Fight property taxes: Should you appeal your property’s assessed value in Ottawa County, Ohio?
Homeowners in Ottawa County are fully familiar with the concern of property taxes; those that have actually spent their lives in locations where these taxes are typically high feel the impact more than many. The impact of these taxes can be even worse for those who have actually resided in their residential properties for some time, as they have actually seen firsthand the taxes increase every year. But the bad news is possibly overpaying your property taxes and be totally uninformed. Here are some typical factors individuals are overpaying their homes tax.
Is your Ottawa County house over assessed?
A high home assessment is the main reason that individuals appeal the amount they are paying on their real estate tax. In most cases, individuals feel that the evaluation placed on their residential property does not reflect the marketplace value must they attempt to sell it today. The simplest method to discover this out is to call some regional realtors. They need to be able to inform you the series of worths comparable homes are selling for in your area. Remember, the real value of your property will not be known until a sale is closed. When you receive your house valuation, you will be offered 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 actual market value of your home?
It is probably beneficial to call a local property representative or your assessor in Ottawa County, Ohio. If you feel your home has been badly overvalued, an expert assessment could prove very cost-effective in the long run
Many do not realize you are not entitled to contest your property tax bill in Ohio, but you can undoubtedly lodge an assessment appeal, remember that no matter how you feel about the costs, if you don’t pay, it can result in the foreclosure of your house.
To successfully appeal, you will require to reveal a minimum of 3 similar residential properties that have been assessed at a lower assessed value. The closer these residential properties remain in size and location to yours, the greater the chance of success you will have on appeal
Particular circumstances that may have lowered the value of your residential property
If there are extraordinary situations that straight result in the decrease of your residential property value and these are not shown in your assessment, these are clear premises for appeal. Simply provide proof of these situations, and the appeals process ought to be straightforward.
You have actually recently bought your residential property in Ottawa County, Ohio for less than the assessment value
If you have evidence of the purchase price of your home or you possess a recent appraisal that does not show the amount your home has actually been assessed at by the assessor, this is clear grounds for appeal. If an expert values your property much lower than that of the tax assessment, this is significant proof to back your appeal. You can always request a new appraisal even though 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 real estate assessment; you can always appeal and get them decreased while doing so.
How do you appeal your home assessed value in Ottawa County?
Every State has their own criteria for home assessment appeals. One thing they all have in common; the only groungs that they will accept is that your residential property has actually been assessed higher than itreal market value. As your Ottawa County property taxes are determined basically by multiplying the evaluated value of your house by its areas set tax rate, you do not have any premises to appeal the tax rate just the home assessment. Your only opportunity of approach is to show your house is not worth the value the assessor believes.
Upon receiving your home assessed value, your county will give you a predetermined window in which to appeal. These can differ substantially from 30 to 90 days so your county appeal deadline is the first thing you want to determine. However, keep in mind if you miss this deadline there’s nothing you can do, and you will be required to wait a more year for a chance to appeal your property assessment value!
The fastest and most convenient way to submit an appeal in Ottawa County is to do so on the website of your county, town or city. The fees connected with each appeal can differ dependent on the preliminary value of your home assessment. The expense of an appeal varies could be as little as $10 to $100, depending upon where you live.
The first step in the process is to make sure that your regional tax assessor has included the appropriate home information to start with. In some cases, information may be incorrect such as, homes have been lifted with basements that do not exist; such examples are wrong and might lead to your home value being decreased instantly. The more information that you can gather as to why you feel your house is miscalculated, the stronger your case for an appeal.
If there are no obvious issues with the details on your property, you will need to discover information of equivalent homes in your area that are assessed at a lower value. This will be the most convenient way to prove your case. You will want to discover three or 4 residential properties that are all the same size as yours, in the same area, 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, don’t be frightened. In general, these hearings are simply contacted us to enable you to present the information you have actually gathered in support of your claim. You will also be enabled to examine any false information that may be on file about your property. You must be prepared for this hearing and have all the information you have actually gathered about comparable homes and sales of similar homes 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 concern is more contemporary 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 case. 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 assessment value is the same.
Is it worth submitting an appeal?
If you really feel that your home has been overvalued, an effective appeal of your Ottawa County property assessment value could result in considerable cost 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 arranged throughout a workday, which may lead to a loss of revenues. 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.
Property Tax Valuation - How to Calculate
We have many obligations to face in life. And, one of these obligations is to pay different taxes like income tax, property tax and many others. Since we have many obligations and not just these taxes, we sometimes take paying taxes for granted. This will cause a very big problem to non-payers.
Not being able to pay your taxes, (property taxes in particular) may lead to the following problems:
You may lose your property or house. Unpaid property tax leading to delinquent property tax may lead to losing your property. However, there are still second chances given. So, if ever you are given more time to pay your delinquent property tax, find a solution for this right away or you may really end up losing your property. You may only be given two years to settle your unpaid taxes.
If it happens that your property is forwarded to the county treasury, more interests and fees will be added. There will be a collection of four percent administration fee and one percent interest per month.
Your property may be forfeited. This means you still have one year to settle your delinquent tax or you may lose your property altogether or have it foreclosed. Foreclosed properties mean you will not be able to get it back as it will be auctioned off to recover the pending dues.
Before all these problems occur, you should make an effort to settle all pending property taxes. Surely, you do not want to end up losing your property, do you?