Fight property taxes: Should you appeal your property assessment in Pinal County, Arizona?
Homeowners in Pinal County are completely knowledgeable about the concern of property taxes; those that have invested their lives in locations where these taxes are traditionally high feel the effect more than most. 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 every year. The bad news is possibly overpaying your property taxes and be totally unaware. Here are some common factors individuals are overpaying their properties tax.
Is your Pinal County property over assessed?
A high home assessment is the primary factor that individuals appeal the amount they are paying on their real estate tax. In most cases, individuals feel that the valuation put on their residential property does not reflect the market value ought to they try to sell it today. The easiest way to find this out is to call some local real estate agents. They ought to be able to inform you the series of values equivalent properties are selling for in your area. Keep in mind, the actual value of your home will not be known till a sale is finally closed. When you receive your house assessed value, you will be provided a 30-day window in which to appeal any appraisal. Otherwise, you will need to wait up until next year to appeal.
Can you get the real market value of your home?
It is most likely beneficial to contact a local real estate representative or your assessor in Pinal County, Arizona. If you feel your residential property has actually been significantly overvalued, an expert assessment could show extremely economical in the long run
Most do not realize you are not allowed to contest your real estate tax bill directly in Arizona, however you can unquestionably file an assessed value appeal, keep 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 require to show a minimum of 3 comparable residential properties that have been evaluated at a lower assessed value. The closer these homes are in size and location to yours, the higher the opportunity of success you will have on appeal
Specific circumstances that may have actually minimized the value of your residential property
If there are exceptional situations that straight result in the reduction of your residential property value and these are not shown in your evaluation, these are clear grounds for appeal. Simply provide evidence of these situations, and the appeals procedure ought to be straightforward.
You have actually just recently purchased your residential property in Pinal County, Arizona for a lower value than the assessed value
If you have proof of the purchase price of your home or you possess a current appraisal that does not reflect the dollar amount your house has been assessed at by the assessor, this is clear grounds for appeal. If a professional values your property much lower than that of the assessed value, this is significant proof to support your petition. You can always pay for a 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 reduced in the process.
How do you appeal your real estate assessment value in Pinal County?
Every State has their own requirements for house assessment value appeals. Something they all have in common; the only groungs that they will accept is that your home has been assessed higher than itreal market value. As your Pinal County real estate taxes are calculated basically by multiplying the evaluated value of your house by its areas 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 show your house is valued less than the value the assessor believes.
On receiving your house assessed value, 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, keep in mind if you miss this due date there’s nothing you can do, and you will be required to wait an additional year for an opportunity to appeal your real estate assessment value!
The fastest and easiest way to submit an appeal in Pinal County is to do so on the assessment website of your county, town or city. The charges associated with each appeal can differ depending on the initial value of your property assessed value. The cost of an appeal differs could be as little as $10 to $100, depending upon where you live.
The first step in the procedure is to guarantee that your local tax assessor has included the proper real estate details to start with. In some cases, facts on your home may be in error such as, houses have actually been lifted with basements that do not exist; such examples are wrong and might result in your house value being decreased instantly. The more details that you can gather regarding why you feel your house is misestimated, the stronger your case for an appeal.
If there are no clear concerns with the information on your property, you will need to find information of similar homes in your area that are assessed at a lower value. This will be the most convenient method to show your case. You will want to find three 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 grounds for appeal.
In some areas, you’ll be asked to attend a real estate appeal hearing, so if this does occur, do not be daunted. In general, these hearings are simply called to enable you to provide the details you‘ve collected in support of your claim. You will also be allowed to take a look at any incorrect details that may be on file about your residential property. You need to be ready for this hearing and have all the information you have actually collected about similar homes and sales of comparable houses in Pinal 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 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 value and will want to win his/her case by embellishing on the facts to support their position. It’s is always crucial to bear in mind that there are no additional charges connected to submitting an appeal; the worst outcome being that your home assessment value is the same.
Is it worth submitting an appeal?
If you really feel that your house has actually been miscalculated, an effective appeal of your Pinal County home assessment could result in substantial cost savings. If there are just a few hundred dollars of prospective savings, it may not be worth your time. You also need to consider that the hearing could be arranged 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 arrangements to reduce wage loss.
Pay Your Property Tax Or Lose Your Property
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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