[Mauricio]

My rental home’s assessed value went up 20% in 2 years. Previous figure was in line with an independent appraisal, but I’m not sure this increase is realistic and don’t know what to expect in terms of tax increases.

The note says “assessment rate = 6.765%”

[Kaycee]

Usually the assessment rate is per $x of value.

I protest every year. No matter what. I’ve been successful on my own and using a paid service that charges a % of the money saved.

The thing is that reducing values pays itself forward because the starting value is lower the next year.

[Ron]

Get on the county’s assessor site and compare similar homes in the immediate area. Their assessment per sq foot should match yours. If they are higher than yours per sq ft, I would keep my mouth shut. And, if they are the same as yours per sq dtf, then you have a fair assessment.

Appealing an assessment because it went up 20% when most housing across the US also went up about the same is not likely a successful strategy.

[Eric]

We saw home prices go up by way more than 20% in the last two years in all of the markets we are in.

[Chad]

Any time you have comparables to prove otherwise I’d contest. Have to do your homework and be a little prepared or it’s a waste of your time.

[Andy]

Where I’m from in North Florida, that is not unrealistic. We saw values climb as much as 15% between 2021 and 2022 alone. Check nearby sales of comparable homes in your area. If the sale prices are up, your values will be, too.

Good luck!

[Jesse]

The “fees” are included in the cap you mentioned. You can’t make more than 10.5% per year which means the insurance company is pocketing the rest if the market goes up.

Personally, I would stay away from products like this. If you are interested in annuities, the lowest fee products are generally SPIAs, DIAs, and MYGAs.

That isn’t a recommendation, just information you might find helpful.

Stan the Annuity Man’s website explains the difference between all these products and their fee structure, if you want to learn more.

[Author]

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