Property tax dispute: Should you appeal your property’s assessed value in Union County, North Carolina?
House owners in Union County are completely 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 a lot of. The impact of these taxes can be even worse for those who have actually resided in their residential properties for some time, as they have actually witnessed firsthand the taxes rise year after year. However the bad news is perhaps overpaying your property taxes and be completely unaware. Here are some typical reasons individuals are overpaying their homes tax.
Is your Union County house over evaluated?
A high house assessed value 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 appraisal placed on their home does not show the market value should they try to sell it today. The simplest way to discover this out is to call some regional real estate agents. They should be able to inform you the variety of worths equivalent homes are selling for in your area. Keep in mind, the actual value of your residential property will not be known until a sale is closed. When you receive your house assessed value, you will be provided a 30-day window in which to appeal any evaluation. Otherwise, you will have to wait up until next year to appeal.
Can you get the actual market value of your property?
It is most likely worthwhile to get in touch with a local real estate agent or your assessor in Union County, North Carolina. If you feel your property has been badly overvalued, an expert assessment could prove really cost-efficient in the long run
Often people do not know you are not permitted to dispute your tax bill in North Carolina, however you can undoubtedly file an assessment 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 at least three equivalent properties that have actually been evaluated at a lower assessed value. The closer these residential properties are in size and area to yours, the greater the chance of success you will have on appeal
Specific situations that may have decreased the value of your property
If there are exceptional situations that straight result in the decrease of your residential property value and these are not shown in your evaluation, these are clear premises for appeal. Just provide proof of these scenarios, and the appeals procedure should be straightforward.
You have just recently bought your home in Union County, North Carolina for less than the assessment value
If you have proof of the purchase price of your home or you possess a current appraisal that does not show the amount your home has actually been assessed 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 substantial evidence to support your appeal. 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. Fortunately is that you do not have to accept a high real estate assessment; you can always appeal and get them decreased at the same time.
How do you contest your real estate assessed value in Union County?
Every State has their own criteria for property 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 evaluated higher than it‘s worth. As your Union County property taxes are determined basically by multiplying the assessed value of your house by its areas 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 prove your home is valued less than the value the assessor believes.
Upon 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, 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 an opportunity to appeal your home assessment!
The fastest and simplest way to file an appeal in Union County is to do so on the assessment website of your county, town or city. The costs associated with each request can differ dependent on the preliminary value of your property assessment. The expense of an appeal varies could be as little as $10 to $100, depending on where you live.
The first step in the process is to ensure that your regional tax assessor has included the right house info to start with. In many cases, information may be in error such as, homes have actually been raised with basements that don’t exist; such examples are wrong and might result in your house value being lowered immediately. The more information that you can gather regarding why you feel your home is overvalued, the stronger your case for an appeal.
If there are no obvious problems with the info on your property, you will need to find information of comparable homes in your area that have a lower assessment. This will be the easiest method to prove your case. You will want to find three or four properties 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 property appeal hearing, so if this does take place, do not be intimidated. In general, these hearings are just contacted us to allow you to present the information you‘ve collected in support of your claim. You will likewise be permitted to examine any false info that might be on file about your property. You ought to be prepared for this hearing and have all the data you have actually gathered about similar homes and sales of comparable houses in Union 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 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 assessed value and will want to win his/her case by embellishing on the facts to support their case. It’s is always important to bear in mind that there are no additional penalties attached to filing an appeal; the worst outcome being that your home assessment value is the same.
Is it worth filing an appeal?
If you truly feel that your house has actually been miscalculated, a successful appeal of your Union County real estate assessment could result in considerable savings. If there are just a few hundred dollars of possible savings, it may not be worth your time. You also need to consider that the hearing could be arranged during a workday, which may result in 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 arrangements to reduce wage loss.
Prorations - Real Estate Tax and Property
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.