Board of Equalization
Understanding your Assessed Value
The Assessor is required by state law to place current market value on all taxable property each year.This value is determined by an appraisal process, which includes analyzing construction costs, reviewing recent sales data, and may require a personal visit to the property.The sales information is gathered from the multiple listing service, property owners, realtors, builders, developers and independent appraisers.
Discussing your Assessed Value with the Deputy Assessor (Appraiser)
If you feel that your assessed value is higher than what your property would probably sell for on the open market, then we encourage you to submit market information to support your position.The appraiser assigned to assess your property will consider any evidence you wish to submit.Typical market information comes in the form of a realtor’s comparative market analysis, copies of independent appraisals done for sales or refinance, repair estimates or any other pertinent data.Many property owners submit additional market information during the appeal process, and often values are adjusted to reflect the new evidence.
Board of Equalization (Filing the Appeal)
If you are not satisfied with the final assessment of value, it is your right as a proerty owner to file an appeal with the Madison County Board of Equalization.The appeal will only address the market value of your property.An appeal to the Board is not a forum to protest property taxes.
A copy of your Assessment Notice must accompany your application. Please return the completed appeal form to the Madison County Clerk’s Office, 134 E Main St, Rexburg, ID83440.You may also submit your form via facsimile or U.S. mail, please not both.Completed forms must be filed on or before the 4thMonday of June at 5:00 p.m.
There is a place on the appeal form to list a contact person.It is very important that we know the correct name, address and phone number of the property owner of the property owner’s representative so that we may contact them, if necessary.
Presenting your Appeal To the Board of Equalization
In a challenge to the assessor’s valuation of property, the value of the property for purposes of taxation as determined by the assessor is presumed to be correct; the burden of proof is upon the taxpayer to show that they are entitled to the relief claimed.
Please bring to the hearing five (5) copies of all records and/or evidence that you wish to submit in support of your appeal.(One for each Board Member, one for the Assessor, one for yourself)
In short, you must prove that the assessed value is not market value through a factual or legal reason.In presenting your appeal, the best evidence is typically sales data from the marketplace, written analysis from a realtor or other professional source.State your appeal objectively and factually.
The Board of Equalization will give your case due consideration based on your evidence.