Appeal tax assessment: Should you appeal your property’s assessed value in Levy County, Florida?
Property owners in Levy County are totally aware of the concern of property taxes; those that have invested their lives in locations where these taxes are typically high feel the impact more than many. The effect of these taxes can be even worse for those who have lived in their homes for some time, as they have actually witnessed firsthand the taxes rise every year. The bad news is perhaps overpaying your residential property taxes and be completely unaware. Here are some common reasons individuals are overpaying their residential properties tax.
Is your Levy County house over evaluated?
A high property assessment is the primary factor that individuals appeal the 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 show the market value need to they attempt to sell it today. The easiest way to discover this out is to contact some local realtors. They ought to be able to tell you the series of values similar properties are selling for in your location. Keep in mind, the actual market value of your home will not be known until a sale is closed. When you receive your property assessed value, you will be given a 30-day window in which to appeal any valuation. Otherwise, you will have to wait up until next year to appeal.
Can you get the actual value of your property?
It is probably worthwhile to get in touch with a local realty representative or your assessor in Levy County, Florida. If you feel your home has actually been badly misestimated, an expert valuation could prove extremely economical in the long run
Many do not realize you are not allowed to challenge your real estate tax bill directly in Florida, but you can undoubtedly file an assessed value appeal, bear in mind that no matter 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 need to reveal at least three similar properties that have actually been assessed at a lower assessment value. The closer these homes remain in size and place to yours, the greater the chance of success you will have on appeal
Particular scenarios that may have actually minimized the value of your home
If there are exceptional circumstances that straight result in the reduction of your residential property value and these are not shown in your evaluation, these are clear premises for appeal. Just offer evidence of these situations, and the appeals process should be straightforward.
You have recently purchased your home in Levy County, Florida for lower market value than the assessed value
If you have proof of the purchase price of your home or you possess a recent appraisal that does not reflect the amount your home has been valued at by the assessor, this is clear premises for appeal. If an expert evaluates your home much lower than that of the assessment, this is substantial evidence to back your petition. You can always request a brand-new appraisal even though this will cost a couple of 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 reduced while doing so.
How do you contest your real estate assessment value in Levy County?
Every State has their own criteria for property assessment appeals. One thing they all have in common; the only argument that they will accept is that your property has actually been assessed higher than it‘s worth. As your Levy County house taxes are calculated basically by multiplying the evaluated value of your home by its areas set tax rate, you do not have any grounds to appeal the tax rate just the property assessment. Your only avenue of approach is to prove your house is valued less than the value the assessor thinks.
On receiving your house assessed value, your county will offer 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 due date there’s nothing you can do, and you will be required to wait an additional year for an opportunity to appeal your home assessed value!
The fastest and easiest way to file an appeal in Levy 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 real estate assessment value. The cost of an appeal differs could be as little as $10 to $100, depending on where you live.
The first step in the procedure is to make sure that your regional tax assessor has included the correct real estate info to start with. Sometimes, information may be in error such as, houses have been raised with basements that do not exist; such examples are wrong and might lead to your home value being lowered instantly. The more details that you can gather regarding why you feel your home is misestimated, the stronger your case for an appeal.
If there are no recognizable problems with the details on your property, you will need to discover information of equivalent homes in your community that have a lower assessment. This will be the most convenient way to show your case. You will want to discover 3 or four homes 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 premises for appeal.
In some areas, you’ll be asked to go to a real estate appeal hearing, so if this does occur, do not be frightened. In general, these hearings are simply called to permit you to present the details you‘ve collected in support of your claim. You will also be permitted to analyze any incorrect information that might be on file about your property. You must be ready for this hearing and have all the data you‘ve gathered about comparable homes and sales of comparable homes in Levy County.
Be prepared for the tax assessor to argue his/her counter-argument. Among the most popular ones here is that your home in concern is more contemporary 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 elaborating on the facts to support their position. It’s is always important to remember that there are no additional penalties attached to submitting an appeal; the worst result being that your house assessment is the same.
Is it worth submitting an appeal?
If you genuinely feel that your home has actually been misestimated, an effective appeal of your Levy County house assessed value could lead to considerable cost savings. If there are just a couple of hundred dollars of prospective savings, it may not be worth your time. You also need to consider that the hearing could be scheduled throughout a workday, which may result in a loss of earnings. 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
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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