Property tax assessment appeal: Should you appeal your property assessment in Rockingham County, North Carolina?
House owners in Rockingham County are completely aware of the concern of real estate tax; those that have spent their lives in locations where these taxes are generally high feel the impact more than a lot of. The effect of these taxes can be even worse for those who have lived in their properties for some time, as they have actually witnessed firsthand the taxes rise year after year. The bad news is maybe overpaying your residential property taxes and be entirely uninformed. Here are some typical factors individuals are overpaying their properties tax.
Is your Rockingham County property over assessed?
A high property valuation is the main reason that individuals appeal the amount they are paying on their property taxes. In many cases, people feel that the valuation placed on their residential property does not reflect the market value should they try to offer it today. The easiest way to find this out is to contact some regional real estate agents. They need to be able to tell you the series of worths equivalent properties are selling for in your location. Remember, the real market value of your home will not be known till a sale is closed. When you receive your house assessed value, you will be given a 30-day window in which to appeal any evaluation. Otherwise, you will need to wait until next year to appeal.
Can you get the real value of your home?
It is probably beneficial to contact a local property agent or your assessor in Rockingham County, North Carolina. If you feel your residential property has been significantly misestimated, a professional evaluation might prove very cost-efficient in the long run
Most do not know you are not permitted to contest your real estate tax bill directly in North Carolina, however you can certainly submit an appeal, keep in mind that no matter how you feel about the bill, if you do not pay, it can lead to the foreclosure of your house.
To successfully appeal, you will require to show a minimum of three similar residential properties that have been assessed at a lower assessed value. The closer these properties are in size and area to yours, the higher the opportunity of success you will have on appeal
Specific circumstances that may have decreased the value of your home
If there are extraordinary scenarios that directly result in the decrease of your property value and these are not reflected in your property assessment, these are clear premises for appeal. Just supply proof of these scenarios, and the appeals process should be straightforward.
You have actually just recently purchased your residential property in Rockingham County, North Carolina for a lower value than the assessment value
If you have evidence of the purchase price of your home or you have a current appraisal that does not show the dollar amount your home has actually been assessed at by the assessor, this is clear grounds for appeal. If a professional evaluates your home much lower than that of the assessment, this is substantial evidence to support your petition. You can always order a brand-new appraisal although this will cost a couple of hundred dollars it could be worth it in the end. Fortunately is that you do not have to accept a high real estate assessment; you can always appeal and get them reduced in the process.
How do you contest your real estate assessment in Rockingham County?
Every State has their own criteria for home assessed 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 Rockingham County home 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 property assessed value. Your only opportunity of approach is to show your house is not worth the value the assessor thinks.
On receiving your house assessed value, your county will provide 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 an additional year for a chance to appeal your property assessed value!
The fastest and easiest way to file an appeal in Rockingham County is to do so on the website of your county, town or city. The fees related to each request can vary dependent on the preliminary value of your real estate 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 process is to make sure that your local tax assessor has included the appropriate home details to start with. In some cases, details may be incorrect such as, homes have been lifted with basements that don’t exist; such examples are wrong and might result in your home value being lowered immediately. The more details that you can gather regarding why you feel your home is overvalued, the more powerful your case for an appeal.
If there are no obvious problems with the information on your property, you will need to find details of similar homes in your area that have a lower assessment. This will be the most convenient way to show your case. You will want to discover 3 or four properties 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 locations, you’ll be asked to go to a real estate appeal hearing, so if this does take place, do not be intimidated. In general, these hearings are just called to enable you to provide the information you‘ve collected in support of your claim. You will likewise be allowed to examine any false info that might be on file about your home. You should be ready for this hearing and have all the data you‘ve gathered about similar homes and sales of comparable houses in Rockingham 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 concern is more modern 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 embellishing on the facts to support their position. It’s is always important to keep in mind that there are no additional charges attached to filing an appeal; the worst result being that your real estate assessment value is the same.
Is it worth filing an appeal?
If you really feel that your house has actually been miscalculated, an effective appeal of your Rockingham County home assessment value might result in substantial savings. If there are only a few hundred dollars of possible cost savings, it may not be worth your time. You also need to consider that the hearing could be scheduled during a workday, which may lead to 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 possibly eliminate wage loss.
Property Tax Valuation - How to Calculate
How exactly does your city come up with your property tax value? Are you concerned that your real estate taxes might be unfairly high and want to see if you are eligible for a reduction? That is what we discuss here.
First of all, no matter how confusing your property tax statement is, with all of the various terms, ratios, millage rates, etc calculating your real estate taxes really boils down to only a few factors: the market value of your property, your cities assessment ratio and the tax rate.
The market value is what your property would sell for on the open market, without any "undue influences," like being in a state of foreclosure, structural issues with the property, short sales time frame, etc. Again it's what your property sells for under a normal sale.
Property Tax Valuation
The assessment ratio is very important to calculating your real estate taxes and is what is sometimes referred to as your "property tax value". What cities do is multiple your market value, by the assessment ratio, the resulting number is the assessed value.
For example if your properties market value is $500,000 and your cities assessment ratio is 80% your property tax value would be: $500,000 x.80= $400,000 assesed value. Assessment ratios vary from state to state and from jurisdictions. Your assessment rate could be totaling different than your neighboring town.
The tax rate is also known as a millage rate and is the actual rate that property owners pay in their given town. Like the assessment ratio the tax rate varies from town to town and also from building types. For example a commercial building will be taxed at a different rate than a single family home.
In addition, a single family home used as a rental property will normally be taxed at a high rate than a single family home that is occupied by the owner.
To figure out your annual taxes you multiple the tax rate by the assessed value. For example take the assessed value of $400,000 x.020 (tax rate/millage rate) = $8,000 in annual property taxes.
Property Tax Valuation
On a real estate tax appeal you can only debate the fair market value of your property. You cannot argue the tax rate or the assessment ratio (unless they made a mistake and recorded your property in the wrong category). But again, you can only argue the assessors opinion of your properties value. Keep in mind that most cities assessors are over worked and or under qualified, so they very often make outright mistakes. If you know of other similar properties in your area that sold for less than what they have recorded your property at, than you most likely have a case and could save a lot of money.
Don't be like the 98% of property owners that don't bother to appeal their real estate taxes. They are leaving thousands of dollars on the table for no reason. The process to appeal is really not complex and won't eat that much of your time.