Contest property taxes: Should you appeal your property’s assessed value in Union County, North Carolina?
Homeowners in Union County are fully aware of the burden of real estate tax; those that have actually invested their lives in areas where these taxes are typically high feel the effect more than many. The effect of these taxes can be even worse for those who have lived in their residential properties for some time, as they have witnessed firsthand the taxes rise year after year. However the bad news is perhaps overpaying your property taxes and be totally unaware. Here are some common reasons individuals are overpaying their homes tax.
Is your Union County home over assessed?
A high house assessed value is the main reason that individuals appeal the dollar amount they are paying on their property taxes. In many cases, individuals feel that the valuation put on their property does not show the market value need to they try to sell it today. The most convenient method to find this out is to call some regional real estate agents. They must have the ability to inform you the series of values similar homes are selling for in your area. Remember, the actual market value of your residential property will not be known until a sale is closed. When you receive your property valuation, you will be provided a 30-day window in which to appeal any assessment. Otherwise, you will need to wait up until next year to appeal.
Can you get the actual value of your property?
It is probably worthwhile to call a regional realty representative or your assessor in Union County, North Carolina. If you feel your home has actually been significantly overvalued, an expert appraisal might prove very affordable in the long run
Many do not realize you are not entitled to challenge your real estate tax bill in North Carolina, but you can certainly submit an appeal, bear in mind that no matter how you feel about the bill, if you don’t pay, it can result in the foreclosure of your home.
To successfully appeal, you will require to show a minimum of 3 similar homes that have been assessed at a lower assessed value. The closer these properties are in size and area to yours, the greater the opportunity of success you will have on appeal
Particular circumstances that may have decreased the value of your home
If there are extraordinary scenarios that directly result in the reduction of your property value and these are not accounted for in your property assessment, these are clear premises for appeal. Just supply evidence of these circumstances, and the appeals procedure should be straightforward.
You have just recently purchased your home in Union 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 recent appraisal that does not show the amount your home has been valued at by the assessor, this is clear premises for appeal. If an expert evaluates your home much lower than that of the tax assessment, this is significant evidence to support your appeal. 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. The good news is that you do not need to accept a high real estate assessment; you can always appeal and get them lowered in the process.
How do you appeal your home assessment in Union County?
Every State has their own criteria for home assessment 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 it‘s worth. As your Union County house 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. Your only avenue of approach is to prove your home is less than the value the assessor thinks.
On receiving your house assessed value, your county will offer 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, remember if you miss this deadline there’s nothing you can do, and you will be forced to wait a further year for a chance to appeal your property assessment value!
The fastest and simplest method to file an appeal in Union County is to do so on the assessment website of your county, town or city. The fees connected with each appeal can vary based on the preliminary value of your real estate assessment value. 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 local tax assessor has included the correct home details to start with. In many cases, facts on your home may be in error such as, houses have actually been lifted with basements that do not exist; such examples are wrong and could cause your home value being decreased right away. The more details that you can gather regarding why you feel your home is misestimated, the stronger your case for an appeal.
If there are no recognizable issues with the information on your property, you will need to discover details of similar homes in your community that have a lower assessment. This will be the easiest way to show your case. You will want to discover three or four homes that are all the same size as yours, in the same location, whose value is much less lower than your property; this will be your grounds for appeal.
In some areas, you’ll be asked to attend a real estate appeal hearing, so if this does happen, don’t be frightened. In general, these hearings are just called to allow you to present the information you‘ve gathered in support of your claim. You will likewise be permitted to analyze any false info that may be on file about your home. You need to be ready for this hearing and have all the data you‘ve gathered about comparable homes and sales of comparable houses in Union County.
Be prepared for the tax assessor to argue his/her counter-argument. Among the most popular ones here is that your home in question is more modern 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 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 charges connected to submitting an appeal; the worst outcome being that your real estate assessed value is the same.
Is it worth submitting an appeal?
If you truly feel that your house has been miscalculated, a successful appeal of your Union County house assessment might lead to substantial savings. If there are just a couple of hundred dollars of prospective savings, it might not deserve your time. You also need to consider that the hearing could be scheduled during a workday, which may 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 arrangements to minimize wage loss.
Non-Payment of Property Taxes - Consequences to be Faced
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.