Property tax dispute: Should you appeal your property’s assessed value in Marengo County, Alabama?
House owners in Marengo County are fully knowledgeable about the problem of real estate tax; those that have spent their lives in locations where these taxes are traditionally high feel the impact more than most. The effect of these taxes can be even worse for those who have resided in their properties for some time, as they have actually witnessed firsthand the taxes increase year after year. The bad news is possibly overpaying your residential property taxes and be totally unaware. Here are some common reasons individuals are overpaying their properties tax.
Is your Marengo County property over assessed?
A high property assessed value is the primary factor that people appeal the dollar amount they are paying on their property taxes. Oftentimes, people feel that the evaluation placed on their home does not show the marketplace value should they try to offer it today. The easiest way to find this out is to get in touch with some regional real estate agents. They need to be able to tell you the series of values equivalent residential properties are selling for in your location. Remember, the real market value of your residential property will not be known until a sale is closed. When you receive your home 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 value of your property?
It is most likely worthwhile to get in touch with a local property representative or your assessor in Marengo County, Alabama. If you feel your property has actually been significantly overvalued, an expert assessment might show very cost-efficient in the long run
Often people do not realize you are not allowed to dispute your tax bill in Alabama, however you can undoubtedly file an assessed value appeal, remember that no matter how you feel about the expense, if you do not pay, it can result in the foreclosure of your home.
To effectively appeal, you will require to reveal at least 3 equivalent properties that have been evaluated at a lower value. The closer these homes are in size and place to yours, the higher the chance of success you will have on appeal
Particular scenarios that may have actually reduced the value of your residential property
If there are exceptional situations that straight lead to the decrease of your residential property value and these are not accounted for in your property assessment, these are clear premises for appeal. Simply offer proof of these scenarios, and the appeals procedure should be straightforward.
You have actually just recently bought your home in Marengo County, Alabama for much less than the assessed value
If you have proof of the purchase price of your home or you have a current appraisal that does not show the dollar amount your house has actually been assessed at by the assessor, this is clear grounds for appeal. If a professional evaluates your property much lower than that of the assessed value, this is significant proof to back your petition. You can always pay for a brand-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 have to accept a high property assessment; you can always appeal and get them lowered while doing so.
How do you contest your property assessment in Marengo County?
Every State has their own requirements for property assessment appeals. Something they all have in common; the only argument that they will accept is that your home has been assessed higher than itreal market value. As your Marengo County real estate taxes are calculated basically by multiplying the evaluated value of your house by its locations set tax rate, you do not have any premises to appeal the tax rate just the home assessment. Your only avenue of approach is to prove your home is not worth the value the assessor believes.
Upon receiving your home assessment, your county will offer you a predetermined window in which to appeal. These can differ 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 due date there’s absolutely nothing you can do, and you will be forced to wait a further year for a chance to appeal your real estate assessment value!
The fastest and most convenient way to file an appeal in Marengo County is to do so on the assessment website of your county, town or city. The fees related to each request can differ dependent on the initial value of your house assessed 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 ensure that your regional tax assessor has included the correct house info to start with. In many cases, facts on your home may be incorrect such as, homes have actually been lifted with basements that do not exist; such examples are wrong and might cause your home value being lowered instantly. The more information that you can gather regarding why you feel your home is misestimated, the stronger your case for an assessment appeal.
If there are no obvious issues with the information on your property, you will need to discover information of similar homes in your neighborhood that are assessed at a lower value. This will be the easiest way to show your case. You will want to discover three or four properties that are all the same size as yours, in the exact same location, 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 property appeal hearing, so if this does occur, do not be frightened. In general, these hearings are simply contacted us to enable you to provide the info you have actually gathered in support of your claim. You will likewise be allowed to examine any false information that may be on file about your home. You must be ready for this hearing and have all the information you have actually collected about similar houses and sales of comparable houses in Marengo County.
Be prepared for the tax assessor to argue his or 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 point, the Assessor believes you are not deserving of a reduction in assessment and will want to win his/her case by embellishing on the facts to support their case. It’s is always essential to keep in mind that there are no additional penalties connected to submitting an appeal; the worst result being that your real estate assessed value is the same.
Is it worth submitting an appeal?
If you truly feel that your home has been misestimated, a successful appeal of your Marengo County house assessed value could lead to considerable cost savings. If there are just a few hundred dollars of possible savings, it may not be worth your time. You also need to consider that the hearing could be scheduled during a workday, which might lead to a loss of revenues. 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
Real estate properties in the U.S. are taxed by the federal and state governments. Taxes on these properties are a major source of revenue for local governments. Property tax rates, in the form of percentage, are usually decided by city councils, school boards, town boards, village boards and county legislatures and are collected each year by municipalities such as cities, counties and districts. Every year normally during September or October, the board conducts budget hearings to find out how much funds they will need for their operations the following year. The tax rate is then determined by dividing the board's total taxes by the total assessed value of the jurisdiction.
Property taxes have a special purpose. The funds collected from taxpayers
are used by municipalities to improve vital public facilities and infrastructure such as schools, sewers, libraries, fire stations, hospitals, parks, roads and bridges.
Laws on the various aspects of real estate properties as well as forms of property tax vary from state to state. However, there's a standard formula in calculating property taxes on a home. The normal process involves multiplying the assessed value of a certain property by the prevailing tax rate. Exemptions, if any, are then deducted from the resulting figure. Currently, some 40 states give property tax credits or homestead exemptions that allow a property to have a lower taxable assessed value.
In some states, the property tax rate is known as a millage tax, millage rate or mill levy with one mill equivalent to 1/1,000 of a dollar. Simply put, an owner of a property will have to pay one dollar for every $1,000 in taxable value.
The assessed value of a property is vital in determining the property tax. It is here where the assessor comes in and not in calculating the property tax as some other people might believe. To get the assessed value, the assessor estimates the market value of a property or the price it would likely sell for in the real estate market. This is done by conducting studies and analysis of the local real estate market and taking into consideration new construction, improvements done to the property and demolition of structures.
On your own as a homeowner, you should get an idea of your home's market value based on the sale prices of comparable properties in your neighborhood. If in the event you find that your assessment is a bit high, there is still a chance to have the value reduced through administrative and judicial proceedings or by consultation with your local assessor.
In coming up with the assessed value for residential properties, the actual value is multiplied by the residential assessment rate. The residential assessment rate is usually set by the state thus, it differs in every state.
So for example, the actual value of a home is $120,000 and the assessment rate is 7 percent, the assessed value would be $8,400.
Meanwhile, in getting the property tax for the same home valued at $120,000 with a tax rate of say, 25 percent, multiply the assessed value with the tax rate ($8,400 x .025) and you'll have a property tax bill of $2,100.
Keep in mind that property taxes have to paid each year and failure to do so would mean penalties. If possible, learn more about this important tax and other related programs such as tax breaks and tax reliefs that could provide you and your family reduced taxes.