Wood County Property Tax Appeal

Property tax assessment appeal: Should you appeal your property’s assessed value in Wood County, Ohio?

Homeowners in Wood County are completely knowledgeable about the problem of property taxes; those that have invested their lives in locations where these taxes are traditionally high feel the impact more than the majority of. The impact of these taxes can be even worse for those who have actually resided in their homes for a long time, as they have actually experienced firsthand the taxes increase every year. But the bad news is maybe overpaying your property taxes and be entirely uninformed. Here are some common factors people are overpaying their homes tax.

Get This to Win Your Property Appeal

Is your Wood County house over evaluated?

A high home evaluation is the primary reason that people appeal the amount they are paying on their real estate tax. In most cases, people feel that the assessment placed on their residential property does not show the marketplace value should they attempt to offer it today. The simplest method to discover this out is to call some local realtors. They need to be able to tell you the range of values equivalent properties are selling for in your area. Remember, the real market value of your property will not be known until a sale is finally closed. When you receive your home valuation, you will be offered a 30-day window in which to appeal any appraisal. Otherwise, you will have to wait until next year to appeal.

Can you get the real value of your home?

It is probably beneficial to reach out to a regional property representative or your assessor in Wood County, Ohio. If you feel your home has been seriously miscalculated, a professional assessment might prove very cost-efficient in the long run

Often people do not realize you are not entitled to dispute your real estate tax bill in Ohio, however you can certainly file an assessed value appeal, remember that no matter how you feel about the bill, if you do not pay, it can lead to the foreclosure of your home.

To successfully appeal, you will require to reveal at least three equivalent properties that have actually been evaluated at a lower assessment value. The closer these homes remain in size and location to yours, the higher the chance of success you will have on appeal

Get This to Win Your Property Appeal

Specific circumstances that may have actually lowered the value of your home

If there are extraordinary scenarios that directly result in the decrease of your property value and these are not shown in your assessment, these are clear grounds for appeal. Just supply evidence of these scenarios, and the appeals procedure ought to be straightforward.

You have actually recently purchased your property in Wood County, Ohio for lower market value than the assessment value

If you have proof of the purchase price of your home or you possess a recent appraisal that does not show the dollar amount your home has actually been assessed at by the assessor, this is clear grounds for appeal. If an expert values your home much lower than that of the assessed value, this is substantial evidence to support your petition. You can always pay for a new appraisal despite the fact that this will cost a few hundred dollars it could be worth it in the end. The good news is that you do not have to accept a high property assessment; you can always appeal and get them lowered at the same time.

Get This to Win Your Property Appeal

How do you appeal your property assessment value in Wood County?

Every State has their own requirements for home assessed value appeals. One thing they all have in common; the only groungs that they will accept is that your residential property has actually been evaluated higher than itreal market value. As your Wood County real estate taxes are calculated basically by multiplying the evaluated value of your home by its areas set tax rate, you do not have any grounds to appeal the tax rate just the real estate assessment. Your only opportunity of approach is to prove your home is valued less than the value the assessor thinks.

Upon receiving your home assessment, your county will provide you a predetermined window in which to appeal. These can vary 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 an opportunity to appeal your house assessment!

The fastest and most convenient method to submit an appeal in Wood County is to do so on the assessment website of your county, town or city. The charges associated with each appeal can vary depending on the preliminary value of your property assessment. The expense 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 make sure that your local tax assessor has included the right property information to start with. In some cases, information may be incorrect such as, houses have actually been lifted with basements that don’t exist; such examples are wrong and might lead to your house value being reduced instantly. The more information that you can gather regarding why you feel your house is miscalculated, the more powerful your case for an assessment appeal.

Get This to Win Your Property Appeal

If there are no clear issues with the information on your property, you will need to find details of similar homes in your neighborhood that have a lower assessment. This will be the most convenient method to prove your case. You will want to find 3 or four homes that are all the same size as yours, in the same location, whose value is much less lower than your property; this will be your premises for appeal.

In some areas, you’ll be asked to participate in a real estate appeal hearing, so if this does occur, do not be daunted. In general, these hearings are simply contacted us to enable you to present the information you‘ve collected in support of your claim. You will likewise be enabled to take a look at any false details that might be on file about your residential property. You should be ready for this hearing and have all the information you have actually gathered about comparable houses and sales of similar houses in Wood 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 modern than the ones you’re comparing it to. Be prepared for such an argument because if you get to this stage, 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 case. It’s is always important to bear in mind that there are no additional penalties connected to filing an appeal; the worst outcome being that your property assessment is the same.

