Property tax appeal: Should you appeal your property’s assessed value in Atoka County, Oklahoma?
Homeowners in Atoka County are fully knowledgeable about the concern of real estate tax; those that have actually spent their lives in locations where these taxes are typically high feel the impact more than many. The effect of these taxes can be even worse for those who have actually resided in their properties for some time, as they have seen firsthand the taxes increase year after year. The bad news is perhaps overpaying your residential property taxes and be entirely uninformed. Here are some common factors individuals are overpaying their residential properties tax.
Is your Atoka County home over assessed?
A high home assessed value is the primary factor that people appeal the amount they are paying on their property taxes. In a lot of cases, people feel that the assessment placed on their residential property does not reflect the market value ought to they try to sell it today. The easiest method to discover this out is to contact some local real estate agents. They must be able to tell you the series of values comparable properties are selling for in your location. Keep in mind, the actual market value of your home will not be realized up until a sale is finally closed. When you receive your house evaluation, you will be given a 30-day window in which to appeal any assessment. Otherwise, you will have to wait up until next year to appeal.
Can you get the actual value of your property?
It is probably beneficial to get in touch with a regional property agent or your assessor in Atoka County, Oklahoma. If you feel your residential property has actually been seriously misestimated, an expert assessment might show very economical in the long run
Often people do not realize you are not allowed to contest your tax bill directly in Oklahoma, however you can undoubtedly lodge an assessment appeal, keep in mind that no matter how you feel about the bill, 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 comparable residential properties that have been evaluated at a lower assessment value. The closer these homes are in size and area to yours, the higher the chance of success you will have on appeal
Specific circumstances that may have reduced the value of your property
If there are exceptional scenarios that directly lead to the reduction of your residential property value and these are not reflected in your house assessment, these are clear premises for appeal. Just provide evidence of these circumstances, and the appeals procedure should be straightforward.
You have just recently bought your residential property in Atoka County, Oklahoma for a lower value than the assessed value
If you have proof of the purchase price of your home or you have a current appraisal that does not show the dollar amount your house has been assessed 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 significant proof 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. The good news is that you do not have to accept a high property assessment; you can always appeal and get them decreased in the process.
How do you appeal your property assessed value in Atoka County?
Every State has their own criteria for real estate assessment appeals. One thing they all have in common; the only argument that they will accept is that your home has actually been assessed higher than it‘s worth. As your Atoka County house taxes are determined basically by multiplying the evaluated value of your home by its areas set tax rate, you do not have any premises to appeal the tax rate just the property assessment. Your only opportunity of approach is to prove your home 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 vary 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 due date there’s absolutely nothing you can do, and you will be forced to wait a further year for an opportunity to appeal your real estate assessment value!
The fastest and easiest method to submit an appeal in Atoka County is to do so on the assessment website of your county, town or city. The costs related to each request can differ depending on the initial value of your property assessment value. 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 guarantee that your regional tax assessor has included the correct real estate details to start with. Sometimes, facts on your home may be incorrect such as, houses have actually been raised with basements that do not exist; such examples are wrong and might lead to your house value being decreased immediately. The more information that you can gather regarding why you feel your house is misestimated, the more powerful your case for an appeal.
If there are no recognizable concerns with the info on your property, you will need to discover information of equivalent homes in your community that have a lower assessment. This will be the simplest way to prove your case. You will want to discover 3 or 4 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 go to a property appeal hearing, so if this does happen, do not be daunted. In general, these hearings are simply contacted us to enable you to provide the information you‘ve collected in support of your claim. You will also be allowed to take a look at any false information that might be on file about your home. You must be ready for this hearing and have all the information you have actually gathered about similar houses and sales of similar homes in Atoka County.
Be ready 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 value and will want to win his/her case by elaborating 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 outcome being that your house assessment is the same.
Is it worth submitting an appeal?
If you genuinely feel that your house has actually been overvalued, an effective appeal of your Atoka County real estate assessment might lead to significant savings. If there are just a couple of hundred dollars of possible cost savings, it might not deserve your time. You also need to consider that the hearing could be set up throughout a workday, which may result in 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 - Pros and Cons
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?