Property tax assessment appeal: Should you appeal your property assessment in Guernsey County, Ohio?
Property owners in Guernsey County are fully familiar with the problem of property taxes; those that have actually spent their lives in locations where these taxes are typically high feel the impact more than a lot of. The effect of these taxes can be even worse for those who have actually lived in their residential properties for a long time, as they have actually seen firsthand the taxes increase year after year. However the bad news is possibly overpaying your property taxes and be entirely uninformed. Here are some common reasons individuals are overpaying their properties tax.
Is your Guernsey County home over assessed?
A high home evaluation is the main factor that people appeal the dollar amount they are paying on their real estate tax. In most cases, individuals feel that the assessment placed on their residential property does not reflect the market value should they try to sell it today. The easiest method to discover this out is to contact some regional realtors. They ought to have the ability to tell you the range of worths equivalent homes are selling for in your location. Remember, the real value of your property will not be known till a sale is finally closed. When you receive your property assessed value, you will be provided a 30-day window in which to appeal any evaluation. Otherwise, you will need to wait up until next year to appeal.
Can you get the actual market value of your house?
It is most likely beneficial to call a local real estate representative or your assessor in Guernsey County, Ohio. If you feel your property has been badly miscalculated, a professional evaluation might show very economical in the long run
Many do not know you are not allowed to contest your tax bill directly in Ohio, but you can certainly lodge an appeal, remember that regardless of how you feel about the bill, if you do not pay, it can lead to the foreclosure of your house.
To effectively appeal, you will need to reveal at least 3 similar homes that have been assessed at a lower assessment value. The closer these properties are in size and area to yours, the higher the possibility of success you will have on appeal
Particular situations that may have actually reduced the value of your home
If there are exceptional circumstances that directly result in the reduction of your home value and these are not reflected in your house assessment, these are clear grounds for appeal. Simply provide proof of these circumstances, and the appeals procedure should be straightforward.
You have recently bought your residential property in Guernsey County, Ohio for much less than the assessment value
If you have proof of the purchase price of your home or you possess a recent appraisal that does not show the amount your house has been valued at by the assessor, this is clear premises for appeal. If a professional evaluates your residential property much lower than that of the assessed value, this is considerable proof to support your petition. You can always order 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 while doing so.
How do you appeal your house assessed value in Guernsey County?
Every State has their own requirements for real estate assessment appeals. Something they all have in common; the only argument that they will accept is that your property has actually been assessed higher than it‘s worth. As your Guernsey County house taxes are calculated basically by multiplying the assessed value of your house by its areas set tax rate, you do not have any grounds to appeal the tax rate just the house assessed value. Your only avenue of approach is to show your house is less than the value the assessor thinks.
On receiving your home assessed value, your county will provide 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 required to wait a further year for an opportunity to appeal your real estate assessment value!
The fastest and simplest way to file an appeal in Guernsey County is to do so on the assessment website of your county, town or city. The fees associated with each appeal can differ dependent on the initial value of your property assessment 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 guarantee that your regional tax assessor has included the correct real estate details to start with. In some cases, details may be in error such as, homes have been raised with basements that do not exist; such examples are wrong and might result in your house value being reduced immediately. The more details that you can gather regarding why you feel your house is misestimated, the stronger your case for an assessment appeal.
If there are no clear problems with the info on your property, you will need to find information of equivalent homes in your area that are assessed at a lower value. This will be the most convenient method to show your case. You will want to discover 3 or 4 houses that are all the same size as yours, in the exact same location, whose value is much less lower than your property; this will be your grounds for appeal.
In some locations, you’ll be asked to participate in a real estate appeal hearing, so if this does happen, do not be frightened. In general, these hearings are simply called to permit you to present the details you have actually gathered in support of your claim. You will also be allowed to take a look at any incorrect information that may be on file about your home. You ought to be prepared for this hearing and have all the information you have actually gathered about similar homes and sales of comparable homes in Guernsey County.
Be ready 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 modern than the ones you’re comparing it to. Be ready 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 embellishing on the facts to support their position. It’s is always important to bear in mind that there are no additional penalties connected to submitting an appeal; the worst result being that your property assessment value is the same.
Is it worth submitting an appeal?
If you genuinely feel that your home has been overvalued, a successful appeal of your Guernsey County house assessment value might lead to substantial cost savings. If there are only a few hundred dollars of potential savings, it may not be worth your time. You also need to consider that the hearing could be arranged throughout a workday, which might result in a loss of earnings. 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 reduce wage loss.
Non-Payment of Property Taxes - Consequences to be Faced
Property tax can be the fairest and at the same time the not so fair tax collected by municipalities.
Two of the determining factors of how it can affect what an individual will pay for this type of tax are where you live and a person's economic condition.
Even though we all can appreciate the good points of owning a home vs. renting, when it comes to property tax, renting is by far the better option. States will collect property tax on the following:
Any additions to the property such as improvements to the land
Any structures that are not permanent to the property
The assessment is commonly made by an exclusive county tax collector in each state. An individual's property and land will be appraised of its value and subsequently mailed as a tax payment notice. This usually is paid through a homeowner's escrow amount stated on their mortgage.
Many times this can negatively affect a property or land owner as the taxes in a specific state can sometimes double or triple in amount and leave the homeowner unable to afford to pay their taxes, forcing them to sell their property or land.
People on a fixed income such as Senior citizens who have retired, can be greatly affected by the increase of property tax. The value of their homes increase, but at the same time they find themselves unable to pay their taxes because of their reduced income. Unfortunately, property tax doesn't allow much wiggle room in the event of acts of nature or personal tragedy.
Although 2.3 seems to be the average percentage for property tax, it varies greatly from state to state, making it seem highly unfair for certain states such as New Hampshire, as it is a high 4.9 percent.
It also seem unfair when states like Alabama pay 1.3 percent and yet just a little distance away in neighboring Georgia would be required to pay 2.6 percent, then even more in Florida at a rate of 3.1 percent.
So who determines how the money generated from this income is spent or in some cases wasted? The state legislatures will determine this along with the decision to increase or decrease property tax and how frequent it is collected.
Even though property tax can absolutely help states with income,the amount of property tax to be paid can be a determining factor in one's decision where to reside to achieve the American Dream of land or home ownership.