Is it worth filing an appeal?

If you genuinely feel that your home has been misestimated, a successful appeal of your Wood County property assessment value might result in considerable savings. If there are just a couple of hundred dollars of possible savings, it may not be worth your time. You also need to consider that the hearing could be arranged throughout a workday, which might lead to 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 minimize wage loss.

Get This to Win Your Property Appeal

Property Tax - Pros and Cons

Anytime you have a home or property you will pay real estate tax. Real estate tax is estimated based on your home value. For instance, if you purchase a home and the property is worth $10,000 but you pay $20,000 for the home, thus this additional balance is your equity.

In some areas, you pay taxes in the winter and spring months. Some cities charge city taxes and state taxes for property. In addition, the real estate tax estimate is based on the current market price also. For this reason, you want to find deductibles to save money on home taxes.

If you purchased a home and lived there a couple of years, you have an invested property. The interest that you pay toward the property will not qualify you for interest deduction on your real estate tax. On the other hand, you may have tax deductibles under the itemized returns.

The purpose of bringing this up is to let you know that you may have real estate tax options available to you for saving money. Many people do not realize this. Renters get money back from the government all the time for paying rent each month. Thus, like renters homeowners have return options also. Check these options carefully.

Moreover, check your options, since you may have deductible choices on your equity interest dues. Check under the itemized deduction options to learn more.

You will find that you may have options for taking out loans over home improvement. If you recently were accepted for a line of credit or a home improvement loan, look under the itemized deductions to see if you have options for tax returns. Tax options are available for second mortgages, etc. You can also find help for particular issues. For instance, if you recently lost your home because of flood, fire, or your home was damaged, thus you may have an option to file claims. You may find a big real estate tax relief by searching through the theft, fire, and disaster category on your tax forms. Usually, you will need tax form 1040X.

To learn more about real estate tax visit the real estate sites online. Here you will find helpful information, calculators and other valuable tools to help you save money. Many sites post information about real estate tax deductibles, so see what you qualify for by visiting now.

Get This to Win Your Property Appeal

Ohio

Wood County Property Tax Appeal

Property tax dispute: Should you appeal your property assessment in Wood County, Texas?

House owners in Wood County are fully aware of the burden of real estate tax; those that have spent their lives in areas where these taxes are generally high feel the effect more than most. The effect of these taxes can be even worse for those who have lived in their residential properties for a long time, as they have experienced firsthand the taxes rise every year. However the bad news is possibly overpaying your real estate tax and be entirely uninformed. Here are some common factors people are overpaying their homes tax.

Get This to Win Your Property Appeal

Is your Wood County property over assessed?

A high property evaluation is the main factor that people appeal the amount they are paying on their real estate tax. In a lot of cases, people feel that the evaluation placed on their property does not show the marketplace value ought to they try to offer it today. The most convenient way to find this out is to call some local realtors. They ought to have the ability to inform you the variety of values comparable residential properties are selling for in your area. Keep in mind, the real value of your residential property will not be realized until a sale is closed. When you receive your house assessment, you will be offered a 30-day window in which to appeal any valuation. Otherwise, you will need to wait until next year to appeal.

Can you get the actual value of your property?

It is most likely beneficial to contact a regional realty representative or your assessor in Wood County, Texas. If you feel your property has been seriously misestimated, an expert valuation might prove really affordable in the long run

Often people do not realize you are not permitted to dispute your tax bill directly in Texas, but you can certainly file an assessed value appeal, remember that no matter 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 a minimum of 3 equivalent residential properties that have actually been assessed at a lower assessed value. The closer these residential properties are in size and place to yours, the higher the chance of success you will have on appeal

Get This to Win Your Property Appeal

Particular situations that may have actually lowered the value of your home

If there are extraordinary circumstances that straight result in the decrease of your residential property value and these are not accounted for in your evaluation, these are clear grounds for appeal. Simply supply evidence of these scenarios, and the appeals procedure should be straightforward.

You have recently bought your home in Wood County, Texas for lower market value than the assessment value

If you have evidence of the purchase price of your home or you have a recent appraisal that does not show the amount your house has been valued at by the assessor, this is clear premises 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 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 real estate assessment; you can always appeal and get them decreased in the process.

Get This to Win Your Property Appeal

How do you appeal your property assessed value in Wood County?

