Fight property taxes: Should you appeal your property’s assessed value in Cabarrus County, North Carolina?
Homeowners in Cabarrus County are totally 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 a lot of. The effect of these taxes can be even worse for those who have lived in their properties for a long time, as they have actually witnessed firsthand the taxes rise every year. The bad news is maybe overpaying your home taxes and be completely uninformed. Here are some common reasons individuals are overpaying their homes tax.
Is your Cabarrus County home over evaluated?
A high property valuation is the main reason that people appeal the amount they are paying on their property taxes. Oftentimes, people feel that the assessment put on their property does not show the market value need to they try to sell it today. The most convenient way to discover this out is to contact some local realtors. They ought to be able to inform you the variety of values equivalent homes are selling for in your area. Remember, the actual market value of your home will not be known till a sale is finally closed. When you receive your property assessment, you will be offered a 30-day window in which to appeal any appraisal. Otherwise, you will need to wait until next year to appeal.
Can you get the actual value of your house?
It is most likely worthwhile to get in touch with a regional property agent or your assessor in Cabarrus County, North Carolina. If you feel your property has been severely miscalculated, a professional valuation could show extremely cost-efficient in the long run
Most do not realize you are not allowed to challenge your tax bill directly in North Carolina, but you can unquestionably file an appeal, bear in mind that despite how you feel about the costs, if you don’t pay, it can lead to the foreclosure of your house.
To effectively appeal, you will need to show at least three equivalent residential properties that have been assessed at a lower assessment value. The closer these homes are in size and place to yours, the higher the chance of success you will have on appeal
Specific scenarios that may have decreased the value of your property
If there are extraordinary circumstances that directly result in the decrease of your property value and these are not shown in your property assessment, these are clear premises for appeal. Just supply proof of these situations, and the appeals process should be straightforward.
You have recently purchased your residential property in Cabarrus County, North Carolina for a lower value than the assessed value
If you have evidence of the purchase price of your home or you have a current appraisal that does not reflect the dollar amount your home has been valued at by the assessor, this is clear grounds for appeal. If an expert values your property much lower than that of the assessment, this is substantial evidence to back your appeal. You can always request a 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 need to accept a high real estate assessment; you can always appeal and get them reduced at the same time.
How do you appeal your home assessment in Cabarrus County?
Every State has their own requirements for home assessed value appeals. One thing they all have in common; the only argument that they will accept is that your property has been assessed higher than it‘s worth. As your Cabarrus County property taxes are determined 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 home assessment value. Your only opportunity of approach is to prove your house is not worth the value the assessor thinks.
Upon receiving your house 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 deadline there’s nothing you can do, and you will be forced to wait a further year for an opportunity to appeal your property assessment!
The fastest and simplest way to submit an appeal in Cabarrus County is to do so on the assessment website of your county, town or city. The fees related to each appeal can vary dependent on the preliminary value of your house assessed value. 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 regional tax assessor has included the right real estate information 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 result in your house value being reduced immediately. The more information that you can gather regarding why you feel your house is misestimated, the stronger your case for an appeal.
If there are no clear problems with the info on your property, you will need to find information of comparable homes in your neighborhood that have a lower assessment. This will be the easiest way to show your case. You will want to discover 3 or 4 homes 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 participate in a property appeal hearing, so if this does occur, don’t be intimidated. In general, these hearings are just called to allow you to present the details you‘ve collected in support of your claim. You will also be enabled to take a look at any incorrect details that might be on file about your home. You should be prepared for this hearing and have all the information you‘ve gathered about comparable homes and sales of comparable houses in Cabarrus County.
Be prepared for the tax assessor to argue his/her counter-argument. One of 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 point, 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 keep in mind that there are no additional charges connected to submitting an appeal; the worst result being that your home assessment is the same.
Is it worth filing an appeal?
If you genuinely feel that your house has been overvalued, a successful appeal of your Cabarrus County real estate assessment might lead to significant savings. If there are just a couple of hundred dollars of potential cost savings, it may not deserve your time. You also need to consider that the hearing could be set up during a workday, which might 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 appropriate arrangements to reduce wage loss.
Pay Your Property Tax Or Lose Your Property
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.