Fight property taxes: Should you appeal your property’s assessed value in Ottawa County, Ohio?
House owners in Ottawa County are totally knowledgeable about the problem of real estate tax; those that have actually invested their lives in locations where these taxes are traditionally high feel the impact more than most. The effect of these taxes can be even worse for those who have lived in their homes for some time, as they have witnessed firsthand the taxes increase every year. The bad news is maybe overpaying your property taxes and be entirely unaware. Here are some typical reasons individuals are overpaying their properties tax.
Is your Ottawa County house over assessed?
A high home valuation is the primary reason that individuals appeal the dollar amount they are paying on their property taxes. In most cases, individuals feel that the assessment put on their home does not reflect the marketplace value ought to they try to offer it today. The most convenient method to discover this out is to contact some regional real estate agents. They need to have the ability to inform you the range of values equivalent properties are selling for in your area. Remember, the real value of your residential property will not be realized till a sale is closed. When you receive your house evaluation, you will be given a 30-day window in which to appeal any assessment. Otherwise, you will have to wait until next year to appeal.
Can you get the actual value of your home?
It is probably worthwhile to get in touch with a local property agent or your assessor in Ottawa County, Ohio. If you feel your home has actually been badly miscalculated, an expert evaluation could show extremely cost-efficient in the long run
Most do not know you are not allowed to dispute your property tax bill directly in Ohio, but you can certainly submit an assessment appeal, keep in mind that no matter how you feel about the costs, if you do not pay, it can lead to the foreclosure of your house.
To successfully appeal, you will require to reveal a minimum of three equivalent properties that have been assessed at a lower assessed value. The closer these residential properties are in size and place to yours, the greater the possibility of success you will have on appeal
Particular circumstances that may have reduced the value of your home
If there are exceptional circumstances that straight lead to the decrease of your property value and these are not shown in your house assessment, these are clear grounds for appeal. Just provide proof of these scenarios, and the appeals process ought to be straightforward.
You have actually just recently purchased your residential property in Ottawa County, Ohio for a lower value 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 evaluates your residential property much lower than that of the assessed value, this is considerable proof to back your appeal. You can always order a new appraisal although this will cost a couple of 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 while doing so.
How do you appeal your house assessed value in Ottawa County?
Every State has their own criteria for real estate assessment value appeals. One thing they all have in common; the only groungs that they will accept is that your property has been evaluated higher than itreal market value. As your Ottawa County home taxes are calculated basically by multiplying the evaluated value of your house by its areas set tax rate, you do not have any grounds to appeal the tax rate just the property assessment. Your only opportunity of approach is to prove your home is not worth the value the assessor thinks.
On receiving your home assessed value, your county will give you a predetermined window in which to appeal. These can vary considerably 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 required to wait a more year for a chance to appeal your property assessment!
The fastest and easiest way to file an appeal in Ottawa County is to do so on the assessment website of your county, town or city. The costs related to each appeal can differ based on the preliminary value of your house assessment value. The cost 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 make sure that your regional tax assessor has included the proper property details to start with. In many cases, facts on your home may be incorrect such as, homes have been raised with basements that do not exist; such examples are wrong and could lead to your home value being lowered immediately. The more details that you can gather regarding why you feel your home is miscalculated, the stronger your case for an assessment appeal.
If there are no obvious problems with the details 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 method to show your case. You will want to discover three or 4 houses that are all the same size as yours, in the same location, whose value is much less lower than your own; this will be your premises for appeal.
In some locations, you’ll be asked to attend a property appeal hearing, so if this does happen, don’t be intimidated. In general, these hearings are just called to permit you to present the details you‘ve collected in support of your claim. You will likewise be enabled to take a look at any false information that may be on file about your property. You ought to be ready for this hearing and have all the data you have actually collected about similar houses and sales of similar houses in Ottawa County.
Be prepared 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 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 assessed value and will want to win his/her case by elaborating on the facts to support their position. It’s is always important to keep in mind that there are no additional penalties attached to filing an appeal; the worst outcome being that your home assessed value is the same.
Is it worth filing an appeal?
If you really feel that your home has been miscalculated, an effective appeal of your Ottawa County property assessed value might result in considerable savings. If there are just a few hundred dollars of prospective savings, it may not be worth your time. You also need to consider that the hearing could be set up 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 minimize wage loss.
Pay Your Property Tax Or Lose Your Property
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.