Every State has their own requirements for property assessed value appeals. One thing they all have in common; the only argument that they will accept is that your residential property has been assessed higher than itreal market value. As your Wood County real estate taxes are determined basically by multiplying the assessed value of your home by its areas set tax rate, you do not have any premises to appeal the tax rate just the home assessment value. Your only avenue of approach is to show your home is less than the value the assessor believes.

Upon receiving your house assessment, your county will provide you a predetermined window in which to appeal. These can vary significantly 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 an opportunity to appeal your house assessment value!

The fastest and easiest method to submit an appeal in Wood County is to do so on the website of your county, town or city. The charges related to each request can differ depending on the preliminary value of your home assessed 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 procedure is to ensure that your regional tax assessor has included the appropriate house info to start with. Sometimes, information may be in error such as, houses have actually been lifted with basements that do not exist; such examples are wrong and might result in your house value being lowered immediately. The more information that you can gather as to why you feel your home is misestimated, the stronger your case for an appeal.

Get This to Win Your Property Appeal

If there are no clear issues with the information on your property, you will need to find information of equivalent homes in your area that are assessed at a lower value. This will be the simplest method to prove your case. You will want to find three or four houses 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 grounds for appeal.

In some areas, 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 contacted us to permit you to present the information you‘ve gathered in support of your claim. You will likewise be allowed to analyze any incorrect information that may be on file about your property. You need to be ready for this hearing and have all the data you have actually gathered about comparable homes and sales of comparable homes in Wood County.

Be ready 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 point, the Assessor believes you are not deserving of a reduction in assessment and will want to win his/her case by elaborating on the facts to support their case. It’s is always essential to remember that there are no additional penalties attached to filing an appeal; the worst outcome being that your home assessment value is the same.

Is it worth submitting an appeal?

If you really feel that your home has been misestimated, an effective appeal of your Wood County home assessment value could result in substantial savings. If there are just a couple of hundred dollars of potential cost savings, it might not be worth your time. You also need to consider that the hearing could be scheduled throughout a workday, which may 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 arrangements to minimize wage loss.

Get This to Win Your Property Appeal

How Property Taxes Are Calculated On A Home

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.

© 2007 Complete Books Publishing, Inc.

Get This to Win Your Property Appeal

Texas

Wood County Property Tax Appeal

Property tax appeal: Should you appeal your property assessment in Wood County, West Virginia?

Homeowners in Wood County are fully knowledgeable about the concern of property taxes; those that have actually spent their lives in locations where these taxes are generally high feel the impact more than the majority of. The effect of these taxes can be even worse for those who have actually lived in their homes for a long time, as they have actually seen firsthand the taxes increase every year. But the bad news is perhaps overpaying your real estate tax and be entirely unaware. Here are some common factors individuals are overpaying their properties tax.

Get This to Win Your Property Appeal

Is your Wood County property over assessed?

A high house valuation is the primary factor that people appeal the dollar amount they are paying on their property taxes. Oftentimes, people feel that the appraisal placed on their residential property does not show the market value need to they attempt to offer it today. The simplest way to find this out is to call some local real estate agents. They need to be able to tell you the series of worths similar properties are selling for in your area. Keep in mind, the actual value of your property will not be realized until a sale is finally closed. When you receive your house assessed value, you will be given a 30-day window in which to appeal any assessment. Otherwise, you will need to wait until next year to appeal.

Can you get the actual market value of your home?

It is probably worthwhile to contact a regional realty representative or your assessor in Wood County, West Virginia. If you feel your property has actually been badly miscalculated, an expert valuation could show very affordable in the long run

Often people do not realize you are not allowed to contest your property tax bill in West Virginia, but you can certainly file an assessed value appeal, remember that despite how you feel about the costs, if you don’t pay, it can result in the foreclosure of your home.

To successfully appeal, you will need to show at least 3 equivalent homes that have been assessed at a lower assessed value. The closer these residential properties are in size and location to yours, the greater the opportunity of success you will have on appeal

Get This to Win Your Property Appeal

Specific situations that may have actually minimized the value of your property

If there are extraordinary situations that directly result in the reduction of your home value and these are not reflected in your property assessment, these are clear grounds for appeal. Simply supply evidence of these situations, and the appeals process ought to be straightforward.

