I had an informal meeting/formal hearing and the market value was lowered. Why wasn’t the assessed value also lowered?
Every value hearing is concerning the market value of the property – what it would sell for on the open market.
In some situations, the assessed value will be lower than the market value. This is typically because a homesteaded property increased in value by more than 10% (the legislated cap for homesteaded properties).
When you file a protest and attend a hearing, the market value may be lowered; however, the assessed value will only go down if the market value drops lower than the assessed value.
Some property owners feel that the assessed value should be lowered at the same percentage as the market value; however, the tax code does not allow for this. The assessed value will only change if the market value falls below that number.
The tax code only allows a protest on the assessed value if the 10% cap is incorrectly calculated.”