Contest property taxes: Should you appeal your property’s assessed value in Bent County, Colorado?
Property owners in Bent County are fully familiar with the problem of real estate tax; those that have invested their lives in areas where these taxes are typically high feel the impact more than most. The effect of these taxes can be even worse for those who have actually lived in their residential 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 entirely uninformed. Here are some common factors people are overpaying their homes tax.
Is your Bent County property over evaluated?
A high house evaluation is the main reason that people appeal the dollar amount they are paying on their property taxes. In a lot of cases, people feel that the valuation placed on their residential property does not reflect the marketplace value must they try to sell it today. The simplest way to discover this out is to contact some local real estate agents. They need to be able to tell you the variety of values similar properties are selling for in your area. Keep in mind, the actual value of your property will not be realized up until a sale is closed. When you receive your home valuation, you will be provided a 30-day window in which to appeal any evaluation. Otherwise, you will need to wait until next year to appeal.
Can you get the actual value of your house?
It is most likely beneficial to contact a local realty representative or your assessor in Bent County, Colorado. If you feel your home has actually been significantly misestimated, a professional assessment could show extremely economical in the long run
Most do not know you are not permitted to challenge your property tax bill directly in Colorado, however you can certainly submit an assessment appeal, keep in mind that regardless of how you feel about the expense, if you do not pay, it can result in the foreclosure of your house.
To effectively appeal, you will require to reveal at least three comparable residential properties that have been assessed at a lower value. The closer these residential properties are in size and area to yours, the higher the possibility of success you will have on appeal
Particular situations that may have actually decreased the value of your residential property
If there are extraordinary situations that straight lead to the reduction of your residential property value and these are not reflected in your property assessment, these are clear grounds for appeal. Just offer proof of these scenarios, and the appeals procedure should be straightforward.
You have actually just recently bought your home in Bent County, Colorado for a lower value than the assessment value
If you have evidence of the purchase price of your home or you possess a recent appraisal that does not reflect the amount your house has been valued at by the assessor, this is clear premises for appeal. If a professional values your home much lower than that of the tax assessment, this is substantial evidence to support your petition. You can always request a brand-new appraisal even though 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 while doing so.
How do you appeal your home assessment value in Bent County?
Every State has their own requirements for real estate assessment value appeals. Something they all have in common; the only groungs that they will accept is that your residential property has actually been assessed higher than it deserves. As your Bent County real estate taxes are calculated basically by multiplying the assessed value of your home by its locations set tax rate, you do not have any grounds to appeal the tax rate just the real estate assessment value. Your only opportunity of approach is to show your home is less than the value the assessor believes.
Upon receiving your house assessment, your county will offer 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, keep in mind if you miss this due date there’s absolutely nothing you can do, and you will be forced to wait an additional year for a chance to appeal your real estate assessment value!
The fastest and most convenient method to file an appeal in Bent County is to do so on the assessment website of your county, town or city. The costs associated with each appeal can vary dependent on the initial value of your home 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 appropriate property details to start with. In many cases, facts on your home may be in error such as, houses have actually been lifted with basements that don’t exist; such examples are wrong and could lead to your house value being reduced instantly. The more information that you can gather regarding why you feel your house is overvalued, the more powerful your case for an assessment appeal.
If there are no obvious concerns with the details on your property, you will need to discover information of similar homes in your neighborhood that have a lower assessment. This will be the simplest way to prove your case. You will want to discover three or 4 residential properties 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 premises for appeal.
In some locations, you’ll be asked to participate in a real estate appeal hearing, so if this does happen, do not be daunted. In general, these hearings are simply called to permit you to present the details you have actually collected in support of your claim. You will also be allowed to analyze any incorrect info that may be on file about your home. You should be ready for this hearing and have all the data you have actually gathered about similar houses and sales of similar homes in Bent County.
Be prepared for the tax assessor to argue his or her counter-argument. Among 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 stage, the Assessor believes you are not deserving of a reduction in assessed value and will want to win his/her case by elaborating on the facts to support their case. It’s is always essential to bear in mind that there are no additional penalties connected to submitting an appeal; the worst result being that your real estate assessment value is the same.
Is it worth filing an appeal?
If you truly feel that your house has been overvalued, a successful appeal of your Bent County house assessed value might result in considerable cost savings. If there are just a couple of hundred dollars of possible savings, it might not deserve your time. You also need to consider that the hearing could be scheduled during a workday, which may lead to a loss of revenues. 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 minimize wage loss.
Non-Payment of Property Taxes - Consequences to be Faced
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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