Property tax assessment appeal: Should you appeal your property’s assessed value in Bullock County, Alabama?
Property owners in Bullock County are completely familiar with the burden of real estate tax; those that have actually invested their lives in locations where these taxes are typically high feel the effect more than many. The effect of these taxes can be even worse for those who have lived in their properties for a long time, as they have actually seen firsthand the taxes rise year after year. But the bad news is possibly overpaying your property taxes and be totally unaware. Here are some common factors individuals are overpaying their properties tax.
Is your Bullock County house over assessed?
A high house valuation is the main factor that individuals appeal the dollar amount they are paying on their property taxes. In many cases, individuals feel that the assessment placed on their residential property does not reflect the marketplace value should they attempt to sell it today. The easiest method to discover this out is to call some local real estate agents. They should have the ability to tell you the variety of values similar homes are selling for in your area. Keep in mind, the real market value of your property will not be realized until a sale is closed. When you receive your home valuation, you will be provided a 30-day window in which to appeal any assessment. Otherwise, you will need to wait up until next year to appeal.
Can you get the real market value of your home?
It is probably worthwhile to contact a local real estate representative or your assessor in Bullock County, Alabama. If you feel your home has actually been significantly overvalued, an expert evaluation could show really affordable in the long run
Many do not realize you are not entitled to contest your tax bill directly in Alabama, but you can undoubtedly submit an assessed value appeal, keep in mind that despite how you feel about the expense, if you don’t pay, it can lead to the foreclosure of your home.
To successfully appeal, you will require to reveal a minimum of three comparable residential properties that have been assessed at a lower assessment value. The closer these residential properties remain in size and location to yours, the greater the opportunity of success you will have on appeal
Particular circumstances that may have actually reduced the value of your property
If there are exceptional circumstances that straight lead to the reduction of your home value and these are not shown in your assessment, these are clear grounds for appeal. Just supply evidence of these situations, and the appeals process should be straightforward.
You have actually recently purchased your home in Bullock County, Alabama for a lower value than the assessed value
If you have evidence of the purchase price of your home or you possess a current appraisal that does not show the dollar amount your house has actually been assessed at by the assessor, this is clear premises for appeal. If a professional evaluates your property much lower than that of the assessment, this is considerable proof to support your petition. You can always request a new appraisal even though this will cost a few hundred dollars it could be worth it in the end. The good news is that you do not need to accept a high property assessment; you can always appeal and get them reduced at the same time.
How do you appeal your property assessed value in Bullock County?
Every State has their own criteria for real estate assessment appeals. Something they all have in common; the only groungs that they will accept is that your residential property has been evaluated higher than itreal market value. As your Bullock County home taxes are determined basically by multiplying the assessed value of your home by its locations set tax rate, you do not have any grounds to appeal the tax rate just the property assessment. Your only opportunity of approach is to prove your house is less than the value the assessor thinks.
On receiving your house assessment, your county will give you a predetermined window in which to appeal. These can vary substantially from 30 to 90 days so your county appeal deadline is the first thing you want to determine. However, keep in mind if you miss this deadline there’s nothing you can do, and you will be required to wait an additional year for a chance to appeal your house assessment!
The fastest and simplest way to submit an appeal in Bullock County is to do so on the assessment website of your county, town or city. The charges connected with each appeal can differ based on the initial value of your house assessed value. The expense of an appeal differs could be as little as $10 to $100, depending on where you live.
The first step in the process is to guarantee that your local tax assessor has included the correct real estate information to start with. In some cases, facts on your home may be incorrect such as, homes have been raised with basements that do not exist; such examples are wrong and could result in your home value being reduced right away. The more information that you can gather as to why you feel your house is overvalued, the stronger your case for an assessment appeal.
If there are no recognizable problems with the info on your property, you will need to discover details of equivalent homes in your neighborhood that are assessed at a lower value. This will be the most convenient way to show your case. You will want to discover 3 or four houses that are all the same size as yours, in the exact same area, whose value is much less lower than your own; this will be your grounds for appeal.
In some areas, you’ll be asked to participate in a property appeal hearing, so if this does happen, do not be intimidated. In general, these hearings are just called to enable you to provide the information you have actually collected in support of your claim. You will likewise be enabled to examine any false details that might be on file about your property. You must be ready for this hearing and have all the data you‘ve gathered about comparable houses and sales of comparable homes in Bullock County.
Be ready for the tax assessor to argue his or her counter-argument. One of the most popular ones here is that your home in question is more modern than the ones you’re comparing it to. Be ready 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 position. It’s is always important to remember that there are no additional charges connected to submitting an appeal; the worst result being that your real estate assessed value is the same.
Is it worth filing an appeal?
If you truly feel that your house has been miscalculated, a successful appeal of your Bullock County real estate assessment value might result in substantial savings. If there are just a few hundred dollars of prospective cost savings, it might not be worth your time. You also need to consider that the hearing could be set up during a workday, which may lead to 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 minimize wage loss.
Pay Your Property Tax Or Lose Your Property
How exactly does your city come up with your property tax value? Are you concerned that your real estate taxes might be unfairly high and want to see if you are eligible for a reduction? That is what we discuss here.
First of all, no matter how confusing your property tax statement is, with all of the various terms, ratios, millage rates, etc calculating your real estate taxes really boils down to only a few factors: the market value of your property, your cities assessment ratio and the tax rate.
The market value is what your property would sell for on the open market, without any "undue influences," like being in a state of foreclosure, structural issues with the property, short sales time frame, etc. Again it's what your property sells for under a normal sale.
Property Tax Valuation
The assessment ratio is very important to calculating your real estate taxes and is what is sometimes referred to as your "property tax value". What cities do is multiple your market value, by the assessment ratio, the resulting number is the assessed value.
For example if your properties market value is $500,000 and your cities assessment ratio is 80% your property tax value would be: $500,000 x.80= $400,000 assesed value. Assessment ratios vary from state to state and from jurisdictions. Your assessment rate could be totaling different than your neighboring town.
The tax rate is also known as a millage rate and is the actual rate that property owners pay in their given town. Like the assessment ratio the tax rate varies from town to town and also from building types. For example a commercial building will be taxed at a different rate than a single family home.
In addition, a single family home used as a rental property will normally be taxed at a high rate than a single family home that is occupied by the owner.
To figure out your annual taxes you multiple the tax rate by the assessed value. For example take the assessed value of $400,000 x.020 (tax rate/millage rate) = $8,000 in annual property taxes.
Property Tax Valuation
On a real estate tax appeal you can only debate the fair market value of your property. You cannot argue the tax rate or the assessment ratio (unless they made a mistake and recorded your property in the wrong category). But again, you can only argue the assessors opinion of your properties value. Keep in mind that most cities assessors are over worked and or under qualified, so they very often make outright mistakes. If you know of other similar properties in your area that sold for less than what they have recorded your property at, than you most likely have a case and could save a lot of money.
Don't be like the 98% of property owners that don't bother to appeal their real estate taxes. They are leaving thousands of dollars on the table for no reason. The process to appeal is really not complex and won't eat that much of your time.