You have recently bought your property in Wood County, West Virginia for less than the assessment value

If you have proof of the purchase price of your home or you possess a recent appraisal that does not reflect the dollar amount your house has actually been valued at by the assessor, this is clear premises for appeal. If a professional values your residential property much lower than that of the assessment, this is substantial proof to support your appeal. 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 need to accept a high real estate assessment; you can always appeal and get them lowered while doing so.

Get This to Win Your Property Appeal

How do you appeal your property assessed value in Wood County?

Every State has their own requirements for home assessment value appeals. One thing they all have in common; the only groungs that they will accept is that your home has been assessed higher than it deserves. As your Wood County home taxes are determined basically by multiplying the evaluated value of your house by its locations set tax rate, you do not have any premises to appeal the tax rate just the home assessment. Your only avenue of approach is to prove your house is less than the value the assessor thinks.

Upon receiving your house assessment, your county will provide you a predetermined window in which to appeal. These can vary 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 absolutely nothing you can do, and you will be forced to wait an additional year for a chance to appeal your real estate assessed value!

The fastest and easiest way to file an appeal in Wood County is to do so on the website of your county, town or city. The charges associated with each request can vary dependent on the initial 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 process is to ensure that your regional tax assessor has included the right home info to start with. In many cases, details may be in error such as, homes have been raised with basements that don’t exist; such examples are wrong and could cause your house value being decreased right away. The more details that you can gather regarding why you feel your home is misestimated, the more powerful your case for an appeal.

Get This to Win Your Property Appeal

If there are no recognizable problems with the information on your property, you will need to find details of equivalent homes in your neighborhood that are assessed at a lower value. This will be the easiest method to prove your case. You will want to find 3 or four houses 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 areas, you’ll be asked to attend a property appeal hearing, so if this does occur, do not be frightened. In general, these hearings are just contacted us to allow you to present the information you have actually collected in support of your claim. You will also be permitted to analyze any incorrect information that may be on file about your property. You need to be ready for this hearing and have all the data you have actually collected about comparable homes and sales of similar homes in Wood County.

Be prepared for the tax assessor to argue his/her counter-argument. Among the most popular ones here is that your home in concern is more modern-day than the ones you’re comparing it to. Be ready 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 elaborating on the facts to support their case. It’s is always important to keep in mind that there are no additional penalties attached to submitting an appeal; the worst outcome being that your house assessment value is the same.

Is it worth submitting an appeal?

If you genuinely feel that your house has been miscalculated, a successful appeal of your Wood County real estate assessment value might lead to considerable cost savings. If there are just a few hundred dollars of prospective savings, it might not deserve your time. You also need to consider that the hearing could be arranged throughout a workday, which might 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 possibly eliminate wage loss.

Get This to Win Your Property Appeal

Property Tax - Pros and Cons

Anytime you have a home or property you will pay real estate tax. Real estate tax is estimated based on your home value. For instance, if you purchase a home and the property is worth $10,000 but you pay $20,000 for the home, thus this additional balance is your equity.

In some areas, you pay taxes in the winter and spring months. Some cities charge city taxes and state taxes for property. In addition, the real estate tax estimate is based on the current market price also. For this reason, you want to find deductibles to save money on home taxes.

If you purchased a home and lived there a couple of years, you have an invested property. The interest that you pay toward the property will not qualify you for interest deduction on your real estate tax. On the other hand, you may have tax deductibles under the itemized returns.

The purpose of bringing this up is to let you know that you may have real estate tax options available to you for saving money. Many people do not realize this. Renters get money back from the government all the time for paying rent each month. Thus, like renters homeowners have return options also. Check these options carefully.

Moreover, check your options, since you may have deductible choices on your equity interest dues. Check under the itemized deduction options to learn more.

You will find that you may have options for taking out loans over home improvement. If you recently were accepted for a line of credit or a home improvement loan, look under the itemized deductions to see if you have options for tax returns. Tax options are available for second mortgages, etc. You can also find help for particular issues. For instance, if you recently lost your home because of flood, fire, or your home was damaged, thus you may have an option to file claims. You may find a big real estate tax relief by searching through the theft, fire, and disaster category on your tax forms. Usually, you will need tax form 1040X.

To learn more about real estate tax visit the real estate sites online. Here you will find helpful information, calculators and other valuable tools to help you save money. Many sites post information about real estate tax deductibles, so see what you qualify for by visiting now.

Get This to Win Your Property Appeal

West Virginia

Wood County Property Tax Appeal

Contest property taxes: Should you appeal your property assessment in Wood County, Wisconsin?

