Property tax appeal: Should you appeal your property assessment in Clinton County, Ohio?
Property owners in Clinton County are totally aware of the concern of real estate tax; those that have invested their lives in locations where these taxes are typically high feel the impact more than a lot of. The impact of these taxes can be even worse for those who have resided in their residential properties for some time, as they have actually experienced firsthand the taxes increase every year. But the bad news is perhaps overpaying your real estate tax and be completely unaware. Here are some common reasons individuals are overpaying their residential properties tax.
Is your Clinton County property over assessed?
A high property assessment is the main factor that people appeal the dollar amount they are paying on their property taxes. In many cases, individuals feel that the valuation placed on their property does not show the marketplace value must they try to sell it today. The easiest way to find this out is to call some regional real estate agents. They ought to be able to tell you the variety of worths equivalent residential properties are selling for in your location. Remember, the real market value of your property will not be realized until a sale is finally closed. When you receive your property assessment, you will be offered 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 real value of your home?
It is most likely beneficial to reach out to a regional real estate representative or your assessor in Clinton County, Ohio. If you feel your residential property has been severely misestimated, a professional evaluation might prove very affordable in the long run
Many do not realize you are not entitled to contest your property tax bill in Ohio, but you can certainly lodge an appeal, remember that despite how you feel about the expense, if you do not pay, it can lead to the foreclosure of your house.
To successfully appeal, you will need to reveal a minimum of three equivalent homes that have actually been evaluated at a lower assessment value. The closer these properties remain in size and location to yours, the greater the opportunity of success you will have on appeal
Particular situations that may have actually lowered the value of your property
If there are extraordinary scenarios that straight lead to the reduction of your home value and these are not shown in your property assessment, these are clear grounds for appeal. Just supply evidence of these situations, and the appeals procedure ought to be straightforward.
You have just recently bought your home in Clinton County, Ohio for much less than the assessed value
If you have evidence of the purchase price of your home or you have a current appraisal that does not reflect the dollar amount your home has actually been valued at by the assessor, this is clear grounds for appeal. If an expert values your home much lower than that of the assessment, this is significant evidence to support your petition. You can always pay for 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 need to accept a high property assessment; you can always appeal and get them decreased in the process.
How do you contest your home assessment value in Clinton County?
Every State has their own criteria for home assessment value appeals. Something they all have in common; the only groungs that they will accept is that your residential property has been assessed higher than itreal market value. As your Clinton County property taxes are computed basically by multiplying the assessed value of your home by its areas set tax rate, you do not have any premises to appeal the tax rate just the home assessment value. Your only avenue of approach is to show your house is less than the value the assessor thinks.
Upon receiving your home assessment, your county will provide you a predetermined window in which to appeal. These can differ significantly 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 home assessment!
The fastest and easiest method to submit an appeal in Clinton County is to do so on the website of your county, town or city. The fees related to each appeal can vary depending 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 real estate details to start with. Sometimes, details may be incorrect such as, houses have actually been raised with basements that don’t exist; such examples are wrong and could result in your house value being decreased instantly. The more details that you can gather as to why you feel your home is miscalculated, the stronger your case for an assessment appeal.
If there are no recognizable problems with the info on your property, you will need to find information of equivalent homes in your area that have a lower assessment. This will be the easiest method to show your case. You will want to find three or 4 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 grounds for appeal.
In some locations, you’ll be asked to go to a real estate appeal hearing, so if this does occur, do not be intimidated. In general, these hearings are simply contacted us to enable you to provide the info you have actually gathered in support of your claim. You will likewise be enabled to analyze any false info that might be on file about your residential property. You should be ready for this hearing and have all the data you‘ve gathered about comparable houses and sales of similar houses in Clinton County.
Be ready for the tax assessor to argue his/her counter-argument. Among the most popular ones here is that your home in concern 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 embellishing on the facts to support their position. It’s is always important to remember that there are no additional penalties attached to filing an appeal; the worst result being that your house assessment value is the same.
Is it worth submitting an appeal?
If you genuinely feel that your home has been misestimated, a successful appeal of your Clinton County property assessment value might lead to considerable savings. If there are only a few hundred dollars of possible cost savings, it might not be worth your time. You also need to consider that the hearing could be arranged during a workday, which may lead to a loss of revenues. 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 possibly eliminate 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.