What you should know about home appraisals

| Mar 5, 2021 | tax law | 0 comments

You may have looked at your recent property tax bill in disbelief. You know that your home is not valuable enough to warrant an increase in your property taxes. In this situation, you may decide to appeal your property tax rate. To do so, you should provide information that supports your case. 

Asking a professional to appraise your home is one way to build a solid case for an appeal. Home buyers hire appraisers to look at a home and determine its value. However, you may also hire an appraiser as a home owner to give you a current report. 

What an appraiser looks at

According to U.S. News and World Report, an appraiser examines the main aspects of a home. These may include any or all of the following: 

  • The square feet of your home 
  • Recently sold homes in your neighborhood 
  • Any safety issues with your home 
  • The number of bathrooms and bedrooms 
  • The quality of your home’s condition 

Appraisers are not the same as inspectors, who look specifically for defects. Still, an appraiser may note a defect, especially if it lowers the value of your residence. 

Time spent to appraise your home

The length of time an appraiser needs to look at your home will depend on the complexity of your property. Usually, an appraiser takes one to two weeks looking over a home. This should not be a burdensome amount of time, but it is a good idea to examine your schedule for the next month or so to mark off time you need for the appraisal. 

The cost of the appraisal

There is no fixed amount that a home appraisal will cost. It depends on the party you contact. Generally, many appraisers charge a fee of $300 to $500. If your neighborhood resides in an affluent area, the price may go higher. There are also appraisers who charge a percentage of your savings from your property tax bill if you successfully appeal your rate. Take care to look at the terms of an appraisal before committing to one.