Property assessments should be in your mail box soon!

As we have heard over and over again, property values have declined over the past couple of years. Almost every city and township in Washtenaw county shows a decline over the past year. Ann Arbor reports a drop of 4.9% from 2007 to 2008. Ypsilanti has had a steeper decline at 8.1%. Ann Arbor Township is showing the greatest decrease at 12.9%. You might wonder how this will impact your taxes. The answer is...it depends. The Ann Arbor News published a very informative article about this issue on 2/17/08: http://blog.mlive.com/ann_arbor_news_extra/2008/02/drop_in_assessments_but_not_ne.html
Clients often ask what they can do if they receive an assessment that they do not believe accurately reflects the value of their home. You have the right to appeal these assessments, but in order to have any hope of success you must have the proper documentation. If you worked with a Buyer's Agent when you bought your home, s/he may be able to help you. You will need evidence that the comparable homes in your neighborhood that have sold support your claim. If you have a relationship with a REALTOR, contact him or her for an opinion of your situation. It is not only the comps that matter, but the interpretation of those comps. This is a service that I happily provide for all my clients.