Calculating Adjusted Sales Price
The adjusted sales price is an attempt to adjust the selling price of a property to match the characteristics of your property. Since no two parcels are identical, the appraisers analyze a large number of sales to find patterns. They are then able to assign dollar amounts to the major differences and adjust actual selling prices for the differences.
For example: Assume your house is identical to the neighbor's house, except your neighbor has an attached garage and yours does not. Let's say the sales in your area indicate that an attached garage adds $5,000 to the selling price. If your neighbor's house sold recently for $125,000, your home would be worth $120,000 dollars. This amount reflects the indicated market value as compared to one sale. We typically compare your home to five sales.
Before You Appeal
Before appealing the valuation, please consider the following:
- Review the classification on the Annual Notice of Value to make sure the use of your property is correct - residential, commercial, vacant land, or agricultural.
- Compare the current and previous year's valuation. Does the appraised value appear to be close to the price you would consider reasonable if you were to list your property for sale? If so, the appraiser has done the job that the state requires.
- Consider whether there have been changes in the property. Have there been improvements that increase its value? Or are there major structural problems that might not be apparent from an outside inspection? Remember, general maintenance problems usually do not affect value.
- Check data collected on your home. You can find measurements, dates of construction, number of rooms, and similar information by contacting the appraiser’s office. Then review sales data to see what the real estate market is doing in your area.
Appealing
All property owners have the right to appeal the appraised valuation. By law, you must notify the appraiser's office within 30 days of the mailing of the valuation notice, which is usually no later than April 1 of each year. Please view the appealing process for more information.