I received a letter from the county or city (I'll have to double check) stating that the assessed property value has gone up by 30K. What I'm trying to figure out is:
How can they raise the tax by almost 10%? Can we put in a claim? Does this mean that he property value has gone up and can be sold, ideally for 30k more?
Trying to figure this out as it would impact the cashflow of this property.
Any help would be appreciated!
This property is located in VA Stafford county.
I could be wrong but typically this means the county or city thinks the value of your property has gone up and therefore our taxes will go up as well
There is a process to challenge the assessment. I would consult a real estate attorney for advice if you go that route. They should be able to point you in the right direction to accomplish this and it may be a good idea to pay them to do it for you. Properly filled out forms from an attorney often go a long way in these situations. Keep in mind you have to prove to the people who made the assessment that they are wrong and you are right.
Theoretically you should be able to sell for around what the valuation is. In reality it can be much more or much less depending on your state and county. The first thing I would ask myself is if their assessment was close to my assessment.
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