Appeal Property Assessment

The appeal property assessment is a way in which tax payers are able to determine the differences between the property’s market value and its actual price. This is done mostly by business owners and investors in order to ensure that the correct tax amount is being paid. This assessment is generally done by tax consultants who take into account certain market conditions and actual purchase and sales conditions to determine the actual value of the property.

Sample Appeal Property Assessment:

The following Appeal property Assessment has been created for WRTY Software Co.

Name of Tax Consultant: Mr. Dominic, YUSO Tax Evaluators Ltd

Property type: Business building

Property address: 21, Mullet Meadows, Chicago

Assessment Date: 3.4.2011

Main Aim of Assessment:

  • To determine the real property tax value
  • To gather standard property information
  • To assess current market conditions against actual value

Current Property Tax Payments details:

  • Total Value of Building [as per the market reports]:   $5 million
  • Current tax rate applied: 5%
  • Taxes paid per annum: $25,0000
  • Property purchased : 1990
  • Tax rate applied from: 1998-2010

Property Tax after Assessment:

  • Actual value of the building:  $3.5 million
  • Current tax rate: 4.5%
  • Taxes to be paid per annum:  $15,0000

Summary:

  • The above assessment needs to be filed under the respective governing tax body.
  • There should be a period of 4 – 6 months interval before the new rates and amount are applied.
  • This assessment is subject to change with new tax rate and must be done at regular intervals.

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