Property tax assessment appeal: Should you appeal your property’s assessed value in Pinellas County, Florida?
Property owners in Pinellas County are totally knowledgeable about the burden of property taxes; those that have spent their lives in areas where these taxes are generally high feel the effect more than the majority of. The impact of these taxes can be even worse for those who have resided in their homes for a long time, as they have actually experienced firsthand the taxes increase every year. However the bad news is perhaps overpaying your real estate tax and be completely uninformed. Here are some common factors individuals are overpaying their homes tax.
Is your Pinellas County home over assessed?
A high property valuation is the primary factor that people appeal the dollar amount they are paying on their real estate tax. Oftentimes, individuals feel that the evaluation put on their home does not show the market value must they try to offer it today. The most convenient way to discover this out is to contact some local real estate agents. They should have the ability to tell you the series of worths equivalent residential properties are selling for in your location. Keep in mind, the actual market value of your residential property will not be realized up until a sale is finally closed. When you receive your house evaluation, you will be offered a 30-day window in which to appeal any evaluation. Otherwise, you will have to wait up until next year to appeal.
Can you get the real value of your property?
It is most likely beneficial to get in touch with a regional realty representative or your assessor in Pinellas County, Florida. If you feel your property has been seriously miscalculated, a professional evaluation could show extremely affordable in the long run
Often people do not realize you are not permitted to contest your property tax bill in Florida, however you can undoubtedly lodge an appeal, remember that no matter how you feel about the bill, if you do not pay, it can lead to the foreclosure of your house.
To effectively appeal, you will require to show at least 3 similar properties that have actually been assessed at a lower assessment value. The closer these homes remain in size and area to yours, the higher the chance of success you will have on appeal
Specific situations that may have actually reduced the value of your property
If there are exceptional scenarios that directly lead to the decrease of your residential property value and these are not reflected in your house assessment, these are clear premises for appeal. Just offer proof of these scenarios, and the appeals process should be straightforward.
You have actually just recently purchased your property in Pinellas County, Florida for a lower value than the assessment value
If you have evidence of the purchase price of your home or you have a current appraisal that does not reflect the amount your home has been assessed at by the assessor, this is clear grounds for appeal. If a professional values your residential property much lower than that of the assessment, this is substantial proof to back your appeal. You can always order a brand-new appraisal even though this will cost a couple of hundred dollars it could be worth it in the end. The bright side is that you do not have to accept a high property assessment; you can always appeal and get them decreased while doing so.
How do you appeal your real estate assessment value in Pinellas County?
Every State has their own criteria for house assessment appeals. One thing they all have in common; the only argument that they will accept is that your residential property has actually been assessed higher than it‘s worth. As your Pinellas County home taxes are computed basically by multiplying the assessed value of your house 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 prove your home is less than the value the assessor thinks.
Upon receiving your house assessed value, your county will provide you a predetermined window in which to appeal. These can differ 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 deadline there’s absolutely nothing you can do, and you will be forced to wait an additional year for a chance to appeal your house assessed value!
The fastest and easiest way to submit an appeal in Pinellas County is to do so on the website of your county, town or city. The costs associated with each appeal can differ based on the initial value of your real estate assessment. The expense of an appeal varies could be as little as $10 to $100, depending upon where you live.
The first step in the procedure is to make sure that your local tax assessor has included the correct house info to start with. Sometimes, facts on your home may be incorrect such as, houses have been raised with basements that do not exist; such examples are wrong and might cause your house value being reduced right away. The more information that you can gather as to why you feel your house is miscalculated, the more powerful your case for an assessment appeal.
If there are no obvious concerns with the information on your property, you will need to discover information of similar homes in your neighborhood that have a lower assessment. This will be the easiest method to show your case. You will want to discover three or 4 residential properties that are all the same size as yours, in the same location, whose value is much less lower than your property; this will be your premises for appeal.
In some areas, you’ll be asked to attend a real estate appeal hearing, so if this does happen, don’t be intimidated. In general, these hearings are simply called to enable you to provide the info you have actually collected in support of your claim. You will also be permitted to analyze any false details that may be on file about your residential property. You should be prepared for this hearing and have all the information you have actually collected about similar houses and sales of comparable homes in Pinellas County.
Be prepared for the tax assessor to argue his/her counter-argument. Among the most popular ones here is that your home in question 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 assessment and will want to win his/her case by elaborating on the facts to support their case. It’s is always crucial to remember that there are no additional penalties attached to filing an appeal; the worst result being that your property assessment is the same.
Is it worth submitting an appeal?
If you really feel that your home has actually been miscalculated, an effective appeal of your Pinellas County real estate assessment might result in substantial cost savings. If there are just a couple of hundred dollars of possible cost savings, it might not deserve your time. You also need to consider that the hearing could be arranged during a workday, which may lead to 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 appropriate arrangements to possibly eliminate wage loss.
Property Tax - Pros and Cons
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.