Property valuation is a challenging task in itself and when the owner feels that valuation is not up to the mark then challenging property valuer’s estimated property value is tough on its own.
Property valuers are hired by the money lenders and banks. The lenders have their own property valuer to inspect the property and to find the right property value. Because they think if owner will hire the property valuer, he might work to give the benefit to the owner, So they have their own valuer which works from their side. Though some lenders have their own valuer and ask buyer or owner to pay the property valuation service fees. However, the property valuer should work unbiasedly. If they don’t, it is against their ethics.
Real estate property valuer biasedness makes owner dissatisfied and eventually leads to the property revaluation. The biggest reason behind the owner thought that – estimated property value is too high because of high property tax (that is decided according to the property value), high property tax amount disturbs the property owner. Thus they ask for revaluation. Though owner can challenge the real estate property valuer too, if they have any proof with them. Otherwise, their complaints will go in vain.
This will not be entertained by the property valuer if you will say that – your neighbour is not paying that much of tax or if you don’t have any solid proof to justify your challenge against the wrong valuation.
Keep and study all the records –
Property owner must have all the records of property valuation analysis. Those records may contain some analytical or calculative mistakes done by the real estate property valuer that can change the property value. Check the number of rooms and bathrooms are added properly or not. This kind of mistake can bring a big difference in property value and then in tax amount.
Examine the reports and comparables –
The most commonly used method for property valuation is ‘sales comparison method’ you can ask your valuer to provide the comparable property details. Examine the reports by yourself and check this is done correctly by the property valuer or not.
Highlight to hidden factors –
Ask the valuer to consider the negative factors too. If the building material used in property is not good, or building is prone to natural calamities these points may be left by the property valuer. Highlight these points, it could help to decrease the property value ultimately property tax.
Ask the real estate property valuer to reassess the property value. Then at the time of revaluation you an ask the valuer to notice house more precisely. And if the valuer is not ready to reassess then you can pay the current tax as delay taxes for any reason lead to a penalty. So better to save yourself from paying penalty and then look for another valuer to re-evaluate the property value.
Before hiring property valuers make sure he should not be biased in nature. Evaluates the property properly and honestly. Having any query related to the property value. Please feel free to contact us. We assure you to give satisfactory valuation services that makes you happy. Stay happy with us choose our property valuation services.