Property tax assessment appeal: Should you appeal your property assessment in Marion County, Ohio?
Homeowners in Marion County are fully familiar with the problem of real estate tax; those that have actually invested their lives in locations where these taxes are generally high feel the effect more than many. The impact of these taxes can be even worse for those who have lived in their homes for a long time, as they have actually experienced firsthand the taxes increase year after year. The bad news is perhaps overpaying your home taxes and be totally unaware. Here are some common factors people are overpaying their homes tax.
Is your Marion County property over assessed?
A high house valuation is the primary reason that individuals appeal the amount they are paying on their property taxes. In most cases, individuals feel that the appraisal put on their residential property does not reflect the market value should they attempt to sell it today. The most convenient way to discover this out is to call some regional real estate agents. They should be able to tell you the range of values equivalent properties are selling for in your area. Remember, the actual value of your residential property will not be realized till a sale is finally closed. When you receive your house evaluation, you will be offered a 30-day window in which to appeal any evaluation. Otherwise, you will need to wait till next year to appeal.
Can you get the real market value of your house?
It is most likely worthwhile to call a regional real estate representative or your assessor in Marion County, Ohio. If you feel your property has actually been severely miscalculated, an expert appraisal could show very economical in the long run
Most do not know you are not entitled to contest your tax bill in Ohio, however you can undoubtedly file an assessment appeal, keep in mind that despite how you feel about the bill, if you don’t pay, it can lead to the foreclosure of your home.
To effectively appeal, you will require to reveal a minimum of three comparable homes that have actually been evaluated at a lower assessed value. The closer these homes are in size and area to yours, the greater the chance of success you will have on appeal
Specific scenarios that may have decreased the value of your property
If there are extraordinary situations that directly result in the reduction of your residential property value and these are not shown in your assessment, these are clear grounds for appeal. Just supply evidence of these circumstances, and the appeals procedure should be straightforward.
You have actually just recently bought your property in Marion County, Ohio for lower market value than the assessed value
If you have evidence of the purchase price of your home or you possess a recent appraisal that does not show the dollar amount your home has been valued at by the assessor, this is clear grounds for appeal. If a professional evaluates your property much lower than that of the assessed value, this is substantial proof to support your petition. You can always order a new appraisal despite the fact that this will cost a few hundred dollars it could be worth it in the end. Fortunately is that you do not need to accept a high property assessment; you can always appeal and get them lowered while doing so.
How do you contest your house assessment value in Marion County?
Every State has their own criteria for house assessed value appeals. One thing they all have in common; the only argument that they will accept is that your property has been assessed higher than it deserves. As your Marion County house taxes are calculated basically by multiplying the evaluated value of your home by its areas set tax rate, you do not have any grounds to appeal the tax rate just the real estate assessment value. Your only avenue of approach is to prove your home 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 differ 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 forced to wait a further year for a chance to appeal your home assessed value!
The fastest and easiest way to file an appeal in Marion County is to do so on the website of your county, town or city. The fees connected with each request can differ dependent on the preliminary value of your home assessment value. The expense of an appeal varies could be as little as $10 to $100, depending upon where you live.
The first step in the procedure is to ensure that your regional tax assessor has included the appropriate house info to start with. Sometimes, facts on your home may be incorrect such as, homes have actually been raised with basements that don’t exist; such examples are wrong and could result in your home value being decreased right away. The more details that you can gather regarding why you feel your house is misestimated, the more powerful your case for an assessment appeal.
If there are no obvious problems with the information on your property, you will need to find details of equivalent homes in your neighborhood that are assessed at a lower value. This will be the simplest way to show your case. You will want to find three or 4 homes 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 premises for appeal.
In some areas, you’ll be asked to participate in a real estate appeal hearing, so if this does happen, don’t be daunted. In general, these hearings are simply called to allow you to present the details you‘ve gathered in support of your claim. You will likewise be allowed to take a look at any incorrect information that might be on file about your residential property. You should be ready for this hearing and have all the data you have actually gathered about comparable homes and sales of similar houses in Marion 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 concern 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 value and will want to win his/her case by elaborating on the facts to support their position. It’s is always essential to keep in mind that there are no additional penalties connected to submitting an appeal; the worst outcome being that your house assessment is the same.
Is it worth filing an appeal?
If you genuinely feel that your house has been overvalued, an effective appeal of your Marion County house assessment could result in substantial savings. If there are just a few hundred dollars of potential cost savings, it might not be worth your time. You also need to consider that the hearing could be scheduled throughout a workday, which might lead to 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 arrangements to reduce wage loss.
Non-Payment of Property Taxes - Consequences to be Faced
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.