Property tax appeal: Should you appeal your property assessment in Montgomery County, North Carolina?
Property owners in Montgomery County are fully familiar with the problem of real estate tax; those that have actually spent their lives in areas where these taxes are traditionally high feel the effect more than many. The impact of these taxes can be even worse for those who have resided in their residential properties for a long time, as they have seen firsthand the taxes increase year after year. However the bad news is possibly overpaying your property taxes and be entirely uninformed. Here are some common factors people are overpaying their properties tax.
Is your Montgomery County home over assessed?
A high home assessed value is the primary reason that people appeal the dollar amount they are paying on their real estate tax. In many cases, individuals feel that the assessment put on their property does not show the market value should they attempt to offer it today. The easiest way to find this out is to contact some regional real estate agents. They ought to have the ability to inform you the series of worths similar properties are selling for in your area. Keep in mind, the real market value of your home will not be realized till a sale is closed. When you receive your property valuation, you will be given a 30-day window in which to appeal any appraisal. Otherwise, you will have to wait till next year to appeal.
Can you get the real value of your property?
It is most likely worthwhile to reach out to a regional realty representative or your assessor in Montgomery County, North Carolina. If you feel your residential property has actually been badly miscalculated, an expert evaluation could show really cost-effective in the long run
Most do not realize you are not permitted to dispute your tax bill directly in North Carolina, but you can unquestionably submit an appeal, keep in mind that regardless of how you feel about the bill, if you don’t pay, it can result in the foreclosure of your house.
To effectively appeal, you will require to show at least 3 comparable properties that have actually been evaluated at a lower value. The closer these residential properties remain in size and area to yours, the greater the chance of success you will have on appeal
Specific circumstances that may have reduced the value of your home
If there are extraordinary scenarios that directly lead to the decrease of your home value and these are not reflected in your house assessment, these are clear grounds for appeal. Simply provide evidence of these situations, and the appeals process ought to be straightforward.
You have just recently bought your property in Montgomery County, North Carolina for lower market value than the assessed value
If you have evidence of the purchase price of your home or you possess a current appraisal that does not show the amount your house has actually been assessed at by the assessor, this is clear premises for appeal. If a professional evaluates your residential property much lower than that of the assessment, this is significant proof to support your petition. You can always pay for 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 need to accept a high property assessment; you can always appeal and get them reduced at the same time.
How do you contest your property assessment in Montgomery County?
Every State has their own criteria for home assessment value appeals. Something 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 Montgomery County property taxes are calculated basically by multiplying the assessed value of your home by its areas set tax rate, you do not have any grounds to appeal the tax rate just the home assessment value. Your only avenue of approach is to show your house is not worth the value the assessor believes.
Upon receiving your house assessed value, 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 nothing you can do, and you will be forced to wait a more year for a chance to appeal your house assessment value!
The fastest and easiest method to file an appeal in Montgomery County is to do so on the assessment website of your county, town or city. The charges related to each appeal can vary dependent on the preliminary value of your home assessed value. The expense of an appeal differs could be as little as $10 to $100, depending upon where you live.
The first step in the procedure is to ensure that your regional tax assessor has included the right real estate information to start with. In many cases, details may be incorrect such as, houses have been raised with basements that do not exist; such examples are wrong and could cause your home value being decreased right away. The more information that you can gather as to why you feel your home is overvalued, the more powerful 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 have a lower assessment. This will be the most convenient method to show your case. You will want to discover 3 or four homes that are all the same size as yours, in the exact same area, whose value is much less lower than your own; this will be your premises for appeal.
In some areas, 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 simply contacted us to permit you to provide the information you‘ve collected in support of your claim. You will also be allowed to examine any false info that may be on file about your property. You should be ready for this hearing and have all the information you‘ve collected about similar houses and sales of similar houses in Montgomery 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 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 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 important to bear in mind that there are no additional penalties connected to filing an appeal; the worst result being that your property assessment value is the same.
Is it worth submitting an appeal?
If you really feel that your house has actually been miscalculated, an effective appeal of your Montgomery County property assessment value might result in significant cost savings. If there are only a few hundred dollars of potential savings, it might not deserve your time. You also need to consider that the hearing could be scheduled throughout 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 appropriate arrangements to minimize 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.