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Others use a much less precise tool in an attempt to reduce your assessment: “parity.” Sort of like using an ax versus a scalpel for surgery.
Rather than performing an appraisal to determine what your property is truly worth, they review tax records looking for “similar” properties with lower taxes. Two big problems with that...
What is “similar” and what if that “similar” property is over-assessed? Two major flaws!
More reasons why “parity”
fails the Board of Review’s
scrutiny (as it should yours)
The assessor doesn’t think the “comparable” is “similar enough.”
Section IV(C)(3) of the Rules of the Lake County Board of Review states:
"Appraisal Evidence. The best evidence of fair cash value (in lieu of a recent usable sale price of a subject property itself) is a professional appraisal done for ad valorem purposes, valuing a subject property as of the lien date, January 1st of the current assessment year."
The Board of Review doesn’t think the “comparable” is “similar enough.”
What happens next year when that “similar property” is re-assessed?
Except in tract subdivisions, are any two properties “similar enough?”
Would that “similar enough” property (and therefore yours) really sell for three times the assessed value?
Only a certified appraiser can say for sure.
Market value beats parity with a stick!
(That’s not just our opinion...)
That places the burden of proof on the assessor to dispute the accuracy and credibility of the appraisal's value conclusion.
The property tax appeal experts