Tallapoosa County Property Tax Appeal

Property tax assessment appeal: Should you appeal your property assessment in Tallapoosa County, Alabama?

Homeowners in Tallapoosa County are totally knowledgeable about the burden of property taxes; those that have spent their lives in locations where these taxes are typically high feel the effect more than the majority of. The effect of these taxes can be even worse for those who have resided in their homes for some time, as they have experienced firsthand the taxes rise year after year. However the bad news is perhaps overpaying your real estate tax and be entirely unaware. Here are some typical factors people are overpaying their homes tax.

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Is your Tallapoosa County property over evaluated?

A high property assessment is the main reason that people appeal the dollar amount they are paying on their property taxes. In a lot of cases, people feel that the valuation put on their residential property does not show the marketplace value must they attempt to offer it today. The most convenient method to find this out is to call some local real estate agents. They need to be able to tell you the series of values equivalent properties are selling for in your location. Remember, the actual market value of your home will not be known until a sale is closed. When you receive your house assessed value, you will be provided a 30-day window in which to appeal any evaluation. Otherwise, you will need to wait till next year to appeal.

Can you get the real market value of your home?

It is most likely worthwhile to get in touch with a local property agent or your assessor in Tallapoosa County, Alabama. If you feel your home has been severely misestimated, a professional assessment could prove very affordable in the long run

Most do not know you are not permitted to contest your property tax bill in Alabama, but you can undoubtedly lodge an appeal, bear in mind that despite how you feel about the bill, if you do not pay, it can result in the foreclosure of your home.

To effectively appeal, you will need to show at least 3 comparable properties that have actually been assessed at a lower assessment value. The closer these residential properties remain in size and location to yours, the higher the chance of success you will have on appeal

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Specific scenarios that may have minimized the value of your home

If there are extraordinary situations that directly result in the reduction of your property value and these are not reflected in your assessment, these are clear grounds for appeal. Just provide proof of these situations, and the appeals process should be straightforward.

You have recently purchased your home in Tallapoosa County, Alabama for less than the assessment value

If you have proof of the purchase price of your home or you possess a recent appraisal that does not show the dollar amount your home has actually been assessed at by the assessor, this is clear premises for appeal. If a professional values your residential property much lower than that of the tax assessment, this is considerable proof to support your petition. You can always pay for a brand-new appraisal despite the fact that this will cost a few hundred dollars it could be worth it in the end. The good news is that you do not have to accept a high real estate assessment; you can always appeal and get them decreased while doing so.

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How do you appeal your home assessed value in Tallapoosa County?

Every State has their own requirements for home assessment value appeals. Something they all have in common; the only argument that they will accept is that your residential property has been evaluated higher than it deserves. As your Tallapoosa County home taxes are determined basically by multiplying the evaluated value of your home by its areas set tax rate, you do not have any premises to appeal the tax rate just the house assessed value. Your only avenue of approach is to show your house is valued less than the value the assessor thinks.

Upon receiving your home assessed value, your county will give 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 deadline there’s nothing you can do, and you will be forced to wait a more year for an opportunity to appeal your real estate assessment!

The fastest and simplest method to file an appeal in Tallapoosa County is to do so on the assessment website of your county, town or city. The fees connected with each appeal can differ depending on the initial value of your property assessment. The expense of an appeal differs could be as little as $10 to $100, depending upon where you live.

The first step in the process is to guarantee that your local tax assessor has included the appropriate real estate info to start with. Sometimes, facts on your home may be incorrect such as, houses have been lifted with basements that do not exist; such examples are wrong and could cause your home value being decreased right away. The more details that you can gather regarding why you feel your home is miscalculated, the more powerful your case for an assessment appeal.

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If there are no clear concerns with the information on your property, you will need to find details of similar homes in your community that have a lower assessment. This will be the easiest way to show your case. You will want to discover three or four homes 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 locations, you’ll be asked to go to a real estate appeal hearing, so if this does occur, don’t be frightened. In general, these hearings are simply called to permit you to provide the information you have actually collected in support of your claim. You will also be enabled to analyze any false details that might be on file about your property. You must be prepared for this hearing and have all the data you have actually collected about similar homes and sales of comparable homes in Tallapoosa County.

Be ready for the tax assessor to argue his/her counter-argument. One of the most popular ones here is that your home in question is more contemporary 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 elaborating on the facts to support their position. It’s is always essential to keep in mind that there are no additional charges attached to filing an appeal; the worst result being that your house assessed value¬†is the same.

Is it worth submitting an appeal?

If you really feel that your home has actually been misestimated, a successful appeal of your Tallapoosa County real estate assessment value might result in significant savings. If there are just a few hundred dollars of possible savings, it might not deserve your time. You also need to consider that the hearing could be arranged 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 arrangements to reduce wage loss.

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Non-Payment of Property Taxes - Consequences to be Faced

To prorate means to divide something so that each person pays her fair share. The real estate term for dividing expenses that are paid after they are incurred or are prepaid is called prorations. For example, sometimes real estate taxes are paid in arrears. This means that they are paid currently for the year before. The practical effect of this is that the buyer will in many cases get a tax bill for time when she did not own the house and therefore was not responsible for the taxes.

An example will make this easier to understand. Let's say you closed on the house you bought on August 31, 2007. You are responsible for 4 months worth of real estate taxes for 2007. Unfortunately, the tax bill does not arrive until May of 2008. This is where prorations come into play. At the closing, you will be responsible for 1/3 of the tax bill that will arrive in May, 2008. That means the seller will give you, the buyer, an amount equal 2/3 of the agreed to prorated tax amount and you will pay the real estate tax bill.

The tricky part comes about because real estate taxes always seem to be going up. This is usually handled as part of the negotiations. The buyer will ask for an amount based on the seller's last year's tax bill plus a small percentage, usually 5 or 10% extra, and some agreement will be reached.

An unusually large increase in the real estate taxes due to a reassessment, rate increase or both can further complicate matters. With the gains in real estate prices in the recent past, many taxing bodies have become eager to capture at least part of that gain. So it is buyer beware and make sure you check with the local taxing authorities.

Prorations can also be used to adjust for any expenses that have been paid by the seller ahead of time, such as prepaid mortgage interest, prepaid casualty insurance, or such items as rent or utility bills.

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Alabama