I was hoping to get some insight from real estate professionals regarding the following.
During the past few years home prices in Nashville have skyrocketed.
This year the County Assessor issued new Appraised Values and as you can imagine they are ridiculously high and out of control. At least for the people that I have talked to who are home owners, almost all have seen HUGE increases in appraised values from the county.
This is great if I am planning to sell the home, then public records shows a higher value for the home, but at the same time this will increase my taxes by $600 per year.
I am currently renting this home, but I may or may not be selling the house in the next year or so depending on a few things that need to be sorted out still. So that's the tricky part, that I am uncertain whether I will be selling or keep renting.
So, there is a deadline to try and get the appraised value reviewed in hopes of lowering their appraised value and lowering the taxes some. There are comps that I saw that would help my case, but I am not sure if in the case I am successful in getting a lower appraisal, that it may come back to hurt me if I end up deciding that I will be selling the home next year, for example.
I have heard that realtors do not pay much attention to the appraised value by the county since it is usually off and does not reflect the actual value of the home. So if I decide to sell, it would not matter if the home has a lower value for tax purposes in the case that it is much lower than the potential listing price. Am i correct assuming this?
On the other hand, having a higher appraised value can only help a listing, but paying the taxes on the ridiculous new appraised value is a tough one.
What do you suggest I do? Should I attempt to lower the appraised value to pay less tax or leave this inflated appraised value as is?
Sorry for the long post, I appreciate any insight on how to proceed.
Thanks