How do I get the Tax Value Changed on my House?

Family Walking Holding HandsWhen filing a bankruptcy, one question you will hear quite often is “what is the tax value of your property?” When looking at property in a bankruptcy, whether the property is a residence, house, land or condo, the Courts tend to use the “tax value” when determining the value of the property unless there is a more accurate value determined by another means. 

In some cases, one may feel that the tax value of their property is not accurate or up to date. Someone may feel that the tax value is listed as too high, or maybe even too low. If you feel that the tax value of your property is not in line with your expectations, listed below are a few steps that can help guide you to changing the tax value of your property:

1.    Contact the county tax department to which your property is located (Ex: Mecklenburg County, Guilford County Tax Department, Davidson County Tax Department, etc.).

2.    Request a re-evaluation form from the County tax assessor within the defined county. After filling out the re-evaluation form, submit the form to the county tax department where your property is assigned.

3.    Once you have submitted the evaluation form and it has been reviewed, a tax assessor will likely come out to your property and reassess your property.

4.    If the tax assessor agrees that the tax value of your property should be changed, the Tax Department assigned to your property, once re-assessed, will send out a new tax value to your property via mail, based on the criteria they use when reassessing the property.

The value of your home is important because it will determine the best way to exempt or protect your property within a bankruptcy.