Property tax dispute: Should you appeal your property’s assessed value in Alamance County, North Carolina?
Homeowners in Alamance County are completely familiar with the concern of property taxes; those that have actually spent their lives in areas 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 actually resided in their residential properties for a long time, as they have experienced firsthand the taxes rise year after year. But the bad news is maybe overpaying your property taxes and be totally unaware. Here are some typical reasons individuals are overpaying their homes tax.
Is your Alamance County house over evaluated?
A high home evaluation is the main reason that individuals appeal the dollar amount they are paying on their property taxes. Oftentimes, individuals feel that the evaluation put on their home does not show the market value need to they attempt to offer it today. The easiest method to find this out is to call some regional realtors. They need to be able to tell you the variety of worths similar residential properties are selling for in your location. Remember, the real market value of your home will not be realized up until a sale is finally closed. When you receive your home assessed value, 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 actual value of your home?
It is probably worthwhile to reach out to a local real estate representative or your assessor in Alamance County, North Carolina. If you feel your residential property has actually been seriously miscalculated, a professional assessment might show really affordable in the long run
Often people do not realize you are not entitled to contest your tax bill directly in North Carolina, but you can unquestionably submit an assessment appeal, remember that regardless of how you feel about the costs, if you don’t pay, it can lead to the foreclosure of your house.
To successfully appeal, you will require to show at least three equivalent homes that have been evaluated at a lower assessment value. The closer these residential properties are in size and location to yours, the higher the chance of success you will have on appeal
Particular situations that may have reduced the value of your property
If there are extraordinary circumstances that directly lead to the reduction of your residential property value and these are not accounted for in your property assessment, these are clear premises for appeal. Simply provide evidence of these situations, and the appeals process should be straightforward.
You have actually recently purchased your home in Alamance County, North Carolina for a lower value than the assessment value
If you have proof of the purchase price of your home or you have a current appraisal that does not show the amount your house has actually been assessed at by the assessor, this is clear premises for appeal. If an expert values your property much lower than that of the assessed value, this is considerable 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 assessed value in Alamance County?
Every State has their own criteria for property assessment value appeals. One thing they all have in common; the only argument that they will accept is that your residential property has been assessed higher than it deserves. As your Alamance County real estate taxes are computed basically by multiplying the assessed value of your house by its areas set tax rate, you do not have any premises to appeal the tax rate just the property assessment value. Your only opportunity of approach is to show your house is not worth the value the assessor thinks.
Upon receiving your home assessment, your county will offer 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, remember if you miss this due date there’s absolutely nothing you can do, and you will be required to wait a more year for a chance to appeal your real estate assessed value!
The fastest and most convenient method to submit an appeal in Alamance County is to do so on the website of your county, town or city. The charges associated with each appeal can differ dependent 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 procedure is to ensure that your regional tax assessor has included the proper property details to start with. In some cases, facts on your home may be incorrect such as, houses have been lifted with basements that do not exist; such examples are wrong and might lead to your home value being reduced right away. The more information that you can gather as to why you feel your house is miscalculated, the stronger your case for an appeal.
If there are no clear concerns with the info on your property, you will need to discover details of similar homes in your neighborhood that have a lower assessment. This will be the simplest method to show your case. You will want to find three or four 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 attend a property appeal hearing, so if this does happen, do not be daunted. In general, these hearings are just called 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 details that may be on file about your residential property. You need to be prepared for this hearing and have all the data you have actually collected about similar houses and sales of similar houses in Alamance County.
Be prepared for the tax assessor to argue his or her counter-argument. One of the most popular ones here is that your home in question is more modern-day 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 crucial to bear in mind that there are no additional penalties attached to submitting an appeal; the worst outcome being that your house assessment is the same.
Is it worth submitting an appeal?
If you genuinely feel that your house has been overvalued, a successful appeal of your Alamance County home assessed value might lead to significant cost savings. If there are just a few hundred dollars of prospective cost savings, it might not be worth your time. You also need to consider that the hearing could be set up throughout a workday, which may lead to 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 arrangements to minimize wage loss.
Are Property Taxes Fair?
Property tax is probably the fairest tax collected by municipalities. However, it is also probably the un-fairest tax collected by municipalities.
The state where an individual lives determines how much they pay, which may be higher or lower. An individual's economic status can also be a factor in how this type of tax impacts their pocketbook.
In fact when it comes to the decision on taxes and renting versus owning, this may be the only time renting is the best option. States collect property taxes on:
- Improvements to land such as additions to property
- Man made objects that are not stationary structures
It is usually assessed by individual county tax collectors in each state. Land and property are mailed tax payment notices that are the result of appraisals of the property's value. Notices of assessments can be disputed by contacting the tax collector in the land owner's county, and the tax bill is typically paid from a homeowner's escrow amount on their mortgage.
As mentioned, property taxes can disproportionately affect some homeowners. Increases in a state's tax rate can often double or even triple a homeowner's tax liability and often leave them with no option but to sale their residence or land.
Critics of this form of taxation have also decried the fact that it does address the situations of some individuals. Although it is ordinarily paid as part of an escrow account, increased property tax means they would have to pay more into escrow.
Senior citizens on a fixed income have been identified as a group sometimes hit hard by taxes on their property. Such individuals may have high taxes due to an increase in the value of their property, yet find them selves unable to pay because of a reduced income during retirement. This mandatory tax, in some cases, does not take into account factors that may impact someone's ability to pay, such as personal tragedy or acts of nature.
Property tax has also been criticized because of the difference individuals must pay between states. Alabama has the lowest rate at 1.3 percent on property value, while New Hampshire has the largest at 4.9 percent. The average percentage among is somewhere in the range of 2.3 percent.
While Alabama has a tax rate of 1.3, which would seem to make it an attractive location for a home or business owner, someone with property a few feet away in neighboring Georgia would have to pay 2.6 percent, and more than double in Florida with a tax rate of 3.1 percent.
Just how to spend the revenue (or waste it, as is the case with many governments) generated by taxing property values is determined by state legislatures. A state's legislature also has say over reducing or raising the tax rate along with determining how often it should be collected. Additionally, there may also set limits on how much increase, if any, there can be every year.
Property tax definitely helps states with revenue. But while much needed, property tax can also be a deciding factor in where an individual lives or their ability to retain the American Dream of owning land.