How to Find Comparable Properties for a Tax Appeal

How to Find Comparable Properties for a Successful Tax Appeal

When challenging your property tax assessment, the cornerstone of a strong appeal lies in finding comparable properties, or comps. These are homes similar to yours that have recently sold at a lower price, providing solid evidence that your property may have been overvalued by the tax assessor.

For many homeowners, locating the right comps can be a daunting task, but it's essential to demonstrate that your property's value is lower than what the local tax authority claims. In this guide, we'll walk you through the basics of identifying the best comparable properties and offer a simple solution—working with experts like Easy Appeal to maximize your chances of winning your appeal.

What Are Comparable Properties?

In real estate, a comparable property is a home similar in location, size, condition, and features to yours. For a tax appeal, finding recently sold comps that have a lower market value than your home is crucial because it highlights discrepancies in your property's assessment.

• Location: Ideally within the same neighborhood or a quarter- to half-mile radius.
• Size: Comparable square footage, usually within 300 square feet of your home.
• Condition: Homes that have similar renovations or wear-and-tear.
• Sale Date: The home should have sold within the last three to six months.

Why Do Comps Matter for a Tax Appeal?

The tax assessor's valuation of your property determines how much you owe in property taxes. If the assessment is too high, you could be overpaying. To successfully appeal, you need to show that homes comparable to yours have been valued or sold for less, implying that your assessment is inflated.

This process might sound straightforward, but identifying the right comps involves navigating a maze of data. Many homeowners feel overwhelmed by the steps involved. That's where the resources and tools Easy Appeal provides come in handy, helping you locate and present the best evidence in your tax appeal case.

Where to Find Comparable Properties

• MLS (Multiple Listing Service): The MLS is a comprehensive database of real estate transactions, often used by agents. Unfortunately, it's not directly accessible to the public, but many websites (like Zillow) aggregate data from MLS listings, providing insight into recently sold homes.
• Public Property Records: Every county maintains records of home sales, and these are usually accessible online or in person at your local courthouse. However, public records don't always show crucial details, like concessions made during the sale (e.g., price reductions for repairs), which can affect the accuracy of your comparison.
• Online Real Estate Tools: Sites like Zillow, Redfin, and Realtor.com offer free tools to search for recently sold homes in your area. You can filter results by price, size, and home features to find properties that match your criteria. However, keep in mind that these tools often lack context, such as the home's condition or the reason for the sale, making it difficult to create a truly accurate comparison.

Factors to Consider When Choosing Comparable Properties

• Proximity: The closer the comp, the better. Homes in the same neighborhood are subject to the same market forces, so assessors will likely view them as more relevant.
• Home Type: Compare single-family homes to other single-family homes and condos to condos. A mismatch here could weaken your appeal.
• Sale Date: The more recent the sale, the more likely the comp reflects current market conditions. Housing markets can shift quickly, so using an older comp might not convince the tax assessor.
• Home Features: Match your home with those that have similar features—bedrooms, bathrooms, lot size, garage space, and other key characteristics. A home with a new kitchen or recent renovations may sell for more, making it a poor comparison to your unrenovated home.
• Price per Square Foot: Calculate the price per square foot by dividing the sale price of a comp by its square footage. This will help you compare properties of different sizes and establish a baseline for what homes in your area are selling for.

Challenges in Finding Comps on Your Own

Finding comps might seem simple, but it's easy to overlook crucial details that can make or break your appeal. For instance, two homes might appear similar at first glance, but one could have significant upgrades (like a new roof or renovated bathrooms) that drastically increase its value. Similarly, seasonality and unique neighborhood characteristics can influence property values in ways that aren't immediately obvious.

Navigating these complexities is where many homeowners hit a wall. A seemingly small mistake in selecting comps can lead to an unsuccessful appeal and leave you stuck with inflated property taxes.

Let the Experts at Easy Appeal Do It for You

At Easy Appeal, we specialize in preparing the strongest possible case for your property tax appeal. Our team conducts a thorough search for the most relevant comps, using a combination of public records, MLS data, and our in-depth knowledge of local market conditions.

By partnering with us, you can avoid the guesswork and save hours of research. We'll provide you with a detailed report highlighting the comps most likely to persuade the tax assessor to lower your property's assessed value. Our proven approach has helped countless homeowners successfully reduce their tax burdens.

Why Choose Easy Appeal?

• Expertise: We know what tax assessors are looking for and how to present the best comps for your case.
• Risk-Free: If your appeal is unsuccessful, we offer a full refund within three months.
• Convenience: We handle the research, saving you time and ensuring accuracy.

Don't let an inflated property tax assessment drain your wallet. Let Easy Appeal do the heavy lifting—whether you need help finding comps or want us to manage your entire appeal, we're here to help.