Property tax appeal: Should you appeal your property’s assessed value in Catawba County, North Carolina?
Property owners in Catawba County are completely aware of the problem of real estate tax; those that have spent their lives in locations where these taxes are traditionally high feel the effect more than many. The effect of these taxes can be even worse for those who have resided in their residential properties for a long time, as they have actually seen firsthand the taxes increase year after year. But the bad news is perhaps overpaying your real estate tax and be completely uninformed. Here are some typical factors individuals are overpaying their residential properties tax.
Is your Catawba County property over evaluated?
A high home assessment is the main factor 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 reflect the market value should they try to offer it today. The easiest way to find this out is to contact some regional realtors. They should have the ability to tell you the range of values similar properties are selling for in your area. Remember, the real value of your home will not be known up until a sale is closed. When you receive your home valuation, you will be provided a 30-day window in which to appeal any valuation. Otherwise, you will need to wait up until next year to appeal.
Can you get the actual value of your home?
It is probably beneficial to get in touch with a regional real estate agent or your assessor in Catawba County, North Carolina. If you feel your property has actually been significantly overvalued, an expert assessment might show very affordable in the long run
Many do not know you are not permitted to dispute your real estate tax bill directly in North Carolina, but you can certainly file an assessment appeal, remember that regardless of how you feel about the expense, if you don’t pay, it can lead to the foreclosure of your home.
To successfully appeal, you will require to show at least 3 comparable residential properties that have actually been evaluated at a lower value. The closer these properties remain in size and area to yours, the greater the chance of success you will have on appeal
Specific situations that may have minimized the value of your property
If there are exceptional situations that straight result in the decrease of your home value and these are not shown in your evaluation, these are clear grounds for appeal. Simply provide proof of these circumstances, and the appeals process should be straightforward.
You have just recently purchased your home in Catawba County, North Carolina 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 show the amount your home has been assessed at by the assessor, this is clear premises for appeal. If a professional values your residential property much lower than that of the tax assessment, this is considerable evidence to back your petition. 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. Fortunately is that you do not have to accept a high real estate assessment; you can always appeal and get them lowered in the process.
How do you contest your home assessed value in Catawba County?
Every State has their own requirements for house assessment appeals. Something they all have in common; the only groungs that they will accept is that your property has been assessed higher than it‘s worth. As your Catawba County home taxes are computed basically by multiplying the assessed value of your home by its areas set tax rate, you do not have any premises to appeal the tax rate just the real estate assessment value. Your only opportunity of approach is to show your home is not worth the value the assessor believes.
Upon receiving your home assessment, your county will provide 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, keep in mind if you miss this due date there’s nothing you can do, and you will be forced to wait a more year for an opportunity to appeal your real estate assessment!
The fastest and simplest method to submit an appeal in Catawba County is to do so on the website of your county, town or city. The charges related to each appeal can vary based on the preliminary value of your property assessment value. The expense 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 guarantee that your regional tax assessor has included the right property info to start with. In many cases, details may be incorrect such as, homes have been raised with basements that don’t exist; such examples are wrong and might result in your home value being decreased instantly. The more information that you can gather as to 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 area that are assessed at a lower value. This will be the easiest way to show your case. You will want to discover three or 4 houses that are all the same size as yours, in the exact same area, whose value is much less lower than your property; this will be your grounds for appeal.
In some locations, you’ll be asked to go to a real estate appeal hearing, so if this does take place, do not be frightened. In general, these hearings are simply contacted us to permit you to provide the details you‘ve collected in support of your claim. You will also be allowed to take a look at any incorrect details that might be on file about your home. You ought to be ready for this hearing and have all the data you‘ve collected about similar homes and sales of comparable houses in Catawba County.
Be ready for the tax assessor to argue his or her counter-argument. One of the most popular ones here is that your home in concern is more modern 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 embellishing on the facts to support their position. It’s is always crucial to bear in mind that there are no additional charges connected to filing an appeal; the worst outcome being that your property assessment is the same.
Is it worth submitting an appeal?
If you genuinely feel that your house has actually been misestimated, a successful appeal of your Catawba County house assessment might lead to significant cost savings. If there are only a few hundred dollars of potential cost savings, it may not deserve your time. You also need to consider that the hearing could be scheduled throughout a workday, which might 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.
Non-Payment of Property Taxes - Consequences to be Faced
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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