If you’re a property owner, ‘tis the season for city assessments. Assessments are values placed on your property by the city for taxation purposes. They reflect what the city estimates to be the value of your property.

Assessment “notices” arrive by mail, though some are also uploaded into city-run portals, and each city sends them on on different dates.

When you get your assessment, don’t immediately file it away. Here are a few suggestions to be a better-informed homeowner:

ONE: Review the details. Your first reaction might be shock - either because you think it’s too high or too low. Before you let shock takeover, keep reading.

TWO: Check to see what makes up the assessed value of your property. Each city tends to use a method that relies on a lot of data to calculate the market value, including property characteristics, market trends, neighbourhood, etc. (note: HonestDoor does not partner with cities to provide any data).

THREE: Compare your property to similar properties in the neighbourhood. Know how to do that? Go to HonestDoor.com -- our website has city assessments listed on each property page.

If your city assessment is too high (more than 5-10%), then read up on how to file a complaint. Do your research first because it often costs money and time to do this. Typically, there is a deadline to file your complaint, so be sure to determine that date. Cities will then have a formal procedure in place with which to treat your complaint.

If your city assessment is too low, unless you’re interested in paying more taxes, we recommend filing that paperwork away. Note: there are circumstances when your city assessment can go down but your property taxes still go up. It’s rare but it can happen because city’s still need to fund their operations!

Yours truly,

HonestDoor

Your Real Estate Starting Point