Fairfax Realty Elite
Keji Ogunleye

Assessed value of homes in Bowie  - What to do if yours is higher than market value
Talk to real estate professional about homes in Bowie: Call use at 301-613-2043

If you have a home in Bowie  and will like to get the current estimate value of your home click here for home value estimator
The assessed value of homes in Bowie is improving from the low point in 2009 and that means property taxes will go up, however you can get it  reduced if you think your house value is less than the assessed value.
Don't confuse assessed value with market value, as they are two different things. Assessed value  determines how much you will pay in property tax, while the market value determines how much your house is worth if you are selling or refinancing.  The less your assessed value, the less your property tax will be.
Assessed value of homes are sent out  every three years to property owners in Bowie, and many times it does not reflect the current real estate market. When the real estate value dropped in 2009, assessed value did not reflect that, but rather reflected the value when the market was high. This means that in addition to the home value being down, homeowners are paying higher property taxes.
What can you do if the assessed value of your home  is actually higher than the current value? Property owners  have options to reduce the assessed value to be in line with the market. Once you get the new assessment notice from the county, you need to find out your current home value. If the  market value is actually lower than the assessed value, you need to file an appeal to reduce the assessed value. If the assessed value is lower than market value, then rejoice as your property tax will be lower.
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To have any chance of  success in your appeal you have to provide supporting data to show that the assessed value of your home is higher than the current market value. What type of data do home owners need? You will need similar home sales in your neighborhood that shows prices are lower, you will need tax records for recently sold homes.  As a Realtor I can help you get your current home value as well as provide you information you can submit to support your appeal. 
Time is of the essence if you want to appeal the assessed value of your house, you have 45 days from the time you get the new assessed value to appeal. More information on the process is available here.
To find out if you need to appeal the assessed value of your house in Bowie, contact me for free market evaluation of your house.
Talk to real estate professional about homes in Bowie: Call use at 301-613-2043
If you have a home in Bowie  and will like to get the current estimate value of your home click here for home value estimator.
To get the list of available homes for sale in Bowie
 

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