Property tax assessment appeal: Should you appeal your property assessment in Chatham County, North Carolina?
House owners in Chatham County are completely familiar with the concern of property taxes; those that have spent their lives in areas where these taxes are typically high feel the impact more than a lot of. The effect of these taxes can be even worse for those who have actually lived in their homes for some time, as they have actually seen firsthand the taxes increase every year. The bad news is maybe overpaying your property taxes and be totally uninformed. Here are some common reasons individuals are overpaying their homes tax.
Is your Chatham County property over evaluated?
A high property valuation is the primary factor that individuals appeal the dollar amount they are paying on their real estate tax. In a lot of cases, people feel that the valuation put on their property does not reflect the marketplace value should they attempt to offer it today. The most convenient method to find this out is to contact some regional real estate agents. They should have the ability to tell you the series of worths comparable residential properties are selling for in your area. Keep in mind, the actual value of your home will not be realized till a sale is closed. When you receive your home valuation, you will be offered a 30-day window in which to appeal any appraisal. Otherwise, you will need to wait till next year to appeal.
Can you get the real market value of your house?
It is most likely worthwhile to reach out to a regional property representative or your assessor in Chatham County, North Carolina. If you feel your property has been significantly miscalculated, a professional appraisal might show really cost-effective in the long run
Most do not realize you are not permitted to contest your property tax bill directly in North Carolina, but you can unquestionably lodge an assessed value appeal, bear in mind that no matter how you feel about the expense, if you do not pay, it can result in the foreclosure of your home.
To successfully appeal, you will need to show a minimum of three similar homes that have actually been evaluated at a lower assessed value. The closer these homes are in size and location to yours, the greater the opportunity of success you will have on appeal
Particular circumstances that may have actually decreased the value of your property
If there are exceptional circumstances that straight lead to the reduction of your home value and these are not accounted for in your property assessment, these are clear grounds for appeal. Simply supply proof of these situations, and the appeals process ought to be straightforward.
You have recently purchased your residential property in Chatham County, North Carolina for a lower value than the assessment value
If you have evidence of the purchase price of your home or you possess a current appraisal that does not reflect the amount your house has actually been valued at by the assessor, this is clear premises for appeal. If an expert values your home much lower than that of the tax assessment, this is significant proof to back your petition. You can always request a new appraisal even though this will cost a few 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 in the process.
How do you appeal your property assessment in Chatham 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 been evaluated higher than it‘s worth. As your Chatham 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 real estate assessed value. Your only opportunity of approach is to show your house is not worth the value the assessor believes.
Upon receiving your house assessment, your county will give 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 due date there’s 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 easiest method to submit an appeal in Chatham County is to do so on the website of your county, town or city. The fees related to each request 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 on where you live.
The first step in the procedure is to ensure that your local tax assessor has included the correct home details to start with. Sometimes, details may be incorrect such as, homes have been lifted with basements that don’t exist; such examples are wrong and could lead to your home value being decreased right away. The more information that you can gather regarding why you feel your home is overvalued, the more powerful your case for an assessment appeal.
If there are no recognizable concerns with the info on your property, you will need to discover details of equivalent homes in your area that are assessed at a lower value. This will be the easiest way to prove your case. You will want to find three or 4 properties that are all the same size as yours, in the same area, whose value is much less lower than your own; this will be your premises for appeal.
In some locations, you’ll be asked to go to a property appeal hearing, so if this does happen, don’t be frightened. In general, these hearings are simply called to permit you to present the info you have actually gathered in support of your claim. You will also be enabled to take a look at any false info that may be on file about your property. You should be prepared for this hearing and have all the data you‘ve collected about similar houses and sales of similar homes in Chatham 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 question is more modern-day 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 assessed 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 connected to submitting an appeal; the worst outcome being that your house assessment value is the same.
Is it worth submitting an appeal?
If you genuinely feel that your house has been overvalued, a successful appeal of your Chatham County house assessment value might result in substantial cost savings. If there are just a couple of hundred dollars of potential savings, it may not be worth your time. You also need to consider that the hearing could be arranged during a workday, which may 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 arrangements to reduce wage loss.
Pay Your Property Tax Or Lose Your Property
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?