Property tax dispute: Should you appeal your property assessment in Moore County, North Carolina?
Homeowners in Moore County are completely familiar with the concern of real estate tax; those that have actually spent their lives in areas where these taxes are generally high feel the effect more than many. The impact of these taxes can be even worse for those who have actually lived in their residential properties for some time, as they have experienced firsthand the taxes increase year after year. The bad news is possibly overpaying your residential property taxes and be entirely unaware. Here are some common reasons people are overpaying their homes tax.
Is your Moore County property over evaluated?
A high property assessment is the main factor that people appeal the amount they are paying on their property taxes. In a lot of cases, people feel that the valuation placed on their residential property does not show the market value need to they try to offer it today. The simplest method to find this out is to contact some regional real estate agents. They need to be able to tell you the variety of worths similar properties are selling for in your area. Keep in mind, the actual value of your property will not be realized up until a sale is closed. When you receive your house evaluation, you will be offered a 30-day window in which to appeal any evaluation. Otherwise, you will need to wait up until next year to appeal.
Can you get the real value of your property?
It is most likely worthwhile to call a local realty representative or your assessor in Moore County, North Carolina. If you feel your property has been severely overvalued, a professional valuation might show very cost-effective in the long run
Many do not know you are not entitled to challenge your tax bill in North Carolina, however 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 house.
To successfully appeal, you will require to show at least three comparable homes that have actually been assessed at a lower assessed value. The closer these homes remain in size and area to yours, the greater the possibility of success you will have on appeal
Specific situations that may have reduced the value of your property
If there are exceptional circumstances that directly lead to the reduction of your home value and these are not shown in your assessment, these are clear grounds for appeal. Simply provide evidence of these scenarios, and the appeals procedure ought to be straightforward.
You have actually just recently purchased your property in Moore 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 house has been valued at by the assessor, this is clear premises for appeal. If a professional values your residential property much lower than that of the assessment, this is substantial evidence to support your petition. You can always pay for a new appraisal despite the fact that this will cost a couple of hundred dollars it could be worth it in the end. The bright side is that you do not need to accept a high real estate assessment; you can always appeal and get them decreased in the process.
How do you contest your real estate assessed value in Moore County?
Every State has their own requirements for real estate assessment value appeals. One thing they all have in common; the only argument that they will accept is that your residential property has actually been assessed higher than itreal market value. As your Moore County property taxes are determined 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 real estate assessed value. Your only avenue of approach is to show your house is valued less than the value the assessor believes.
On receiving your home assessed value, your county will give you a predetermined window in which to appeal. These can differ substantially 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 deadline there’s absolutely nothing you can do, and you will be required to wait an additional year for a chance to appeal your real estate assessment!
The fastest and easiest way to file an appeal in Moore County is to do so on the assessment website of your county, town or city. The fees associated with each request can differ based on the initial value of your home assessment. The cost 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 regional tax assessor has included the proper house info to start with. In some cases, facts on your home may be in error such as, houses have actually been raised with basements that do not exist; such examples are wrong and could lead to your home value being lowered instantly. The more details that you can gather as to why you feel your home is overvalued, the more powerful your case for an assessment appeal.
If there are no obvious issues with the info on your property, you will need to find details of comparable homes in your community that are assessed at a lower value. This will be the easiest way to prove your case. You will want to discover three or 4 residential properties that are all the same size as yours, in the same area, whose value is much less lower than your property; this will be your grounds for appeal.
In some areas, you’ll be asked to participate in a real estate appeal hearing, so if this does happen, do not be intimidated. In general, these hearings are just called to allow you to present the details you‘ve collected in support of your claim. You will also be allowed to analyze any false info that might be on file about your home. You must be prepared for this hearing and have all the data you‘ve collected about comparable homes and sales of similar houses in Moore 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 contemporary 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 value and will want to win his/her case by elaborating on the facts to support their case. It’s is always important to keep in mind that there are no additional penalties attached to filing an appeal; the worst outcome being that your real estate assessment value is the same.
Is it worth filing an appeal?
If you really feel that your home has been overvalued, a successful appeal of your Moore County real estate assessment might lead to substantial cost savings. If there are just a few hundred dollars of potential savings, it may not be worth your time. You also need to consider that the hearing could be set up during a workday, which might 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.
Prorations - Real Estate Tax and 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?