Property tax dispute: Should you appeal your property assessment in Yavapai County, Arizona?
Property owners in Yavapai County are totally knowledgeable about the burden of property taxes; those that have actually spent their lives in locations where these taxes are generally high feel the impact more than a lot of. The effect of these taxes can be even worse for those who have actually lived in their homes for a long time, as they have witnessed firsthand the taxes rise every year. The bad news is possibly overpaying your property taxes and be entirely unaware. Here are some typical reasons people are overpaying their homes tax.
Is your Yavapai County property over evaluated?
A high home assessed value is the main reason that people appeal the dollar amount they are paying on their real estate tax. In most cases, individuals feel that the evaluation put on their home does not show the market value ought to they attempt to offer it today. The easiest method to find this out is to contact some local realtors. They should be able to inform you the range of values comparable residential properties are selling for in your location. Keep in mind, the real value of your property will not be known up until a sale is finally 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 real market value of your house?
It is most likely worthwhile to reach out to a local realty agent or your assessor in Yavapai County, Arizona. If you feel your home has actually been significantly misestimated, an expert appraisal might show extremely cost-effective in the long run
Many do not realize you are not allowed to contest your tax bill directly in Arizona, but you can certainly lodge an appeal, keep in mind that regardless of how you feel about the bill, if you don’t pay, it can lead to the foreclosure of your house.
To successfully appeal, you will need to reveal a minimum of three comparable properties that have been evaluated at a lower assessed value. The closer these residential properties are in size and area to yours, the greater the opportunity of success you will have on appeal
Particular situations that may have actually reduced the value of your home
If there are extraordinary scenarios that directly result in the decrease of your property value and these are not shown in your property assessment, these are clear grounds for appeal. Simply provide evidence of these situations, and the appeals procedure should be straightforward.
You have actually recently bought your property in Yavapai County, Arizona for much less than the assessment 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 been valued at by the assessor, this is clear grounds for appeal. If a professional values your home much lower than that of the assessed value, this is significant proof to back your petition. 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 have to accept a high real estate assessment; you can always appeal and get them decreased while doing so.
How do you appeal your real estate assessed value in Yavapai County?
Every State has their own criteria for real estate assessment appeals. One thing they all have in common; the only argument that they will accept is that your home has actually been evaluated higher than it deserves. As your Yavapai County property taxes are computed basically by multiplying the evaluated value of your house by its areas set tax rate, you do not have any grounds to appeal the tax rate just the property assessment. Your only opportunity of approach is to prove your home is not worth the value the assessor believes.
Upon receiving your home assessed value, your county will give you a predetermined window in which to appeal. These can vary 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 deadline there’s nothing you can do, and you will be forced to wait a more year for a chance to appeal your home assessment value!
The fastest and simplest way to file an appeal in Yavapai County is to do so on the assessment website of your county, town or city. The charges connected with each request can differ dependent on the initial value of your real estate assessment value. 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 correct real estate details to start with. Sometimes, details may be in error such as, homes have been lifted with basements that don’t 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 house is overvalued, the more powerful your case for an appeal.
If there are no recognizable concerns with the information on your property, you will need to find details of comparable homes in your community that are assessed at a lower value. This will be the most convenient method to show your case. You will want to find 3 or 4 homes 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 attend a property appeal hearing, so if this does take place, do not be intimidated. In general, these hearings are simply contacted us to permit you to provide the info you‘ve collected in support of your claim. You will likewise be permitted to take a look at any false info that may be on file about your property. You need to be prepared for this hearing and have all the information you‘ve collected about similar houses and sales of comparable homes in Yavapai County.
Be prepared 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-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 important to keep in mind that there are no additional penalties attached to filing an appeal; the worst result being that your real estate assessed value is the same.
Is it worth submitting an appeal?
If you genuinely feel that your house has actually been overvalued, a successful appeal of your Yavapai County home assessed value could lead to considerable savings. If there are only a few hundred dollars of possible cost savings, it might not be worth your time. You also need to consider that the hearing could be set up throughout a workday, which might 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 reduce wage loss.
Are Property Taxes Fair?
We have many obligations to face in life. And, one of these obligations is to pay different taxes like income tax, property tax and many others. Since we have many obligations and not just these taxes, we sometimes take paying taxes for granted. This will cause a very big problem to non-payers.
Not being able to pay your taxes, (property taxes in particular) may lead to the following problems:
You may lose your property or house. Unpaid property tax leading to delinquent property tax may lead to losing your property. However, there are still second chances given. So, if ever you are given more time to pay your delinquent property tax, find a solution for this right away or you may really end up losing your property. You may only be given two years to settle your unpaid taxes.
If it happens that your property is forwarded to the county treasury, more interests and fees will be added. There will be a collection of four percent administration fee and one percent interest per month.
Your property may be forfeited. This means you still have one year to settle your delinquent tax or you may lose your property altogether or have it foreclosed. Foreclosed properties mean you will not be able to get it back as it will be auctioned off to recover the pending dues.
Before all these problems occur, you should make an effort to settle all pending property taxes. Surely, you do not want to end up losing your property, do you?