Is the Tax Value of your Salt Lake County Home Too High?
In Salt Lake County, property taxes are appealed by sending in a property tax appeal form to the the Board of Equalization along with required supporting documents for the basis of the appeal. When appealing your property taxes the end goal is to get the "Tax Value" of your property lowered, which in turn lowers the amount of property tax you are assessed. With the recent declines in the Salt Lake real estate market we have found that the majority of home owner's tax assessed values are "over-valued." This results in the home owner paying $100s and sometimes $1000s more than they should be paying in property tax.
Unless you have recently purchased your home or have a current appraisal on hand, the most economical way to appeal your property taxes is to obtain 3 to 5 recent comparable sales that support a lower tax value than your current tax value.
Here is a list of all supporting documents that Salt Lake County consider when reviewing your appeal.
A. Purchase of the property within one year prior to January 1 of the current tax year. (Submit settlement statement showing sales price)
B. Professional Fee Appraisal with an effective date within one year prior to January 1.(Include appraisal report which typically run $300 to $500)
C. The Sale of comparable properties within one year prior to January 1. Minimum of three (3) is required but up to five (5) is preferred.
D. Income Approach to Value. ( for commercial property)
E. Factual error or cost approach to value.
(The county gives the greatest consideration to sales that took place between July of the last year and January 1 of the current year.)
We can offer several options to help in appealing taxes.
1.) We can provide you with sales comparables to use in appealing your taxes for a nominal fee and you do the rest.
2.) We can provide comparables and provide consulting and assistance with the appeal.
3.) We can complete a valuation of the property and order an appraisal through a 3rd party appraisal partner and do everything for you. We have options of doing this for a flat fee or on a contingency basis and split the tax savings recovered 50/50. We take on contingency appeals on a case by case basis. We have affiliate residential and commercial appraisers as needed. For more information on appealing property taxes in Salt Lake County visit the Salt Lake County Tax Administration Tax Appeal website, review this Appeals Information Flyer provided by Salt Lake County, or view this Salt Lake County Tax Payer Appeal Process page that walks you through each section of the appeal form.