Property tax assessment appeal: Should you appeal your property assessment in Perry County, Ohio?
House owners in Perry County are completely familiar with the concern of property taxes; those that have actually invested their lives in locations where these taxes are generally high feel the impact more than many. The effect of these taxes can be even worse for those who have lived in their homes for some time, as they have actually witnessed firsthand the taxes rise year after year. The bad news is maybe overpaying your residential property taxes and be completely unaware. Here are some typical reasons people are overpaying their properties tax.
Is your Perry County house over assessed?
A high home evaluation is the main factor that people appeal the amount they are paying on their property taxes. In many cases, individuals feel that the evaluation placed on their home does not show the market value ought to they try to offer it today. The simplest way to discover this out is to call some regional real estate agents. They ought to be able to tell you the series of worths similar properties are selling for in your location. Keep in mind, the actual market value of your property will not be realized until a sale is finally closed. When you receive your property valuation, you will be offered a 30-day window in which to appeal any assessment. 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 worthwhile to reach out to a regional property representative or your assessor in Perry County, Ohio. If you feel your property has been seriously overvalued, an expert valuation could show extremely cost-effective in the long run
Many do not know you are not entitled to contest your real estate tax bill directly in Ohio, but you can certainly submit an appeal, bear in mind that regardless of how you feel about the costs, if you don’t pay, it can lead to the foreclosure of your house.
To effectively appeal, you will require to reveal at least three similar properties that have actually been assessed at a lower assessment value. The closer these residential properties remain in size and area to yours, the greater the opportunity of success you will have on appeal
Particular circumstances that may have actually reduced the value of your residential property
If there are exceptional scenarios that directly result in the reduction of your home value and these are not reflected in your evaluation, these are clear premises for appeal. Simply offer evidence of these scenarios, and the appeals procedure should be straightforward.
You have actually just recently purchased your residential property in Perry County, Ohio for lower market 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 dollar amount your home has been valued at by the assessor, this is clear grounds for appeal. If an expert evaluates your home much lower than that of the assessed value, this is considerable proof to back your petition. You can always pay for a new appraisal although this will cost a few hundred dollars it could be worth it in the end. Fortunately is that you do not have to accept a high property assessment; you can always appeal and get them lowered in the process.
How do you appeal your property assessed value in Perry County?
Every State has their own requirements for property assessment value appeals. Something they all have in common; the only groungs that they will accept is that your residential property has been evaluated higher than it deserves. As your Perry County property taxes are determined basically by multiplying the assessed value of your house by its locations set tax rate, you do not have any premises to appeal the tax rate just the house assessment. Your only avenue of approach is to prove your house is not worth the value the assessor believes.
Upon receiving your house assessment, your county will offer 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, 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 real estate assessment!
The fastest and easiest way to submit an appeal in Perry County is to do so on the website of your county, town or city. The costs associated with each request can vary based on the preliminary value of your property assessment 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 correct home information to start with. Sometimes, information may be incorrect such as, homes have been lifted with basements that don’t exist; such examples are wrong and could lead to your house value being lowered right away. The more details that you can gather as to why you feel your home is miscalculated, the stronger your case for an appeal.
If there are no obvious concerns with the info on your property, you will need to find information of comparable homes in your community that are assessed at a lower value. This will be the most convenient 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 location, whose value is much less lower than your property; this will be your premises for appeal.
In some locations, you’ll be asked to participate in a property appeal hearing, so if this does happen, do not be frightened. In general, these hearings are just contacted us to enable you to present the information you‘ve collected in support of your claim. You will likewise be enabled to analyze any incorrect info that might be on file about your home. You need to be prepared for this hearing and have all the information you‘ve gathered about similar houses and sales of comparable homes in Perry County.
Be prepared for the tax assessor to argue his/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 stage, the Assessor believes you are not deserving of a reduction in value and will want to win his/her case by embellishing on the facts to support their case. It’s is always essential to bear in mind that there are no additional penalties attached to submitting an appeal; the worst result being that your property assessed value is the same.
Is it worth submitting an appeal?
If you genuinely feel that your house has actually been misestimated, an effective appeal of your Perry County house assessed value could lead to substantial cost savings. If there are just a few hundred dollars of possible savings, it might not deserve your time. You also need to consider that the hearing could be set up throughout a workday, which might result in 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 appropriate arrangements to minimize wage loss.
Pay Your Property Tax Or Lose Your Property
To prorate means to divide something so that each person pays her fair share. The real estate term for dividing expenses that are paid after they are incurred or are prepaid is called prorations. For example, sometimes real estate taxes are paid in arrears. This means that they are paid currently for the year before. The practical effect of this is that the buyer will in many cases get a tax bill for time when she did not own the house and therefore was not responsible for the taxes.
An example will make this easier to understand. Let's say you closed on the house you bought on August 31, 2007. You are responsible for 4 months worth of real estate taxes for 2007. Unfortunately, the tax bill does not arrive until May of 2008. This is where prorations come into play. At the closing, you will be responsible for 1/3 of the tax bill that will arrive in May, 2008. That means the seller will give you, the buyer, an amount equal 2/3 of the agreed to prorated tax amount and you will pay the real estate tax bill.
The tricky part comes about because real estate taxes always seem to be going up. This is usually handled as part of the negotiations. The buyer will ask for an amount based on the seller's last year's tax bill plus a small percentage, usually 5 or 10% extra, and some agreement will be reached.
An unusually large increase in the real estate taxes due to a reassessment, rate increase or both can further complicate matters. With the gains in real estate prices in the recent past, many taxing bodies have become eager to capture at least part of that gain. So it is buyer beware and make sure you check with the local taxing authorities.
Prorations can also be used to adjust for any expenses that have been paid by the seller ahead of time, such as prepaid mortgage interest, prepaid casualty insurance, or such items as rent or utility bills.
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