Anyone here ever contested the value their home was assessed at for property tax purposes? I got a letter from the Marion County assessor today indicating my assessment is going up again this year, which I think is the third year in a row they've done that. I let it slide the last couple of times, but now I'm thinking about contesting it.
My home was built in 1999, and I bought it in 2003. At that time the assessed value was about $1500 less than what I bought it for. Now it is $2000 more than the purchase price. There's no way my house is worth more on the market now than when I bought it. I'm in a nice but relatively inexpensive neighborhood, and houses in the area have been slow to sell the last couple of years. I know of some houses of the same size in the neighborhood with amenities mine doesn't have (sunrooms, fireplaces, etc.) which sold for several thousand less than I paid for mine. I think my new assessed value is about 5-7% above the home's current market value.
This isn't the kind of thing I would normally obsess over, but it's ridiculous for them to raise my assessed value three years in a row in a down housing market. Indiana, by court order, must assess property for tax purposes according to market value. I'm willing to pay my fair share of property taxes, but I don't think I should have to pay way more than my share.
Has anyone gone through this and successfully contested their assessed value? Is it worth the hassle? Any tips on the best ways to win the appeal?