Skip to main content
Message Font: Serif | Sans-Serif
No. of Recommendations: 1
My thinking is that they would go to almost zero effort disallow such an assessment.

Keep in mind that it takes almost zero effort to disallow pretty much anything on a tax return. All the auditor has to say is that figure is one used for property tax purposes and by it's nature does not necessarily reflect the FMV of the property.

The gold standard for FMV of real estate (short of an arm's length transaction) is an appraisal by a real estate appraiser.

I often request that my clients get an appraisal when the valuation amount is at all in question and the tax dollars involved justify the cost.

In my area, an appraisal costs about $400. The last client who needed an appraisal had over $10k of tax dependent on the appraisal. The appraisal fee was less than my tax prep fee. She was happy to get the appraisal for the peace of mind.

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.