Property tax dispute: Should you appeal your property assessment in Lee County, North Carolina?
House owners in Lee County are fully aware of the concern of property taxes; those that have actually spent their lives in locations where these taxes are typically high feel the effect more than most. The effect of these taxes can be even worse for those who have actually lived in their properties for some time, as they have witnessed firsthand the taxes rise year after year. The bad news is perhaps overpaying your home taxes and be totally uninformed. Here are some typical reasons individuals are overpaying their homes tax.
Is your Lee County property over assessed?
A high property assessed value is the primary reason that people appeal the dollar amount they are paying on their real estate tax. Oftentimes, people feel that the assessment put on their home does not show the marketplace value need to they try to offer it today. The most convenient method to discover this out is to call some local real estate agents. They must be able to tell you the series of values equivalent properties are selling for in your area. Keep in mind, the actual value of your property will not be realized until a sale is finally closed. When you receive your property assessment, you will be offered a 30-day window in which to appeal any valuation. Otherwise, you will have to wait up until next year to appeal.
Can you get the real market value of your house?
It is probably beneficial to get in touch with a regional real estate agent or your assessor in Lee County, North Carolina. If you feel your property has actually been severely miscalculated, a professional evaluation could show very affordable in the long run
Most do not realize you are not allowed to challenge your real estate tax bill in North Carolina, however you can undoubtedly file an assessed value appeal, remember that regardless of how you feel about the expense, if you don’t pay, it can result in the foreclosure of your house.
To successfully appeal, you will need to reveal at least three comparable residential properties that have actually been assessed at a lower value. The closer these homes remain in size and area to yours, the greater the possibility of success you will have on appeal
Particular circumstances that may have lowered the value of your property
If there are exceptional circumstances that straight lead to the reduction of your residential property value and these are not accounted for in your assessment, these are clear grounds for appeal. Simply provide proof of these situations, and the appeals process ought to be straightforward.
You have recently bought your home in Lee County, North Carolina for a lower value than the assessed value
If you have proof of the purchase price of your home or you have a recent appraisal that does not reflect the dollar amount your house has actually been valued at by the assessor, this is clear premises for appeal. If an expert values your residential property much lower than that of the tax assessment, this is significant proof to support your appeal. You can always request a new appraisal although this will cost a few hundred dollars it could be worth it in the end. The good news is that you do not have to accept a high real estate assessment; you can always appeal and get them decreased while doing so.
How do you appeal your real estate assessed value in Lee County?
Every State has their own requirements for home assessed value appeals. Something they all have in common; the only groungs that they will accept is that your home has been evaluated higher than it‘s worth. As your Lee County real estate taxes are computed basically by multiplying the assessed value of your home by its locations set tax rate, you do not have any premises to appeal the tax rate just the home assessment value. Your only avenue of approach is to prove your house is not worth the value the assessor believes.
On receiving your house assessment, your county will give 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, remember if you miss this due date there’s absolutely nothing you can do, and you will be forced to wait a more year for a chance to appeal your home assessment value!
The fastest and simplest method to file an appeal in Lee County is to do so on the website of your county, town or city. The costs associated with each appeal can differ dependent on the preliminary value of your home assessment. The expense of an appeal varies could be as little as $10 to $100, depending upon where you live.
The first step in the process is to ensure that your regional tax assessor has included the appropriate property details to start with. In many cases, details may be incorrect such as, homes have actually been raised with basements that do not exist; such examples are wrong and might cause your house value being lowered right away. The more information that you can gather as to why you feel your home is overvalued, the stronger your case for an appeal.
If there are no clear concerns with the details on your property, you will need to discover information of similar 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 3 or 4 properties that are all the same size as yours, in the same location, whose value is much less lower than your own; this will be your grounds for appeal.
In some locations, you’ll be asked to participate in a real estate appeal hearing, so if this does occur, do not be frightened. In general, these hearings are just contacted us to allow you to provide the details you have actually collected in support of your claim. You will also be enabled to analyze any false details that may be on file about your home. You must be prepared for this hearing and have all the data you‘ve gathered about comparable houses and sales of comparable houses in Lee County.
Be ready for the tax assessor to argue his/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 essential to keep in mind that there are no additional penalties connected to filing an appeal; the worst result being that your house assessment is the same.
Is it worth submitting an appeal?
If you really feel that your home has actually been misestimated, an effective appeal of your Lee County real estate assessment could result in substantial cost savings. If there are just a couple of hundred dollars of prospective savings, it might not be worth your time. You also need to consider that the hearing could be arranged during a workday, which might result in a loss of incomes. 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.
Prorations - Real Estate Tax and Property
The property taxes are the largest bills that are received every year. Property taxes are paid in order to fund the local government for necessary programs such as schools, and for maintaining roads in the locality in which we live in. What if the bills are too high and one cannot afford to pay the tax this year?
First thing to be done is to look into the assessor of taxes' valuation of the home. Whatever is determined by the assessor of taxes will have to be paid as property tax. However if you think that your home has been valued more than the required amount, you can make an appeal to reconsider the valuation. If the appeal is in your favor then you will need to pay only the lower and newer valuation for your home. This will bring down your tax bills greatly.
Next, see to that if there are exemptions you are not taking. In many places, there is a homestead exemption that can be taken on your primary home. This will definitely reduce your bills. However if you own more that one property, then you will be able to take the homestead exemption only on you main residence. This homestead exemption can be taken at the local tax office if they are permitted. There is also a hardship exemption but it is offered on a yearly basis.
Also you need to request for a plan of payment for all you properties. Most of the local offices will give you the plan of payment that allows you to pay the taxes over a period of time. In some places, you can pay the taxes in installments until you have completely paid the taxes without needing to make a request for a plan of payment. This can be done to prevent tax foreclosure of your property. Once your property is tax foreclosed then it is not possible for a plan payment to be set up.
If the property taxes are not paid on the due dates it will lead to accrue penalties and interest will start to build up on the unpaid balances even though you have a payment plan. If the taxes are not paid a long period even after the extended time then your property will be tax foreclosed. Different states handle these foreclosures differently. However in all states there is particular point at which the property is seized. Then they sell it off to the local government to in order to pay the delinquent tax. Mostly the government will work with these tax payers to ensure that the properties are not seized.