Comparable (comp)
Another property used as evidence — either its sale price or its assessment.
A comparable is a property similar enough to yours that a difference in treatment needs explaining. Similar usually means same neighbourhood or assessment area, similar size, similar age, similar type and class.
There are two kinds and they do different jobs. Sale comparables support a market-value argument. Assessment comparables — what similar homes are assessed at — support a uniformity argument. Mixing them up weakens both.
Quality beats quantity. Three genuinely similar properties are more persuasive than twelve loosely similar ones, because every weak comparable gives the assessor something to attack, and attacking your weakest comp is the easiest way to make the whole list look careless.
Related
- Uniformity — The requirement that similar properties be assessed alike — the strongest appeal ground.
- Market value — What a willing buyer would pay a willing seller, neither under pressure.
- Assessment ratio — The percentage of market value that becomes your assessed value.
Property tax is state law and the details differ. For what applies where you live, see coverage by state and your appeal deadline.