Appeal tax assessment: Should you appeal your property assessment in Licking County, Ohio?
House owners in Licking County are completely knowledgeable about 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 most. The effect of these taxes can be even worse for those who have actually resided in their properties for a long time, as they have experienced firsthand the taxes increase year after year. However the bad news is perhaps overpaying your property taxes and be entirely unaware. Here are some common reasons individuals are overpaying their properties tax.
Is your Licking County property over evaluated?
A high property assessment is the main reason that people appeal the dollar amount they are paying on their property taxes. Oftentimes, people feel that the evaluation placed on their property does not reflect the marketplace value ought to they try to sell it today. The easiest way to find this out is to call some regional realtors. They ought to have the ability to tell you the series of worths comparable residential properties are selling for in your area. Keep in mind, the actual value of your property will not be known till a sale is closed. When you receive your property valuation, you will be given a 30-day window in which to appeal any appraisal. Otherwise, you will need to wait up until next year to appeal.
Can you get the real value of your home?
It is most likely worthwhile to get in touch with a regional property agent or your assessor in Licking County, Ohio. If you feel your property has actually been severely miscalculated, an expert appraisal might show very cost-effective in the long run
Many do not know you are not allowed to dispute your tax bill directly in Ohio, however you can undoubtedly file an assessment appeal, remember that regardless of how you feel about the costs, if you don’t pay, it can lead to the foreclosure of your home.
To successfully appeal, you will need to show a minimum of three equivalent residential properties that have actually been evaluated at a lower value. The closer these homes are in size and area to yours, the greater the opportunity of success you will have on appeal
Specific scenarios that may have lowered the value of your home
If there are exceptional circumstances that directly lead to the decrease of your residential property value and these are not accounted for in your evaluation, these are clear premises for appeal. Simply provide proof of these scenarios, and the appeals procedure should be straightforward.
You have actually recently bought your home in Licking County, Ohio for 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 house has actually been assessed at by the assessor, this is clear grounds for appeal. If a professional evaluates your property much lower than that of the assessment, this is substantial evidence to support your petition. You can always request a brand-new appraisal although this will cost a few 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 decreased at the same time.
How do you appeal your property assessed value in Licking County?
Every State has their own criteria for real estate assessment appeals. One thing they all have in common; the only groungs that they will accept is that your home has actually been evaluated higher than it‘s worth. As your Licking County property taxes are determined basically by multiplying the evaluated value of your home by its locations set tax rate, you do not have any premises to appeal the tax rate just the real estate assessed value. Your only opportunity of approach is to show your house is not worth the value the assessor thinks.
On receiving your home assessment, 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, remember if you miss this due date there’s absolutely nothing you can do, and you will be forced to wait a more year for a chance to appeal your house assessment value!
The fastest and easiest method to submit an appeal in Licking County is to do so on the assessment website of your county, town or city. The charges connected with each appeal can differ based on the preliminary value of your house assessment. The cost of an appeal varies could be as little as $10 to $100, depending on where you live.
The first step in the procedure is to guarantee that your regional tax assessor has included the appropriate property details to start with. In many cases, details may be incorrect such as, homes have actually been lifted with basements that do not exist; such examples are wrong and might cause your home value being decreased instantly. The more details that you can gather regarding why you feel your house is miscalculated, the more powerful your case for an appeal.
If there are no recognizable problems with the details on your property, you will need to find details of equivalent homes in your community that have a lower assessment. This will be the easiest method to show your case. You will want to find three or four houses 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 go to a property appeal hearing, so if this does happen, don’t be frightened. In general, these hearings are simply called to permit you to present the information you have actually collected in support of your claim. You will also be allowed to analyze any false information that may be on file about your home. You ought to be ready for this hearing and have all the data you‘ve gathered about similar houses and sales of similar homes in Licking County.
Be prepared for the tax assessor to argue his or her counter-argument. One of the most popular ones here is that your home in question is more modern-day 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 assessment and will want to win his/her case by embellishing on the facts to support their position. It’s is always crucial to bear in mind that there are no additional penalties connected to submitting an appeal; the worst result being that your house assessed value is the same.
Is it worth submitting an appeal?
If you truly feel that your home has been miscalculated, a successful appeal of your Licking County property assessed value might lead to significant cost savings. If there are just a couple of hundred dollars of potential cost savings, it might not deserve your time. You also need to consider that the hearing could be arranged throughout a workday, which might 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 appropriate arrangements to possibly eliminate wage loss.
Are Property Taxes Fair?
Property tax is probably the fairest tax collected by municipalities. However, it is also probably the un-fairest tax collected by municipalities.
The state where an individual lives determines how much they pay, which may be higher or lower. An individual's economic status can also be a factor in how this type of tax impacts their pocketbook.
In fact when it comes to the decision on taxes and renting versus owning, this may be the only time renting is the best option. States collect property taxes on:
- Improvements to land such as additions to property
- Man made objects that are not stationary structures
It is usually assessed by individual county tax collectors in each state. Land and property are mailed tax payment notices that are the result of appraisals of the property's value. Notices of assessments can be disputed by contacting the tax collector in the land owner's county, and the tax bill is typically paid from a homeowner's escrow amount on their mortgage.
As mentioned, property taxes can disproportionately affect some homeowners. Increases in a state's tax rate can often double or even triple a homeowner's tax liability and often leave them with no option but to sale their residence or land.
Critics of this form of taxation have also decried the fact that it does address the situations of some individuals. Although it is ordinarily paid as part of an escrow account, increased property tax means they would have to pay more into escrow.
Senior citizens on a fixed income have been identified as a group sometimes hit hard by taxes on their property. Such individuals may have high taxes due to an increase in the value of their property, yet find them selves unable to pay because of a reduced income during retirement. This mandatory tax, in some cases, does not take into account factors that may impact someone's ability to pay, such as personal tragedy or acts of nature.
Property tax has also been criticized because of the difference individuals must pay between states. Alabama has the lowest rate at 1.3 percent on property value, while New Hampshire has the largest at 4.9 percent. The average percentage among is somewhere in the range of 2.3 percent.
While Alabama has a tax rate of 1.3, which would seem to make it an attractive location for a home or business owner, someone with property a few feet away in neighboring Georgia would have to pay 2.6 percent, and more than double in Florida with a tax rate of 3.1 percent.
Just how to spend the revenue (or waste it, as is the case with many governments) generated by taxing property values is determined by state legislatures. A state's legislature also has say over reducing or raising the tax rate along with determining how often it should be collected. Additionally, there may also set limits on how much increase, if any, there can be every year.
Property tax definitely helps states with revenue. But while much needed, property tax can also be a deciding factor in where an individual lives or their ability to retain the American Dream of owning land.