Basic Realty Property Tax Concepts and Terms to Understand in Order to Understand and Prepare Your Property Tax Appeal
In dealing with property taxes and real estate property tax bills, assessments and appeals terms and nomenclature must be clear and well understood - both in clarity and concepts
1) Current Value Assessment (C.V.A.)
Simply put the CVA of a property represents an estimated market value, or the amount that the property would sell for in an open market: arm's length sale between a willing seller and a willing buyer at a fixed point in time.
If you wish to examine your property realty tax bill -either for simple examination or payment or in preparation for an appeal you will both need to know the C.V.A. and the year or years that your documentation pertain to.
2) Time of Assessment:
it is essential for clarity of appeal that you know the exact date in time that your realty tax assessment was done. In addition it is always good to enquire as to when the next reassessment is in line.
3) Which Government authority determines the assessed value (C.V.A.) of your property ? This is a rather simple question. It amazes many property owners to discover after going through the realty property tax assessment that initially they were in the wrong venue ,in effect barking up the wrong tree
4) What is the Procedure for Appealing Your C.V.A ?
5) What are the Rules and Follow Thru for Appealing your C.V.A. ? What are the time limits on the process and filing appeals ?
6) What should you do when you receive your property tax bill ?
7) If you did not receive a tax bill- then what are the procedures and steps ?
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