Appeal tax assessment: Should you appeal your property’s assessed value in Baldwin County, Alabama?
Homeowners in Baldwin County are completely knowledgeable about the concern of property taxes; those that have spent their lives in areas where these taxes are traditionally high feel the effect more than the majority of. The impact of these taxes can be even worse for those who have resided in their homes for some time, as they have actually seen firsthand the taxes increase year after year. The bad news is maybe overpaying your home taxes and be totally uninformed. Here are some typical reasons individuals are overpaying their residential properties tax.
Is your Baldwin County house over evaluated?
A high house assessment is the primary reason that individuals appeal the amount they are paying on their real estate tax. In a lot of cases, individuals feel that the valuation put on their property does not show the market value should they attempt to offer it today. The most convenient method to find this out is to call some local real estate agents. They ought to be able to tell you the range of worths equivalent residential properties are selling for in your location. Keep in mind, the real market value of your property will not be known till a sale is closed. When you receive your property assessment, you will be provided a 30-day window in which to appeal any valuation. Otherwise, you will need to wait up until next year to appeal.
Can you get the real market value of your house?
It is probably beneficial to contact a regional property representative or your assessor in Baldwin County, Alabama. If you feel your residential property has been severely miscalculated, a professional evaluation could prove extremely affordable in the long run
Often people do not realize you are not allowed to contest your real estate tax bill directly in Alabama, however you can unquestionably file an assessment appeal, bear in mind that no matter how you feel about the bill, if you don’t pay, it can lead to the foreclosure of your home.
To successfully appeal, you will require to show a minimum of 3 comparable residential properties that have been evaluated at a lower assessment value. The closer these properties remain in size and area to yours, the greater the possibility of success you will have on appeal
Specific situations that may have lowered the value of your home
If there are extraordinary situations that straight lead to the decrease of your property value and these are not reflected in your property assessment, these are clear grounds for appeal. Just provide evidence of these situations, and the appeals procedure should be straightforward.
You have just recently purchased your residential property in Baldwin County, Alabama for a lower value than the assessment value
If you have proof of the purchase price of your home or you possess a recent appraisal that does not reflect the dollar amount your house has been assessed at by the assessor, this is clear premises for appeal. If an expert evaluates your property much lower than that of the assessment, this is significant proof to back your petition. You can always pay for a new appraisal even though this will cost a couple of hundred dollars it could be worth it in the end. The bright side is that you do not need to accept a high real estate assessment; you can always appeal and get them reduced in the process.
How do you appeal your property assessed value in Baldwin County?
Every State has their own criteria for real estate assessment value appeals. Something they all have in common; the only groungs that they will accept is that your property has actually been evaluated higher than itreal market value. As your Baldwin County property taxes are calculated basically by multiplying the evaluated value of your house by its areas set tax rate, you do not have any premises to appeal the tax rate just the real estate assessed value. Your only opportunity of approach is to show your home is less than the value the assessor thinks.
Upon receiving your house assessment, your county will offer you a predetermined window in which to appeal. These can vary considerably from 30 to 90 days so your county appeal deadline is the first thing you want to determine. However, remember if you miss this due date there’s absolutely nothing you can do, and you will be required to wait an additional year for a chance to appeal your house assessed value!
The fastest and simplest method to file an appeal in Baldwin County is to do so on the website of your county, town or city. The charges related to each request can differ based on the preliminary value of your home assessment value. The cost of an appeal varies could be as little as $10 to $100, depending upon where you live.
The first step in the procedure is to guarantee that your regional tax assessor has included the right house info to start with. In some cases, information may be in error such as, houses have been lifted with basements that don’t exist; such examples are wrong and might lead to your house value being lowered immediately. The more details that you can gather regarding why you feel your home is miscalculated, the stronger your case for an assessment appeal.
If there are no clear concerns with the details on your property, you will need to find information of comparable homes in your neighborhood that are assessed at a lower value. This will be the easiest method to prove your case. You will want to find 3 or 4 homes that are all the same size as yours, in the same area, whose value is much less lower than your own; this will be your grounds for appeal.
In some locations, you’ll be asked to go to a property appeal hearing, so if this does happen, don’t be intimidated. In general, these hearings are just contacted us to permit you to present the details you‘ve gathered in support of your claim. You will likewise be allowed to analyze any incorrect info that may be on file about your property. You need to be ready for this hearing and have all the information you‘ve collected about similar homes and sales of similar houses in Baldwin County.
Be ready for the tax assessor to argue his/her counter-argument. Among the most popular ones here is that your home in question is more modern than the ones you’re comparing it to. Be prepared for such an argument because if you get to this point, the Assessor believes you are not deserving of a reduction in assessed value and will want to win his/her case by embellishing on the facts to support their case. It’s is always crucial to keep in mind that there are no additional charges connected to submitting an appeal; the worst result being that your real estate assessment is the same.
Is it worth submitting an appeal?
If you genuinely feel that your house has actually been miscalculated, an effective appeal of your Baldwin County home assessment might lead to significant savings. If there are just a couple of hundred dollars of possible savings, it may not be worth your time. You also need to consider that the hearing could be arranged during a workday, which might result in a loss of earnings. Find out as soon as possible when the hearings take place, and will it be a teleconference or in-person hearing. This way you can make the appropriate arrangements to possibly eliminate wage loss.
Property Tax - Pros and Cons
Property tax can be the fairest and at the same time the not so fair tax collected by municipalities.
Two of the determining factors of how it can affect what an individual will pay for this type of tax are where you live and a person's economic condition.
Even though we all can appreciate the good points of owning a home vs. renting, when it comes to property tax, renting is by far the better option. States will collect property tax on the following:
Any additions to the property such as improvements to the land
Any structures that are not permanent to the property
The assessment is commonly made by an exclusive county tax collector in each state. An individual's property and land will be appraised of its value and subsequently mailed as a tax payment notice. This usually is paid through a homeowner's escrow amount stated on their mortgage.
Many times this can negatively affect a property or land owner as the taxes in a specific state can sometimes double or triple in amount and leave the homeowner unable to afford to pay their taxes, forcing them to sell their property or land.
People on a fixed income such as Senior citizens who have retired, can be greatly affected by the increase of property tax. The value of their homes increase, but at the same time they find themselves unable to pay their taxes because of their reduced income. Unfortunately, property tax doesn't allow much wiggle room in the event of acts of nature or personal tragedy.
Although 2.3 seems to be the average percentage for property tax, it varies greatly from state to state, making it seem highly unfair for certain states such as New Hampshire, as it is a high 4.9 percent.
It also seem unfair when states like Alabama pay 1.3 percent and yet just a little distance away in neighboring Georgia would be required to pay 2.6 percent, then even more in Florida at a rate of 3.1 percent.
So who determines how the money generated from this income is spent or in some cases wasted? The state legislatures will determine this along with the decision to increase or decrease property tax and how frequent it is collected.
Even though property tax can absolutely help states with income,the amount of property tax to be paid can be a determining factor in one's decision where to reside to achieve the American Dream of land or home ownership.