Appeal tax assessment: Should you appeal your property’s assessed value in Meigs County, Ohio?
House owners in Meigs County are totally knowledgeable about the concern of property taxes; those that have spent their lives in areas where these taxes are generally high feel the impact more than most. The effect of these taxes can be even worse for those who have resided in their homes for a long time, as they have actually experienced firsthand the taxes increase every year. The bad news is perhaps overpaying your property taxes and be completely unaware. Here are some common factors individuals are overpaying their properties tax.
Is your Meigs County property 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, people feel that the appraisal put on their residential property does not show the market value must they attempt to sell it today. The most convenient way to discover this out is to call some regional realtors. They ought to have the ability to tell you the range of worths similar homes are selling for in your area. Keep in mind, the real market value of your property will not be known till a sale is closed. When you receive your house valuation, you will be provided 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 house?
It is most likely worthwhile to get in touch with a local real estate representative or your assessor in Meigs County, Ohio. If you feel your property has been badly miscalculated, a professional assessment could prove very cost-effective in the long run
Most do not know you are not permitted to challenge your real estate tax bill in Ohio, however you can unquestionably file an appeal, remember that no matter how you feel about the expense, if you do not pay, it can result in the foreclosure of your house.
To successfully appeal, you will need to show a minimum of 3 similar residential properties that have actually been assessed at a lower assessment value. The closer these homes are in size and location to yours, the greater the chance of success you will have on appeal
Particular situations that may have actually lowered the value of your residential property
If there are extraordinary circumstances that directly result in the reduction of your residential property value and these are not accounted for in your assessment, these are clear premises for appeal. Simply supply evidence of these situations, and the appeals procedure should be straightforward.
You have actually recently bought your property in Meigs County, Ohio for a lower value than the assessment value
If you have evidence of the purchase price of your home or you have a current appraisal that does not reflect the amount your home has been assessed at by the assessor, this is clear grounds for appeal. If an expert evaluates your home much lower than that of the assessment, this is substantial evidence to support your petition. You can always pay for a new appraisal even though this will cost a few hundred dollars it could be worth it in the end. The bright side is that you do not have to accept a high property assessment; you can always appeal and get them decreased in the process.
How do you appeal your house assessment in Meigs County?
Every State has their own requirements for house assessment appeals. Something they all have in common; the only groungs that they will accept is that your property has been assessed higher than itreal market value. As your Meigs County home taxes are calculated basically by multiplying the evaluated value of your house by its locations set tax rate, you do not have any grounds to appeal the tax rate just the home assessed value. Your only avenue of approach is to show your house is not worth the value the assessor believes.
On 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, remember if you miss this due date there’s absolutely nothing you can do, and you will be forced to wait a further year for a chance to appeal your property assessment value!
The fastest and simplest method to submit an appeal in Meigs County is to do so on the website of your county, town or city. The costs related to each appeal can differ based on the preliminary value of your property assessed value. The cost of an appeal differs could be as little as $10 to $100, depending on where you live.
The first step in the process is to ensure that your local tax assessor has included the appropriate property details to start with. In some cases, details may be in error such as, homes have been lifted with basements that do not exist; such examples are wrong and might result in your home value being reduced right away. The more information that you can gather regarding why you feel your home is miscalculated, the more powerful your case for an assessment appeal.
If there are no recognizable problems with the information on your property, you will need to find details of comparable homes in your community that are assessed at a lower value. This will be the easiest way to prove your case. You will want to find 3 or four 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 locations, you’ll be asked to go to a real estate appeal hearing, so if this does take place, do not be intimidated. In general, these hearings are simply called to allow you to present the information you have actually collected in support of your claim. You will also be enabled to examine any incorrect details that may be on file about your residential property. You must be prepared for this hearing and have all the data you have actually collected about comparable homes and sales of similar houses in Meigs County.
Be ready for the tax assessor to argue his or her counter-argument. Among the most popular ones here is that your home in question is more contemporary than the ones you’re comparing it to. Be ready for such an argument because if you get to this point, 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 remember that there are no additional penalties connected to filing an appeal; the worst outcome being that your house assessed value is the same.
Is it worth submitting an appeal?
If you truly feel that your house has been misestimated, a successful appeal of your Meigs County home assessment value might lead to significant cost 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 arranged during a workday, which may 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 arrangements to reduce 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.