arm's length transaction? Submit the PSA, closing statement to assessors office upon appeal. It is usually a strong factor in assessment.", "replies": [{"id": "ht79rhg", "text": "Yep. I mean we're two smb owners. No past affiliation completely different line of business.", "replies": [{"id": "ht7aq3d", "text": "Based on what you've said, yes it is a strong factor to reduce assessed value.", "replies": [{"id": "ht9votl", "text": "Agreed. Unless the sale price is outside the range indicated by comparable sales or otherwise doesn\u2019t fit the conditions of a fair market transaction, most assessors won\u2019t want to waste their time fighting that. At least in my jurisdiction. Although with that large of a delta they will certainly want an explanation for why they may be so far off.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ht7bbt5", "text": "Just make sure you follow your appeal dates. Miss it by a day and you\u2019ll probably be waiting until next year.", "replies": [], "depth": 1}, {"id": "ht7x43g", "text": "What state is the property in?", "replies": [], "depth": 1}, {"id": "ht7zu9q", "text": "I would still provide evidence that supports your sale price as a fair market value. Bring your appraisal, comps, and the tax appraisers valuation on similar properties if it supports your case.", "replies": [], "depth": 1}, {"id": "ht821ty", "text": "Yes.  If you used a broker on the deal, he/she can also help you pull comps for your submarket that support the $600k valuation.  Lot of folks in my town offer this for free for the chance to win future biz.", "replies": [], "depth": 1}, {"id": "ht89ikw", "text": "As a former property tax consultant, there are far to many questions to answer this correctly.  As /u/rohde88 asks, is this an arms length transaction? Traditional financing? State and County? What is the property really worth?  For you, you probably want to contact the assessor, BEFORE the appeal filing period to try and work something out.", "replies": [{"id": "ht8l95l", "text": "Ok I'll try that", "replies": [], "depth": 2}], "depth": 1}, {"id": "ht8fv6u", "text": "If your not in contract, send over the address ; )", "replies": [], "depth": 1}]