Property tax appeal: Should you appeal your property’s assessed value in Shelby County, Ohio?
House owners in Shelby County are completely familiar with the problem 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 some time, as they have actually experienced firsthand the taxes rise every year. But the bad news is maybe overpaying your property taxes and be completely unaware. Here are some common reasons people are overpaying their residential properties tax.
Is your Shelby County property over evaluated?
A high house assessed value is the main reason that individuals appeal the amount they are paying on their property taxes. In a lot of cases, individuals feel that the appraisal put on their residential property does not reflect the market value should they attempt to offer it today. The simplest method to discover this out is to contact some local real estate agents. They ought to have the ability to tell you the variety of worths equivalent residential properties are selling for in your location. Remember, the real market value of your home will not be known till a sale is closed. When you receive your home valuation, you will be offered a 30-day window in which to appeal any evaluation. Otherwise, you will need to wait till next year to appeal.
Can you get the real value of your home?
It is most likely beneficial to contact a local real estate agent or your assessor in Shelby County, Ohio. If you feel your residential property has actually been significantly misestimated, a professional assessment could prove very cost-efficient in the long run
Often people do not realize you are not allowed to challenge your tax bill in Ohio, however you can certainly lodge an assessment appeal, keep in mind that regardless of how you feel about the expense, if you do not pay, it can result in the foreclosure of your house.
To effectively appeal, you will need to reveal at least three comparable residential properties that have actually been evaluated at a lower assessed value. The closer these properties are in size and location to yours, the higher the opportunity of success you will have on appeal
Particular circumstances that may have reduced the value of your residential property
If there are extraordinary situations that directly lead to the reduction of your home value and these are not reflected in your evaluation, these are clear grounds for appeal. Just offer evidence of these situations, and the appeals process ought to be straightforward.
You have actually recently purchased your property in Shelby County, Ohio for less than the assessment value
If you have evidence of the purchase price of your home or you possess a current appraisal that does not reflect the amount your house has actually been valued at by the assessor, this is clear premises for appeal. If a professional evaluates your property much lower than that of the assessment, this is considerable evidence to back your petition. You can always pay for a brand-new appraisal despite the fact that this will cost a couple of hundred dollars it could be worth it in the end. Fortunately 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 Shelby County?
Every State has their own criteria for property assessment value appeals. Something they all have in common; the only argument that they will accept is that your property has actually been assessed higher than it deserves. As your Shelby County home taxes are calculated basically by multiplying the assessed value of your home by its locations set tax rate, you do not have any grounds to appeal the tax rate just the house assessed value. Your only avenue of approach is to show your house is less than the value the assessor believes.
Upon receiving your home assessed value, your county will offer you a predetermined window in which to appeal. These can differ 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 deadline there’s absolutely nothing you can do, and you will be required to wait a further year for an opportunity to appeal your home assessment!
The fastest and simplest method to submit an appeal in Shelby County is to do so on the website of your county, town or city. The fees related to each request can differ dependent on the preliminary value of your real estate assessed value. The cost of an appeal varies could be as little as $10 to $100, depending on where you live.
The first step in the process is to make sure that your regional tax assessor has included the correct house information to start with. Sometimes, information may be in error such as, houses have been raised with basements that do not exist; such examples are wrong and might cause your house value being reduced immediately. The more details that you can gather regarding why you feel your home is overvalued, the more powerful your case for an appeal.
If there are no obvious concerns with the details on your property, you will need to find information of equivalent homes in your neighborhood that have a lower assessment. This will be the easiest way to prove your case. You will want to find three or 4 properties that are all the same size as yours, in the exact same location, whose value is much less lower than your own; this will be your grounds 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 daunted. In general, these hearings are just called to allow 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 residential property. You ought to be ready for this hearing and have all the information you‘ve collected about comparable homes and sales of comparable houses in Shelby 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 modern 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 position. It’s is always essential to remember that there are no additional penalties attached to submitting an appeal; the worst outcome being that your house assessed value is the same.
Is it worth filing an appeal?
If you truly feel that your house has been miscalculated, a successful appeal of your Shelby County property assessment value could lead to considerable cost savings. If there are just a couple of hundred dollars of prospective savings, it may not be worth your time. You also need to consider that the hearing could be set up throughout a workday, which might result in a loss of incomes. 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 possibly eliminate wage loss.
Are Property Taxes Fair?
Property tax can be the fairest and at the same time the not so fair tax collected by municipalities.
Two of the determining factors of how it can affect what an individual will pay for this type of tax are where you live and a person's economic condition.
Even though we all can appreciate the good points of owning a home vs. renting, when it comes to property tax, renting is by far the better option. States will collect property tax on the following:
Any additions to the property such as improvements to the land
Any structures that are not permanent to the property
The assessment is commonly made by an exclusive county tax collector in each state. An individual's property and land will be appraised of its value and subsequently mailed as a tax payment notice. This usually is paid through a homeowner's escrow amount stated on their mortgage.
Many times this can negatively affect a property or land owner as the taxes in a specific state can sometimes double or triple in amount and leave the homeowner unable to afford to pay their taxes, forcing them to sell their property or land.
People on a fixed income such as Senior citizens who have retired, can be greatly affected by the increase of property tax. The value of their homes increase, but at the same time they find themselves unable to pay their taxes because of their reduced income. Unfortunately, property tax doesn't allow much wiggle room in the event of acts of nature or personal tragedy.
Although 2.3 seems to be the average percentage for property tax, it varies greatly from state to state, making it seem highly unfair for certain states such as New Hampshire, as it is a high 4.9 percent.
It also seem unfair when states like Alabama pay 1.3 percent and yet just a little distance away in neighboring Georgia would be required to pay 2.6 percent, then even more in Florida at a rate of 3.1 percent.
So who determines how the money generated from this income is spent or in some cases wasted? The state legislatures will determine this along with the decision to increase or decrease property tax and how frequent it is collected.
Even though property tax can absolutely help states with income,the amount of property tax to be paid can be a determining factor in one's decision where to reside to achieve the American Dream of land or home ownership.