Appeal tax assessment: Should you appeal your property’s assessed value in Elmore County, Alabama?
Property owners in Elmore County are completely familiar with the concern of real estate tax; those that have invested their lives in areas where these taxes are typically high feel the impact more than most. The impact of these taxes can be even worse for those who have actually lived in their homes for some time, as they have actually witnessed firsthand the taxes increase every year. The bad news is maybe overpaying your residential property taxes and be entirely uninformed. Here are some typical reasons individuals are overpaying their residential properties tax.
Is your Elmore County property over evaluated?
A high property evaluation is the main factor that individuals appeal the amount they are paying on their property taxes. In many cases, individuals feel that the evaluation placed on their property does not reflect the marketplace value must they attempt to sell it today. The simplest method to find this out is to contact some local realtors. They must be able to tell you the variety of worths similar properties are selling for in your location. Remember, the actual value of your property will not be realized until a sale is finally closed. When you receive your property evaluation, you will be provided a 30-day window in which to appeal any assessment. Otherwise, you will have to wait until next year to appeal.
Can you get the actual market value of your home?
It is probably beneficial to reach out to a local property agent or your assessor in Elmore County, Alabama. If you feel your home has been severely overvalued, a professional appraisal could show extremely cost-effective in the long run
Often people do not realize you are not entitled to dispute your tax bill in Alabama, however you can certainly submit an assessment appeal, keep in mind that no matter how you feel about the bill, if you do not pay, it can result in the foreclosure of your house.
To successfully appeal, you will need to show a minimum of 3 comparable homes that have been assessed at a lower assessment value. The closer these properties remain in size and place to yours, the higher the chance of success you will have on appeal
Particular scenarios that may have actually decreased the value of your property
If there are exceptional situations that directly result in the decrease of your residential property value and these are not reflected in your assessment, these are clear grounds for appeal. Simply offer proof of these situations, and the appeals procedure ought to be straightforward.
You have actually just recently purchased your residential property in Elmore County, Alabama for much less 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 home has been assessed at by the assessor, this is clear premises for appeal. If an expert evaluates your residential property much lower than that of the assessment, this is considerable proof to support your petition. You can always order a brand-new appraisal despite the fact that 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 decreased at the same time.
How do you contest your house assessment in Elmore County?
Every State has their own criteria for real estate assessed value appeals. One thing they all have in common; the only argument that they will accept is that your home has been evaluated higher than it‘s worth. As your Elmore County home taxes are determined basically by multiplying the assessed value of your house by its locations set tax rate, you do not have any premises to appeal the tax rate just the property assessment. Your only avenue of approach is to prove your house is less than the value the assessor believes.
Upon receiving your house assessment, your county will provide you a predetermined window in which to appeal. These can differ 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 nothing you can do, and you will be forced to wait a further year for an opportunity to appeal your home assessment value!
The fastest and simplest method to submit an appeal in Elmore County is to do so on the assessment website of your county, town or city. The costs related to each request can differ depending on the initial value of your home assessment. The expense 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 ensure that your local tax assessor has included the right home details to start with. In many cases, facts on your home may be in error such as, houses have been raised with basements that do not exist; such examples are wrong and might lead to your house value being decreased instantly. The more details that you can gather as to why you feel your home is miscalculated, the stronger your case for an appeal.
If there are no obvious problems with the details on your property, you will need to discover details of comparable homes in your community that have a lower assessment. This will be the most convenient way to prove your case. You will want to find 3 or 4 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 premises for appeal.
In some areas, you’ll be asked to go to a real estate appeal hearing, so if this does occur, do not be frightened. In general, these hearings are simply called to enable you to provide the info you have actually gathered in support of your claim. You will also be allowed to examine any false information that might be on file about your home. You should be prepared for this hearing and have all the data you‘ve collected about similar houses and sales of comparable houses in Elmore 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-day than the ones you’re comparing it to. Be ready for such an argument because if you get to this stage, 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 bear in mind that there are no additional charges connected to filing an appeal; the worst outcome being that your house assessment value is the same.
Is it worth filing an appeal?
If you truly feel that your house has been misestimated, a successful appeal of your Elmore County real estate assessment might result in significant savings. If there are only a few hundred dollars of possible savings, it might not deserve your time. You also need to consider that the hearing could be arranged throughout a workday, which might result in a loss of incomes. 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 arrangements to minimize wage loss.
Non-Payment of Property Taxes - Consequences to be Faced
Property tax is probably the fairest tax collected by municipalities. However, it is also probably the un-fairest tax collected by municipalities.
The state where an individual lives determines how much they pay, which may be higher or lower. An individual's economic status can also be a factor in how this type of tax impacts their pocketbook.
In fact when it comes to the decision on taxes and renting versus owning, this may be the only time renting is the best option. States collect property taxes on:
- Improvements to land such as additions to property
- Man made objects that are not stationary structures
It is usually assessed by individual county tax collectors in each state. Land and property are mailed tax payment notices that are the result of appraisals of the property's value. Notices of assessments can be disputed by contacting the tax collector in the land owner's county, and the tax bill is typically paid from a homeowner's escrow amount on their mortgage.
As mentioned, property taxes can disproportionately affect some homeowners. Increases in a state's tax rate can often double or even triple a homeowner's tax liability and often leave them with no option but to sale their residence or land.
Critics of this form of taxation have also decried the fact that it does address the situations of some individuals. Although it is ordinarily paid as part of an escrow account, increased property tax means they would have to pay more into escrow.
Senior citizens on a fixed income have been identified as a group sometimes hit hard by taxes on their property. Such individuals may have high taxes due to an increase in the value of their property, yet find them selves unable to pay because of a reduced income during retirement. This mandatory tax, in some cases, does not take into account factors that may impact someone's ability to pay, such as personal tragedy or acts of nature.
Property tax has also been criticized because of the difference individuals must pay between states. Alabama has the lowest rate at 1.3 percent on property value, while New Hampshire has the largest at 4.9 percent. The average percentage among is somewhere in the range of 2.3 percent.
While Alabama has a tax rate of 1.3, which would seem to make it an attractive location for a home or business owner, someone with property a few feet away in neighboring Georgia would have to pay 2.6 percent, and more than double in Florida with a tax rate of 3.1 percent.
Just how to spend the revenue (or waste it, as is the case with many governments) generated by taxing property values is determined by state legislatures. A state's legislature also has say over reducing or raising the tax rate along with determining how often it should be collected. Additionally, there may also set limits on how much increase, if any, there can be every year.
Property tax definitely helps states with revenue. But while much needed, property tax can also be a deciding factor in where an individual lives or their ability to retain the American Dream of owning land.