Fight property taxes: Should you appeal your property’s assessed value in La Paz County, Arizona?
Homeowners in La Paz County are totally aware of the burden of property taxes; those that have invested their lives in areas where these taxes are typically high feel the impact more than many. The impact of these taxes can be even worse for those who have actually lived in their properties for some time, as they have witnessed firsthand the taxes increase every year. The bad news is possibly overpaying your property taxes and be entirely uninformed. Here are some common reasons individuals are overpaying their homes tax.
Is your La Paz County property over evaluated?
A high home assessment is the primary factor that people appeal the dollar amount they are paying on their real estate tax. In many cases, people feel that the appraisal placed on their residential property does not reflect the market value need to they attempt to offer it today. The most convenient method to find this out is to get in touch with some regional realtors. They need to have the ability to tell you the series of values similar properties are selling for in your location. Remember, the real market value of your home will not be realized until a sale is closed. When you receive your house valuation, you will be given a 30-day window in which to appeal any valuation. Otherwise, you will need to wait until next year to appeal.
Can you get the actual value of your home?
It is probably worthwhile to reach out to a local real estate agent or your assessor in La Paz County, Arizona. If you feel your property has been badly misestimated, an expert appraisal could show extremely economical in the long run
Often people do not know you are not allowed to challenge your tax bill in Arizona, but you can certainly file an appeal, bear in mind that no matter how you feel about the expense, if you do not pay, it can lead to the foreclosure of your home.
To successfully appeal, you will require to reveal a minimum of 3 comparable properties that have been evaluated at a lower value. The closer these residential properties remain in size and place to yours, the higher the possibility of success you will have on appeal
Specific situations that may have lowered the value of your residential property
If there are exceptional circumstances that directly lead to the reduction of your property value and these are not shown in your house assessment, these are clear premises for appeal. Just provide evidence of these circumstances, and the appeals process ought to be straightforward.
You have actually just recently purchased your property in La Paz County, Arizona for much 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 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 substantial evidence to back your petition. You can always pay for a brand-new appraisal although this will cost a couple of 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 lowered in the process.
How do you contest your real estate assessment in La Paz County?
Every State has their own criteria for house assessment appeals. Something they all have in common; the only groungs that they will accept is that your property has actually been assessed higher than itreal market value. As your La Paz County house taxes are calculated 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 avenue of approach is to prove your home is valued less than the value the assessor believes.
On receiving your home assessment, your county will provide you a predetermined window in which to appeal. These can vary considerably 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 a further year for an opportunity to appeal your house assessed value!
The fastest and easiest way to submit an appeal in La Paz County is to do so on the assessment website of your county, town or city. The fees associated with each appeal can differ depending on the initial value of your real estate assessment. The cost 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 ensure that your local tax assessor has included the correct house details to start with. In many cases, facts on your home may be incorrect such as, homes have actually been raised with basements that don’t exist; such examples are wrong and might lead to your home value being decreased instantly. The more details that you can gather as to why you feel your home is miscalculated, the more powerful your case for an assessment appeal.
If there are no obvious concerns with the info on your property, you will need to discover details of equivalent homes in your neighborhood that have a lower assessment. This will be the easiest method to prove your case. You will want to find three or four houses that are all the same size as yours, in the same location, whose value is much less lower than your property; this will be your premises for appeal.
In some locations, you’ll be asked to go to a property appeal hearing, so if this does happen, don’t be intimidated. In general, these hearings are just contacted us to permit you to provide the info you have actually collected in support of your claim. You will likewise be permitted to examine any false info that may be on file about your residential property. You must be prepared for this hearing and have all the information you‘ve gathered about similar homes and sales of comparable homes in La Paz 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 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 value and will want to win his/her case by embellishing on the facts to support their case. It’s is always important to keep in mind that there are no additional penalties attached to submitting an appeal; the worst result being that your home assessed value is the same.
Is it worth submitting an appeal?
If you genuinely feel that your home has actually been overvalued, an effective appeal of your La Paz County real estate assessment value could lead to considerable cost savings. If there are just a few hundred dollars of prospective cost savings, it might not deserve your time. You also need to consider that the hearing could be scheduled throughout a workday, which may lead to 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.
Property Tax Valuation - How to Calculate
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.