OKData

The first step is to gather information on the appeal process and the relevant deadlines of your tax assessor’s jurisdiction.

It is common for a taxpayer to receive a notice of value if either the taxpayer’s market value or taxable value has increased from the previous year. The taxpayer will be given a certain amount of time from the posted date on the notice of value to appeal that value. If the taxpayer did not receive a notice of value for that tax year, then there will commonly be a general deadline for all other taxpayers to protest that value for that tax year.

To initiate the appeals process, it is common for a taxpayer to fill out an informal protest form. On this form the taxpayer will fill out the property’s description so that the assessor’s office can properly identify the property. Then the taxpayer will propose a fair cash market value along with supporting documentation that describes how the taxpayer arrived at that value. This supporting documentation may include: a private appraisal, pictures of the property revealing characteristics or dilapidation that the assessor’s office was not aware of, a sales comparison analysis of the taxpayer’s neighborhood, sales listings, an equity analysis, or any other information relevant to the property’s fair cash market value. VisualizeOK’s modeling algorithm and analysis is meant to be added as part of the taxpayer’s evidence package.

The assessor’s office will then take the evidence provided into consideration while performing their own analysis to arrive at the most defendable fair cash market value of the property. Once their analysis is complete, they will contact the taxpayer to schedule an over-the-phone or in person informal hearing. During the hearing the hearing officer and the taxpayer will deliberate on the most defendable fair cash market value. Once the hearing has concluded, the assessor’s office will send the taxpayer a notice of decision along with the analysis conducted by the hearing officer. The taxpayer should review this analysis to make sure that it makes good appraisal sense. One should review the comparable sales used along with the adjustments made to the comparable sales, and compare them to the adjustments made in the model provided by VisualizeOK.

If the taxpayer still disagrees with the value that the assessor’s office has set for the property in question, the taxpayer may escalate the appeal to the Board of Equalization, which will initiate a more formal hearing concerning the fair cash market value of the property. All evidence that is submitted to the Board of Equalization must have also been submitted to the assessor’s office. No new evidence will be considered.

The Board of Equalization will provide the taxpayer’s best opportunity to expose any inconsistencies or inequities in the assessor’s office methodologies in arriving at a property’s fair cash market value. This is not to say that the assessor’s office value is necessarily incorrect. All appraisals and appraisal services provide an OPINION of value. The taxpayer must only convince the Board of Equalization that their opinion of value is the most defendable opinion.

Summary

1. 1. Research your tax jurisdiction’s appeal process and deadlines.
2. 2. Initiate an informal hearing with your assessor’s office and provide your opinion of value with supporting documentation. VisualizeOK’s analysis will be included in your evidence package.
3. 3. Make the best case for your opinion of value during the hearing.
4. 4. Upon receiving a notice of decision along with the analysis from the assessor’s office, carefully review their analysis. Review comparable sales used and any adjustments made to those comparable sales. Compare those adjustments with the adjustments made according to VisualizeOK’s model.
5. 5. If you still disagree with the value set by the assessor’s office, escalate the hearing to the Board of Equalization.
6. 6. Present the best case for your opinion of value, while highlighting any inconsistencies or inequities in the methodologies used by the assessor’s office to arrive at your property’s fair cash market value.
7. 7. All appraisals and appraisal services are OPINIONS of value. The taxpayer’s burden is just to present their opinion of value as the most defendable opinion.