Property tax assessment appeal: Should you appeal your property assessment in Pike County, Ohio?
Property owners in Pike County are completely familiar with the problem of property taxes; those that have actually invested their lives in locations where these taxes are typically high feel the impact more than a lot of. The effect of these taxes can be even worse for those who have actually resided in their residential properties for a long time, as they have actually seen firsthand the taxes rise every year. But the bad news is perhaps overpaying your property taxes and be completely unaware. Here are some typical factors individuals are overpaying their residential properties tax.
Is your Pike County house over evaluated?
A high property assessed value is the main reason that individuals appeal the amount they are paying on their property taxes. In many cases, individuals feel that the appraisal put on their home does not reflect the market value should they try to sell it today. The most convenient method to discover this out is to call some local realtors. They should be able to inform you the series of worths comparable properties are selling for in your location. Remember, the real market value of your home will not be realized till a sale is finally closed. When you receive your property assessment, you will be offered a 30-day window in which to appeal any evaluation. Otherwise, you will have to wait till next year to appeal.
Can you get the real market value of your home?
It is probably beneficial to contact a regional real estate agent or your assessor in Pike County, Ohio. If you feel your residential property has been severely misestimated, an expert evaluation might prove extremely cost-effective in the long run
Most do not realize you are not entitled to challenge your real estate tax bill in Ohio, however you can undoubtedly lodge an assessed value appeal, remember that regardless of how you feel about the bill, if you don’t pay, it can lead to the foreclosure of your house.
To successfully appeal, you will need to show at least three similar properties that have been assessed at a lower assessed value. The closer these homes remain in size and area to yours, the higher the opportunity of success you will have on appeal
Particular situations that may have actually decreased the value of your property
If there are extraordinary scenarios that straight result in the decrease of your property value and these are not accounted for in your house assessment, these are clear premises for appeal. Simply offer proof of these situations, and the appeals procedure should be straightforward.
You have just recently purchased your home in Pike County, Ohio for lower market value than the assessed value
If you have proof of the purchase price of your home or you possess a current appraisal that does not show the amount your house has actually been valued at by the assessor, this is clear grounds for appeal. If a professional 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 couple of 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 reduced while doing so.
How do you contest your property assessment in Pike County?
Every State has their own criteria for real estate assessment value appeals. Something they all have in common; the only groungs that they will accept is that your property has been assessed higher than it deserves. As your Pike County property 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 property assessed value. Your only opportunity of approach is to prove your house is not worth the value the assessor believes.
Upon receiving your house assessed value, your county will provide 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, keep in mind if you miss this deadline there’s absolutely nothing you can do, and you will be required to wait an additional year for an opportunity to appeal your house assessed value!
The fastest and simplest way to file an appeal in Pike County is to do so on the website of your county, town or city. The charges connected with each request can differ dependent on the preliminary value of your real estate assessment. The cost of an appeal differs 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 local tax assessor has included the correct house info to start with. In many cases, details may be incorrect such as, homes have actually been raised with basements that do not exist; such examples are wrong and could result in your home value being lowered immediately. The more information that you can gather as to why you feel your home is miscalculated, the more powerful your case for an assessment appeal.
If there are no clear issues with the info on your property, you will need to discover information of comparable homes in your neighborhood that are assessed at a lower value. This will be the most convenient way to show your case. You will want to discover three 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 attend a real estate appeal hearing, so if this does occur, don’t be frightened. In general, these hearings are simply called to enable you to provide the information you‘ve gathered in support of your claim. You will also be allowed to analyze any incorrect info that might be on file about your home. You need to be ready for this hearing and have all the information you‘ve collected about similar houses and sales of similar homes in Pike County.
Be prepared 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 modern 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 assessment and will want to win his/her case by embellishing on the facts to support their position. It’s is always important to keep in mind that there are no additional charges connected to filing an appeal; the worst result being that your house assessment is the same.
Is it worth submitting an appeal?
If you truly feel that your house has been overvalued, an effective appeal of your Pike County real estate assessment might result in substantial cost savings. If there are just a few hundred dollars of possible cost savings, it may not be worth your time. You also need to consider that the hearing could be set up 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 appropriate arrangements to reduce wage loss.
How Property Taxes Are Calculated On A Home
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.