Appeal tax assessment: Should you appeal your property’s assessed value in Clay County, North Carolina?
Homeowners in Clay County are totally knowledgeable about the problem of property taxes; those that have invested their lives in locations where these taxes are traditionally high feel the effect more than the majority of. The effect of these taxes can be even worse for those who have resided in their homes for a long time, as they have witnessed firsthand the taxes rise year after year. However the bad news is perhaps overpaying your property taxes and be completely uninformed. Here are some typical factors people are overpaying their residential properties tax.
Is your Clay County property over assessed?
A high home assessment is the primary factor that people appeal the amount they are paying on their property taxes. In a lot of cases, people feel that the assessment placed on their residential property does not reflect the market value should they try to offer it today. The most convenient method to find this out is to contact some local realtors. They must be able to tell you the range of values equivalent properties are selling for in your location. Remember, the real value of your property will not be known till a sale is closed. When you receive your home valuation, you will be offered a 30-day window in which to appeal any valuation. Otherwise, you will need to wait till next year to appeal.
Can you get the real market value of your home?
It is most likely worthwhile to reach out to a regional real estate representative or your assessor in Clay County, North Carolina. If you feel your home has actually been significantly miscalculated, a professional assessment could show very economical in the long run
Many do not know you are not entitled to challenge your property tax bill in North Carolina, but you can certainly lodge an assessment appeal, keep in mind that despite how you feel about the expense, if you don’t pay, it can lead to the foreclosure of your house.
To successfully appeal, you will need to show at least three equivalent homes that have been assessed at a lower value. The closer these homes remain in size and area to yours, the higher the opportunity of success you will have on appeal
Particular circumstances that may have actually lowered the value of your property
If there are extraordinary situations that directly lead to the decrease of your residential property value and these are not accounted for in your property assessment, these are clear grounds for appeal. Simply provide proof of these circumstances, and the appeals process should be straightforward.
You have actually recently purchased your home in Clay County, North Carolina for less than the assessed value
If you have proof of the purchase price of your home or you have 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 a professional values your home much lower than that of the assessment, this is considerable proof to back your petition. You can always pay for a 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 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 value in Clay County?
Every State has their own criteria for home assessment value appeals. Something they all have in common; the only groungs that they will accept is that your home has actually been assessed higher than it deserves. As your Clay County property taxes are determined basically by multiplying the evaluated value of your house by its locations set tax rate, you do not have any premises to appeal the tax rate just the real estate assessment. Your only avenue of approach is to show your house is valued less than the value the assessor thinks.
Upon receiving your home assessment, your county will give you a predetermined window in which to appeal. These can vary 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 absolutely nothing you can do, and you will be forced to wait a more year for an opportunity to appeal your house assessment value!
The fastest and easiest way to submit an appeal in Clay County is to do so on the assessment website of your county, town or city. The charges connected with each request can vary dependent on the initial value of your property assessed value. The cost of an appeal varies could be as little as $10 to $100, depending on where you live.
The first step in the procedure is to ensure that your regional tax assessor has included the appropriate real estate info to start with. In some cases, information may be incorrect such as, houses have actually been lifted with basements that don’t exist; such examples are wrong and could result in your house value being reduced instantly. The more information that you can gather as to why you feel your house is overvalued, the more powerful your case for an assessment appeal.
If there are no recognizable problems with the info on your property, you will need to find information of similar homes in your area that have a lower assessment. This will be the most convenient way to prove your case. You will want to discover three or four 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 grounds for appeal.
In some areas, you’ll be asked to attend a property appeal hearing, so if this does occur, do not be intimidated. In general, these hearings are just called to enable you to present the details you‘ve collected 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 ought to be prepared for this hearing and have all the data you‘ve collected about similar houses and sales of comparable houses in Clay 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 concern is more modern-day 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 assessment and will want to win his/her case by elaborating on the facts to support their position. It’s is always important to keep in mind that there are no additional penalties connected to filing an appeal; the worst outcome being that your house assessment is the same.
Is it worth filing an appeal?
If you truly feel that your home has actually been overvalued, an effective appeal of your Clay County home assessed value might lead to substantial 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 scheduled 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 reduce 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.
© 2007 Complete Books Publishing, Inc.