House owners in Wood County are completely knowledgeable about the problem of property taxes; those that have actually invested their lives in locations where these taxes are generally high feel the impact more than the majority of. The impact of these taxes can be even worse for those who have actually lived in their residential properties for a long time, as they have witnessed firsthand the taxes increase every year. The bad news is maybe overpaying your home taxes and be completely unaware. Here are some typical factors people are overpaying their properties tax.

Get This to Win Your Property Appeal

Is your Wood County home over evaluated?

A high home assessed value is the main reason that people appeal the dollar amount they are paying on their real estate tax. In most cases, people feel that the evaluation placed on their home does not show the marketplace value ought to they attempt to sell it today. The easiest method to find this out is to get in touch with some local realtors. They must have the ability to inform you the series of worths equivalent residential properties are selling for in your location. Keep in mind, the real market value of your residential property will not be realized up until a sale is finally closed. When you receive your home assessment, you will be provided 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 actual market value of your property?

It is probably worthwhile to reach out to a local property agent or your assessor in Wood County, Wisconsin. If you feel your residential property has been seriously misestimated, a professional valuation might show really affordable in the long run

Many do not know you are not entitled to dispute your real estate tax bill directly in Wisconsin, but you can undoubtedly lodge an appeal, keep in mind that despite how you feel about the costs, if you do not pay, it can result in the foreclosure of your house.

To effectively appeal, you will need to show a minimum of three equivalent properties that have been evaluated at a lower value. The closer these homes are in size and area to yours, the higher the opportunity of success you will have on appeal

Get This to Win Your Property Appeal

Specific situations that may have actually minimized the value of your property

If there are exceptional circumstances that straight result in the reduction of your residential property value and these are not shown in your house assessment, these are clear premises for appeal. Simply offer evidence of these situations, and the appeals procedure ought to be straightforward.

You have just recently bought your residential property in Wood County, Wisconsin for much less than the assessed value

If you have evidence of the purchase price of your home or you have a current appraisal that does not show the dollar amount your house has actually been valued at by the assessor, this is clear premises for appeal. If a professional values your home much lower than that of the tax assessment, this is substantial evidence to support your appeal. You can always request a 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 reduced at the same time.

Get This to Win Your Property Appeal

How do you contest your home assessment value in Wood County?

Every State has their own requirements for real estate assessment appeals. One thing they all have in common; the only groungs that they will accept is that your residential property has actually been evaluated higher than it deserves. As your Wood County home taxes are computed basically by multiplying the assessed 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 avenue of approach is to show your house is less than the value the assessor believes.

On receiving your house assessment, your county will offer you a predetermined window in which to appeal. These can vary 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 deadline 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 assessed value!

The fastest and easiest way to submit an appeal in Wood County is to do so on the website of your county, town or city. The charges associated with each request can vary dependent on the initial value of your house assessment value. The expense 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 ensure that your local tax assessor has included the proper real estate information to start with. In some cases, information may be incorrect such as, houses have actually been lifted with basements that don’t exist; such examples are wrong and could result in your house value being reduced instantly. The more information that you can gather as to why you feel your house is overvalued, the stronger your case for an assessment appeal.

Get This to Win Your Property Appeal

If there are no clear concerns with the information on your property, you will need to find details of equivalent homes in your area that have a lower assessment. This will be the most convenient way to prove your case. You will want to find 3 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 go to a real estate appeal hearing, so if this does happen, don’t be intimidated. In general, these hearings are simply contacted us to enable you to provide the details you have actually gathered in support of your claim. You will also be permitted to examine any false information that may be on file about your residential property. You ought to be prepared for this hearing and have all the data you‘ve collected about similar homes and sales of comparable houses in Wood County.

Be prepared for the tax assessor to argue his or 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 prepared for such an argument because if you get to this stage, the Assessor believes you are not deserving of a reduction in assessed value 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 submitting an appeal; the worst result being that your property assessment is the same.

Is it worth filing an appeal?

If you genuinely feel that your house has actually been overvalued, a successful appeal of your Wood County property assessment might result in significant cost savings. If there are only a few hundred dollars of potential savings, it might not deserve your time. You also need to consider that the hearing could be scheduled during a workday, which might 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 appropriate arrangements to possibly eliminate wage loss.

Get This to Win Your Property Appeal

Prorations - Real Estate Tax and 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.

© 2007 Complete Books Publishing, Inc.

Get This to Win Your Property Appeal

Wisconsin