What are my options if I disagree with a real estate appraisal?

On Behalf of | Nov 11, 2021 | Real Estate Law |

In Florida, property values can fluctuate based on many circumstances. This includes its location, how it is constructed, its age, the design, how many bedrooms and bathrooms it has, if there are various amenities like central air conditioning and more. People will often have concerns about the appraisal when they are planning to sell a property. The prospective seller will want as high an appraisal as possible. The property appraisal is also crucial with the property taxes. If an appraiser gives an assessment the owner disagrees with, it is important to know the available steps, especially when it comes to taxes.

Disagreeing with the property appraiser’s assessment

The first way to make it known that the property owner disagrees with the appraisal is to contact the property appraiser’s office. There can also be a petition filed with the local value adjustment board (VAB). The property owner can do one or both. One of the VAB’s roles is to hear appeals in these matters. In addition, the property owner can file a lawsuit to challenge the assessment or the VAB’s determination. The lawsuit must be filed in circuit court and there is a 60-day window in which to pursue a case.

The owner can request that there be a conference with the property appraiser. This is an informal process and could have a positive impact while saving the time and money that generally accompanies other ways to deal with the problem. The owner should bring relevant documents as to why the appraisal was inaccurate. The appraiser can be asked to present proof as to why the initial appraisal was accurate. The time-frame for filing a lawsuit will not change even if there is an informal conference or a VAB decision. When there are taxes due, they must be paid even if the intention is to contest the appraisal.

Legal guidance with any real estate dispute may be essential

It is common for people to think they only need professional guidance with legal issues like construction defects, repairs, having contracts to sell or buy a property, and addressing problems as they arise. This is undoubtedly true. However, taxes are also a frequent concern and the property appraisal can be a major factor in tax costs. Having experienced assistance can be helpful with addressing appraisals, taxes and any other parts of real estate law that come up. A consultation is a wise decision to weigh alternatives and plot an effective course.