Property tax assessment appeal: Should you appeal your property’s assessed value in Cochise County, Arizona?
Homeowners in Cochise County are fully familiar with the burden of property taxes; those that have invested their lives in areas where these taxes are traditionally high feel the effect more than many. The impact of these taxes can be even worse for those who have lived in their properties for some time, as they have witnessed firsthand the taxes rise year after year. The bad news is perhaps overpaying your home taxes and be completely uninformed. Here are some common reasons individuals are overpaying their homes tax.
Is your Cochise County house over assessed?
A high house assessment is the main reason that individuals appeal the dollar amount they are paying on their property taxes. In many cases, individuals feel that the appraisal put on their residential property does not reflect the marketplace value need to they try to offer it today. The most convenient method to find this out is to get in touch with some regional realtors. They ought to be able to tell you the variety of values similar residential properties are selling for in your location. Remember, the actual market value of your home will not be known up until a sale is finally closed. When you receive your property assessment, you will be offered a 30-day window in which to appeal any evaluation. Otherwise, you will have 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 regional property representative or your assessor in Cochise County, Arizona. If you feel your home has actually been significantly misestimated, a professional assessment might show extremely affordable in the long run
Often people do not know you are not permitted to challenge your real estate tax bill in Arizona, but you can certainly submit an appeal, bear in mind that regardless of how you feel about the costs, if you do not pay, it can lead to the foreclosure of your home.
To successfully appeal, you will need to reveal a minimum of three equivalent homes that have actually been assessed at a lower assessed value. The closer these properties are in size and location to yours, the higher the opportunity of success you will have on appeal
Specific scenarios that may have actually lowered the value of your residential property
If there are extraordinary scenarios that straight lead to the decrease of your residential property value and these are not shown in your evaluation, these are clear grounds for appeal. Simply offer evidence of these situations, and the appeals process should be straightforward.
You have just recently bought your property in Cochise County, Arizona for much less than the assessed value
If you have proof of the purchase price of your home or you have a recent appraisal that does not reflect the dollar amount your house has actually been assessed at by the assessor, this is clear grounds for appeal. If an expert values your property much lower than that of the assessment, this is significant proof to back your appeal. You can always request a new appraisal despite the fact that this will cost a few hundred dollars it could be worth it in the end. Fortunately is that you do not need to accept a high real estate assessment; you can always appeal and get them decreased in the process.
How do you contest your home assessment in Cochise County?
Every State has their own requirements for house assessment appeals. Something they all have in common; the only groungs that they will accept is that your residential property has actually been evaluated higher than it deserves. As your Cochise County house taxes are computed basically by multiplying the assessed value of your house by its locations set tax rate, you do not have any grounds to appeal the tax rate just the home assessment value. Your only opportunity of approach is to show your house is not worth the value the assessor believes.
On receiving your home assessed value, your county will give you a predetermined window in which to appeal. These can vary significantly 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 forced to wait a more year for a chance to appeal your property assessed value!
The fastest and simplest way to submit an appeal in Cochise County is to do so on the assessment website of your county, town or city. The costs associated with each appeal can differ depending on the initial value of your home assessment value. The cost of an appeal varies could be as little as $10 to $100, depending on where you live.
The first step in the process is to ensure that your regional tax assessor has included the proper house details to start with. In some cases, facts on your home may be in error such as, houses have been raised with basements that don’t exist; such examples are wrong and might result in your home value being decreased instantly. The more details that you can gather regarding why you feel your home is misestimated, the stronger your case for an assessment appeal.
If there are no recognizable concerns with the info on your property, you will need to discover information of equivalent homes in your community that are assessed at a lower value. This will be the easiest way to show your case. You will want to discover 3 or four properties that are all the same size as yours, in the exact same location, whose value is much less lower than your property; this will be your grounds for appeal.
In some areas, you’ll be asked to participate in a real estate appeal hearing, so if this does occur, do not be daunted. In general, these hearings are simply called to allow you to provide the info you‘ve gathered in support of your claim. You will also be allowed to examine any incorrect details that might be on file about your property. You need to be prepared for this hearing and have all the information you have actually gathered about similar houses and sales of similar homes in Cochise 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 concern 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 assessment and will want to win his/her case by embellishing on the facts to support their position. It’s is always important to keep in mind that there are no additional charges connected to filing an appeal; the worst outcome being that your property assessment is the same.
Is it worth filing an appeal?
If you truly feel that your home has actually been overvalued, an effective appeal of your Cochise County property assessment value could lead to significant savings. If there are just a couple of hundred dollars of potential savings, it might not deserve your time. You also need to consider that the hearing could be set up during 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 appropriate arrangements to possibly eliminate wage loss.
Real Estate Tax For Property
The property taxes are the largest bills that are received every year. Property taxes are paid in order to fund the local government for necessary programs such as schools, and for maintaining roads in the locality in which we live in. What if the bills are too high and one cannot afford to pay the tax this year?
First thing to be done is to look into the assessor of taxes' valuation of the home. Whatever is determined by the assessor of taxes will have to be paid as property tax. However if you think that your home has been valued more than the required amount, you can make an appeal to reconsider the valuation. If the appeal is in your favor then you will need to pay only the lower and newer valuation for your home. This will bring down your tax bills greatly.
Next, see to that if there are exemptions you are not taking. In many places, there is a homestead exemption that can be taken on your primary home. This will definitely reduce your bills. However if you own more that one property, then you will be able to take the homestead exemption only on you main residence. This homestead exemption can be taken at the local tax office if they are permitted. There is also a hardship exemption but it is offered on a yearly basis.
Also you need to request for a plan of payment for all you properties. Most of the local offices will give you the plan of payment that allows you to pay the taxes over a period of time. In some places, you can pay the taxes in installments until you have completely paid the taxes without needing to make a request for a plan of payment. This can be done to prevent tax foreclosure of your property. Once your property is tax foreclosed then it is not possible for a plan payment to be set up.
If the property taxes are not paid on the due dates it will lead to accrue penalties and interest will start to build up on the unpaid balances even though you have a payment plan. If the taxes are not paid a long period even after the extended time then your property will be tax foreclosed. Different states handle these foreclosures differently. However in all states there is particular point at which the property is seized. Then they sell it off to the local government to in order to pay the delinquent tax. Mostly the government will work with these tax payers to ensure that the properties are not seized.