Property tax dispute: Should you appeal your property assessment in Pasco County, Florida?
House owners in Pasco County are fully aware of the concern of property taxes; those that have actually invested their lives in locations where these taxes are traditionally high feel the effect more than many. The impact of these taxes can be even worse for those who have lived in their homes for a long time, as they have actually seen firsthand the taxes increase every year. The bad news is perhaps overpaying your residential property taxes and be completely uninformed. Here are some typical reasons individuals are overpaying their residential properties tax.
Is your Pasco County home over assessed?
A high property assessment is the primary reason that individuals appeal the dollar amount they are paying on their real estate tax. In most cases, individuals feel that the evaluation placed on their home does not reflect the marketplace value should they attempt to offer it today. The most convenient method to discover this out is to call some local real estate agents. They must have the ability to tell you the series of values similar homes are selling for in your area. Remember, the actual value of your home will not be known up until a sale is finally closed. When you receive your home valuation, you will be provided a 30-day window in which to appeal any assessment. Otherwise, you will have to wait till next year to appeal.
Can you get the real market value of your house?
It is most likely beneficial to get in touch with a local real estate representative or your assessor in Pasco County, Florida. If you feel your property has been severely misestimated, a professional valuation could show really cost-efficient in the long run
Often people do not know you are not permitted to challenge your property tax bill directly in Florida, however you can undoubtedly submit an appeal, bear in mind that no matter how you feel about the bill, if you don’t pay, it can result in the foreclosure of your house.
To effectively appeal, you will need to reveal a minimum of three comparable properties that have actually been evaluated at a lower assessed value. The closer these homes are in size and area to yours, the higher the chance of success you will have on appeal
Particular circumstances that may have minimized the value of your property
If there are extraordinary situations that directly result in the decrease of your property value and these are not shown in your house assessment, these are clear grounds for appeal. Simply offer proof of these circumstances, and the appeals process ought to be straightforward.
You have just recently purchased your residential property in Pasco County, Florida for much less than the assessment 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 values your home much lower than that of the assessed value, this is significant evidence to support your petition. You can always pay for a new appraisal although this will cost a couple of hundred dollars it could be worth it in the end. The good news is that you do not need to accept a high real estate assessment; you can always appeal and get them decreased at the same time.
How do you contest your property assessed value in Pasco County?
Every State has their own requirements for property assessment value appeals. Something they all have in common; the only groungs that they will accept is that your property has actually been assessed higher than itreal market value. As your Pasco County real estate taxes are determined basically by multiplying the assessed value of your home by its locations set tax rate, you do not have any premises to appeal the tax rate just the home assessment value. Your only opportunity of approach is to prove your house is valued less than the value the assessor thinks.
Upon receiving your home assessed value, your county will provide 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, remember if you miss this due date there’s absolutely nothing you can do, and you will be required to wait a further year for a chance to appeal your home assessment!
The fastest and simplest way to file an appeal in Pasco County is to do so on the assessment website of your county, town or city. The charges associated with each appeal can vary based on the initial value of your home 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 ensure that your regional tax assessor has included the appropriate house info to start with. Sometimes, facts on your home may be incorrect such as, homes have been raised with basements that do not exist; such examples are wrong and could lead to your house value being lowered right away. The more information that you can gather regarding why you feel your home is overvalued, the stronger your case for an assessment appeal.
If there are no obvious issues with the info on your property, you will need to discover information of comparable homes in your neighborhood 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 residential properties that are all the same size as yours, in the exact same location, whose value is much less lower than your property; this will be your grounds for appeal.
In some areas, you’ll be asked to go to a real estate appeal hearing, so if this does happen, do not be intimidated. In general, these hearings are just called to allow you to present the information you‘ve collected in support of your claim. You will likewise be enabled to take a look at any false info that may be on file about your residential property. You must be prepared for this hearing and have all the data you have actually collected about similar houses and sales of comparable houses in Pasco 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 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 value and will want to win his/her case by embellishing on the facts to support their position. It’s is always important to bear in mind that there are no additional penalties connected to filing an appeal; the worst result being that your property assessment value is the same.
Is it worth filing an appeal?
If you really feel that your house has been miscalculated, a successful appeal of your Pasco County house assessed value might lead to substantial savings. If there are just a couple of hundred dollars of potential cost savings, it may not be worth your time. You also need to consider that the hearing could be scheduled during a workday, which may 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 minimize wage loss.
Non-Payment of Property Taxes - Consequences to be Faced
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?