Property tax assessment appeal: Should you appeal your property assessment in Yuma County, Arizona?
Property owners in Yuma County are completely knowledgeable about the problem of property taxes; those that have invested their lives in locations where these taxes are traditionally high feel the effect more than the majority of. The impact of these taxes can be even worse for those who have lived in their properties for some time, as they have experienced firsthand the taxes rise every year. However the bad news is perhaps overpaying your real estate tax and be totally unaware. Here are some common reasons individuals are overpaying their homes tax.
Is your Yuma County house over assessed?
A high property assessed value is the main reason that people appeal the amount they are paying on their real estate tax. In a lot of cases, people feel that the appraisal put on their residential property does not reflect the marketplace value must they attempt to offer it today. The most convenient method to find this out is to get in touch with some local real estate agents. They need to have the ability to tell you the range of worths similar properties are selling for in your area. Keep in mind, the actual market value of your property will not be known until a sale is closed. When you receive your home assessment, you will be provided a 30-day window in which to appeal any assessment. Otherwise, you will have to wait until next year to appeal.
Can you get the real value of your house?
It is probably worthwhile to call a local realty representative or your assessor in Yuma County, Arizona. If you feel your property has actually been seriously misestimated, an expert assessment could show extremely cost-efficient in the long run
Most do not realize you are not entitled to contest your real estate tax bill directly in Arizona, however you can undoubtedly file an assessment appeal, bear in mind that regardless of how you feel about the bill, if you don’t pay, it can result in the foreclosure of your home.
To effectively appeal, you will need to show a minimum of three similar homes that have actually been evaluated at a lower assessed value. The closer these homes remain in size and place to yours, the greater the opportunity of success you will have on appeal
Particular scenarios that may have decreased the value of your home
If there are extraordinary scenarios that directly result in the decrease of your home value and these are not reflected in your property assessment, these are clear premises for appeal. Just provide evidence of these situations, and the appeals process should be straightforward.
You have actually recently purchased your property in Yuma County, Arizona for much less than the assessed value
If you have proof of the purchase price of your home or you have a current appraisal that does not reflect the amount your house has been assessed at by the assessor, this is clear grounds for appeal. If an expert evaluates your property much lower than that of the assessed value, this is substantial evidence to back your appeal. 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 bright side is that you do not have to accept a high real estate assessment; you can always appeal and get them reduced while doing so.
How do you appeal your home assessment in Yuma County?
Every State has their own requirements for property assessed value appeals. One thing they all have in common; the only groungs that they will accept is that your home has actually been evaluated higher than it deserves. As your Yuma County home taxes are computed basically by multiplying the assessed value of your house by its areas set tax rate, you do not have any grounds to appeal the tax rate just the house assessment value. Your only opportunity of approach is to show your home is not worth the value the assessor thinks.
On receiving your house assessed value, your county will give 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, remember if you miss this deadline there’s absolutely nothing you can do, and you will be required to wait an additional year for a chance to appeal your property assessment!
The fastest and easiest method to file an appeal in Yuma County is to do so on the assessment website of your county, town or city. The charges connected with each request can differ based on the initial value of your home assessed value. The expense of an appeal differs could be as little as $10 to $100, depending on where you live.
The first step in the process is to make sure that your regional tax assessor has included the right property details to start with. Sometimes, details may be incorrect such as, houses have been lifted with basements that do not exist; such examples are wrong and could result in your home value being reduced right away. The more details that you can gather regarding why you feel your home is overvalued, the stronger your case for an appeal.
If there are no clear problems with the info on your property, you will need to find information of equivalent homes in your area that are assessed at a lower value. This will be the easiest way to prove your case. You will want to find three or 4 residential properties that are all the same size as yours, in the same area, 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 property appeal hearing, so if this does happen, don’t be frightened. In general, these hearings are just contacted us to enable you to present the info you‘ve gathered in support of your claim. You will also be permitted to take a look at any incorrect info that may be on file about your home. You ought to be prepared for this hearing and have all the data you have actually gathered about similar homes and sales of similar houses in Yuma 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-day 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 value and will want to win his/her case by elaborating on the facts to support their case. It’s is always important to keep in mind that there are no additional charges attached to filing an appeal; the worst result being that your home assessment is the same.
Is it worth filing an appeal?
If you genuinely feel that your house has actually been misestimated, a successful appeal of your Yuma County property assessment could result in significant 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 arranged throughout a workday, which might result in a loss of profits. 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 possibly eliminate wage loss.
Prorations - Real Estate Tax and Property
Property tax can be the fairest and at the same time the not so fair tax collected by municipalities.
Two of the determining factors of how it can affect what an individual will pay for this type of tax are where you live and a person's economic condition.
Even though we all can appreciate the good points of owning a home vs. renting, when it comes to property tax, renting is by far the better option. States will collect property tax on the following:
Any additions to the property such as improvements to the land
Any structures that are not permanent to the property
The assessment is commonly made by an exclusive county tax collector in each state. An individual's property and land will be appraised of its value and subsequently mailed as a tax payment notice. This usually is paid through a homeowner's escrow amount stated on their mortgage.
Many times this can negatively affect a property or land owner as the taxes in a specific state can sometimes double or triple in amount and leave the homeowner unable to afford to pay their taxes, forcing them to sell their property or land.
People on a fixed income such as Senior citizens who have retired, can be greatly affected by the increase of property tax. The value of their homes increase, but at the same time they find themselves unable to pay their taxes because of their reduced income. Unfortunately, property tax doesn't allow much wiggle room in the event of acts of nature or personal tragedy.
Although 2.3 seems to be the average percentage for property tax, it varies greatly from state to state, making it seem highly unfair for certain states such as New Hampshire, as it is a high 4.9 percent.
It also seem unfair when states like Alabama pay 1.3 percent and yet just a little distance away in neighboring Georgia would be required to pay 2.6 percent, then even more in Florida at a rate of 3.1 percent.
So who determines how the money generated from this income is spent or in some cases wasted? The state legislatures will determine this along with the decision to increase or decrease property tax and how frequent it is collected.
Even though property tax can absolutely help states with income,the amount of property tax to be paid can be a determining factor in one's decision where to reside to achieve the American Dream of land or home ownership.