Appraising for Tax Purposes

Tax season is here once again, which means you’re probably gathering paperwork and looking at all of your income, assets, and other tax considerations. But are you looking at your properties? You should since the land and buildings that you own will be taxed.

How do you prepare for real estate taxes?

Get An Appraisal

What is an appraisal? An appraisal will tell you what your property is worth. Personnel certified in assessing your type of property will determine the monetary value. The appraiser will do research, physically inspect it, and will write a report. This will state the value of your real estate.

Professional Tip: When picking appraisers, make sure that he/she is at least state certified. An appraisal is a professional opinion and you want to make sure that it is one you can trust. Russell Roberts Appraisals has employees with state certifications and Robert Russell is an MAI Designated Member of the Appraisal Institute.

Once the appraiser does his or her job, you can use this information for tax purposes.

What Can an Appraisal Do for You?

An appraisal allows you to have an accurate report for tax purposes. Many states base property taxes on the fair market value of homes or commercial real estate. If you feel like your property is appraised more than what it is actually worth, you can get it reappraised, which might lower your annual property tax.

Appraisals also help you in any future tax questions as professional evidence. If the IRS asks for evidence for the claimed value amount, an appraisal can assist this process. And if you need to protest the taxed value of your property, the courts will look for an appraisal along with other documentation. If you think you are paying too much for commercial property taxes, click here for more information.

Tax season is here. Arm yourself with evidence and knowledge. Click here to check out our website for more information about appraising and property taxes. Contact us here to set up an appointment this tax season.