At first, you might think a higher property value is nothing but good news, but then you look at the taxes that come with it.
We did some digging and found out the value of some properties around town are skyrocketing this year.
For instance, the building that houses Spot of Tea restaurant has fluctuated between $200,000 and $3000,000 fair market value over the last 7 years, but this year it will jump to more than $800,000.
“Do I feel like it should have gone up this much in one year? No. Do I think it’s unfortunate? Yes, I do and that’s whyI’mm saying do your homework . Make sure that if you feel it’s not the true fair market value, do your homework and appeal it,” Revenue Commissioner Kim Hastie said.
Hastie said over the last several years, the property values for some locations around town were not being calculated as accurately as they should have been, and now some property owners will be in for a big shock when they get their annual letter in the mail. We reached out to the state department for a comment, but no one was available before deadline.
“Of course, You would rather it go up gradually than all at one time. But the state came in and they wanted it to reflect the true accurate fair market value of your property,” Hastie said. “Please make sure you’re considering that, but if you do not feel it has unfairly increased or decreased, either one, you can come in and appeal that to the Board of Equalization.”
Hastie said the letters go out on July 6th and will not be the traditional blue card property owners are used to seeing. She said she wanted the form to be easier to understand and redesigned it.
If you want to appeal, you have until August 5th to mail your appeal to the Mobile County Board of Equalization at 3925 Michael Boulevard STE H Mobile, AL 36609.