What can property owners claim if they believe their property's assessed value is greater than its full value?

Property owners can claim an excessive assessment when they believe that their property's assessed value exceeds its fair market value. The assessed value is determined by local tax authorities and is used to calculate property taxes. If a property owner feels that the assessment does not reflect the true market conditions and is higher than what the property would sell for on the open market, they have the right to contest this assessment.

This process typically involves filing an appeal with the local assessment office or a board of review where evidence must be presented to support their claim. Recognizing excessive assessments helps ensure that property taxation is fair and aligns with actual property values, ultimately providing a mechanism for property owners to address potential inequities in the property tax system.