In the tax appeal process, what is the initial approach to resolving property value disputes?

The initial approach to resolving property value disputes in the tax appeal process typically involves negotiation. This method allows property owners and tax assessors to discuss and address any discrepancies related to the property’s assessed value in an informal manner. It provides both parties the opportunity to present their perspectives, share supporting evidence, and work towards a mutually agreeable solution without the need for more formal or adversarial processes.

Negotiation is preferred as it encourages dialogue and can lead to quicker resolutions, reducing the need for escalation to arbitration or litigation, which are more formal and can be time-consuming and expensive. In the context of tax appeals, it is often a preliminary step whereby parties can seek a settlement before considering more formal dispute resolution methods.