Property tax appeal: Should you appeal your property assessment in Mercer County, North Dakota?
Homeowners in Mercer County are fully aware of the concern of property taxes; those that have invested their lives in areas where these taxes are typically high feel the effect more than most. The impact of these taxes can be even worse for those who have actually lived in their properties for a long time, as they have experienced firsthand the taxes increase year after year. However the bad news is possibly overpaying your property taxes and be completely unaware. Here are some common factors people are overpaying their properties tax.
Is your Mercer County home over assessed?
A high home valuation is the main reason that people appeal the dollar amount they are paying on their property taxes. Oftentimes, people feel that the appraisal put on their residential property does not show the market value should they try to sell it today. The easiest method to find this out is to call some regional real estate agents. They should have the ability to inform you the variety of values similar properties are selling for in your area. Keep in mind, the real value of your property will not be known up until a sale is closed. When you receive your home assessed value, you will be provided a 30-day window in which to appeal any assessment. Otherwise, you will have to wait until next year to appeal.
Can you get the actual market value of your home?
It is most likely worthwhile to get in touch with a regional realty agent or your assessor in Mercer County, North Dakota. If you feel your residential property has actually been significantly misestimated, an expert evaluation might show very cost-effective in the long run
Often people do not realize you are not allowed to challenge your property tax bill directly in North Dakota, but you can certainly lodge an appeal, keep in mind that no matter how you feel about the bill, if you don’t pay, it can lead to the foreclosure of your house.
To successfully appeal, you will need to reveal at least three equivalent residential properties that have actually been assessed at a lower assessment value. The closer these properties remain in size and place to yours, the greater the opportunity of success you will have on appeal
Particular scenarios that may have actually lowered the value of your residential property
If there are exceptional scenarios that straight result in the decrease of your property value and these are not shown in your assessment, these are clear premises for appeal. Simply supply proof of these situations, and the appeals process ought to be straightforward.
You have recently purchased your residential property in Mercer County, North Dakota for less than the assessed value
If you have proof of the purchase price of your home or you possess a current appraisal that does not reflect the dollar amount your home has actually been assessed at by the assessor, this is clear premises for appeal. If an expert evaluates your residential property much lower than that of the assessed value, this is substantial evidence to support your petition. You can always request a brand-new appraisal despite the fact that this will cost a couple of hundred dollars it could be worth it in the end. The good news 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 appeal your property assessed value in Mercer County?
Every State has their own criteria for real estate assessed value appeals. One thing they all have in common; the only argument that they will accept is that your home has actually been assessed higher than it‘s worth. As your Mercer County home taxes are calculated 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 house assessment. Your only avenue of approach is to show your house is not worth the value the assessor believes.
Upon receiving your home assessed value, your county will give you a predetermined window in which to appeal. These can vary 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 nothing you can do, and you will be forced to wait a more year for a chance to appeal your home assessment value!
The fastest and simplest way to file an appeal in Mercer County is to do so on the website of your county, town or city. The fees related to each request can vary based on the preliminary value of your real estate assessed value. The cost 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 ensure that your regional tax assessor has included the right real estate info to start with. In some cases, information may be in error such as, homes have actually been raised with basements that do not exist; such examples are wrong and might lead to your home value being decreased instantly. The more information that you can gather regarding why you feel your home is misestimated, the stronger your case for an appeal.
If there are no obvious issues with the info on your property, you will need to discover details of similar homes in your area that are assessed at a lower value. This will be the easiest way to show your case. You will want to find three or four residential properties that are all the same size as yours, in the same location, whose value is much less lower than your own; this will be your grounds for appeal.
In some locations, you’ll be asked to participate in a property appeal hearing, so if this does occur, don’t be frightened. In general, these hearings are just called to allow you to present the details you‘ve gathered in support of your claim. You will also be allowed to examine any false information 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 houses and sales of comparable houses in Mercer 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 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 essential to keep in mind that there are no additional penalties connected to filing an appeal; the worst result being that your house assessment value is the same.
Is it worth submitting an appeal?
If you really feel that your home has actually been misestimated, an effective appeal of your Mercer County property assessed value could result in considerable cost savings. If there are just a couple of hundred dollars of possible savings, it may not deserve your time. You also need to consider that the hearing could be arranged during a workday, which might 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 - Pros and Cons
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?