In many instances, property owners find themselves dissatisfied with the property valuation figures provided by assessors. Often, these valuations fall below the owner’s expectations, leading to disappointment. However, property owners do have the option to challenge these assessments if they possess compelling evidence to contest the valuation.
When an owner intends to sell their property, it’s natural to expect the highest possible value for it. Conversely, when seeking valuation services for instalment payments or tax assessments, the owner typically hopes for a lower valuation to reduce their tax liability, which is viewed as an additional expense.
3 Steps to consider when challenging a property valuation
1. Gather Records
Before challenging the assessor or property valuer, owners should diligently collect all records related to the property. These records serve as crucial evidence when presenting an argument to the assessor. Pay particular attention to whether the valuer has accurately accounted for all rooms and bathrooms, as even the inclusion of a single room can significantly impact the property’s assessed value and, consequently, tax liability.
2. Find Comparables
Sometimes, assessors or valuers may fail to identify appropriate comparables, leading to lower or inaccurate property valuations. Property owners can proactively locate comparable property sales reports or figures that align more closely with their property’s value. Property owners can also request a report from the valuer to review which comparable properties were considered and gain insight into why there may be disparities in the values.
3. Understand Market Conditions
The real estate property market is highly influenced by the dynamics of supply and demand. Property owners should analyse their property. The status of available properties in their area, identify property types in demand, and gain an understanding of overall market conditions. This information can provide a clearer perspective on what the property’s actual value should be.
Contacting a new valuer
It’s essential to note that challenging a property valuation is typically a complex process, and success may be limited. Our property valuers are experienced, qualified, and certified professionals with extensive market knowledge and analytical skills. Their role is to determine the property’s accurate market value.
We always tell our clients it's best to seek a second opinion when it comes to your property. By hiring an independent property valuer, we give our clients peace of mind and ensure that they will receive a comprehensive valuation report, providing more objective assessments, as their primary focus is determining the property’s true value.
Ultimately, hiring a property valuer is crucial, as their expertise is essential for determining accurate property values. Entrusting this task to professionals who specialise in property valuation ensures fair and precise valuations.
Our team of experts is always ready to provide exceptional valuation services. Please feel free to contact us for the best valuation services for your needs.