how to appeal
If you decide to appeal your property assessment, the first thing you’ll want to do is look at how much comparable homes are selling for in your local market. “If your home is worth more than comparable properties sold at the new appraisal,” CBS News Says, “Then you may wish to proceed with an appeal.”
Source suggests getting a third-party appraisal from a local real estate agent or professional appraiser. A third-party evaluation can help you present your case to an appeals board. When it comes time to present your case, the source has some advice: “Keep it professional, talk about the facts — and don’t get angry.”
Benefits of rising property values
Of course, rising property values have benefits for homeowners as well. For example, many homeowners now have more home equity that they can use. Homeowners can access their home’s equity through a home equity loan or home equity line of credit (HELOC) to do things like pay off loans or finance home improvement projects.
Additionally, people who have to pay for mortgage insurance may be able to waive it. “If your equity is now at least 20 percent of the original purchase price,” consumer Reports Say, “You no longer need to pay for mortgage insurance.” The source says that a homeowner with a $300,000 home could save about $3,000 per year. So, the savings can be significant.
ShutterstockBottom-line
Rising home prices are a mixed bag for homeowners. On the one hand, there are some notable drawbacks. For example, home owners may feel locked in their current homes for some reason or the other. And the cost of buying a home — property taxes and insurance — can add up.
But it also has its advantages. For example, homeowners who now have more home equity may be able to take advantage of it through a home equity loan or line of credit. And people who have mortgage insurance may be able to skip it and save a significant amount of money.
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