How do you determine if your home is over-assessed?
The STEB ratio handed down by the state for 2011 fair market calculations is .109. To determine the fair market value of your home, take your tax assessment and divide it by .109. For example, let's say your tax assessment is 64,000, to determine your fair market value, you would perform the calculation below:
64,000 / .109 = 587,155
Therefore, the fair market value indicated by your tax assessment is $587,155.
What if you think your home is work only $450,000?
You would submit a Residential Appeal to the Bucks County Board of Assessment, no later than August 2, 2010. Submit a Bucks County Residential Appeal Form with a check for the $25 filing fee. With this form, you will need to include some sort of documentation to support your opinion of fair market value of the home. It could be an appraisal, a HUD-1 from a recent sale in the last 18 months, or simply a list of similar homes that have sold in the past year.
Once the county receives your appeal, they will schedule a hearing in which you appear before the board with your evidence. Once you have your hearing, they will notify you by mail of any changes made to your 2011 tax assessment.
Need some help finding out just what your tax assessment is? Give me a call or shoot me an email! I'll be happy to provide you with your tax assessment, as well as give you a list of recently sold homes in your neighborhood.