Property tax appeal: Should you appeal your property assessment in Blaine County, Oklahoma?
Property owners in Blaine County are totally aware of the concern of real estate tax; those that have actually spent their lives in areas where these taxes are typically high feel the effect more than a lot 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 possibly overpaying your residential property taxes and be totally uninformed. Here are some typical reasons people are overpaying their homes tax.
Is your Blaine County home over evaluated?
A high home assessment is the main factor that individuals appeal the amount they are paying on their real estate tax. In many cases, individuals feel that the assessment placed on their home does not reflect the market value need to they attempt to sell it today. The most convenient way to find this out is to call some local realtors. They must be able to inform you the range of worths equivalent properties are selling for in your location. Keep in mind, the real market value of your home will not be realized up until a sale is finally closed. When you receive your property evaluation, you will be given a 30-day window in which to appeal any valuation. Otherwise, you will need to wait up until next year to appeal.
Can you get the actual value of your property?
It is probably worthwhile to contact a local property agent or your assessor in Blaine County, Oklahoma. If you feel your residential property has actually been seriously overvalued, an expert assessment might show extremely economical in the long run
Many do not realize you are not entitled to contest your property tax bill in Oklahoma, however you can undoubtedly file an assessment appeal, keep in mind that no matter how you feel about the expense, if you don’t pay, it can lead to the foreclosure of your home.
To successfully appeal, you will require to show a minimum of 3 comparable properties that have actually been evaluated at a lower value. The closer these properties are in size and place to yours, the greater the opportunity of success you will have on appeal
Particular circumstances that may have decreased the value of your residential property
If there are extraordinary scenarios that straight lead to the reduction of your property value and these are not shown in your evaluation, these are clear premises for appeal. Just supply evidence of these scenarios, and the appeals procedure should be straightforward.
You have actually just recently purchased your residential property in Blaine County, Oklahoma for much less than the assessment value
If you have evidence of the purchase price of your home or you have a recent appraisal that does not reflect the dollar amount your house has actually been assessed at by the assessor, this is clear premises for appeal. If a professional values your property much lower than that of the assessed value, this is considerable proof to support your petition. You can always pay for a new appraisal despite the fact that this will cost a couple of hundred dollars it could be worth it in the end. The good news is that you do not need to accept a high property assessment; you can always appeal and get them decreased at the same time.
How do you appeal your home assessed value in Blaine County?
Every State has their own criteria 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 assessed higher than it‘s worth. As your Blaine County home taxes are calculated basically by multiplying the assessed value of your house by its areas set tax rate, you do not have any grounds to appeal the tax rate just the property assessment value. Your only opportunity of approach is to prove your house is not worth the value the assessor believes.
On receiving your home assessment, your county will give 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, keep in mind if you miss this deadline there’s absolutely nothing you can do, and you will be required to wait a more year for an opportunity to appeal your real estate assessment value!
The fastest and simplest way to file an appeal in Blaine County is to do so on the assessment website of your county, town or city. The fees associated with each request can differ dependent on the initial value of your home 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 procedure is to ensure that your local tax assessor has included the proper house info to start with. In some cases, details may be in error such as, houses have actually been raised with basements that do not exist; such examples are wrong and could lead to your home value being lowered right away. The more information that you can gather as to why you feel your house is miscalculated, the stronger your case for an appeal.
If there are no clear concerns with the info on your property, you will need to discover information of comparable homes in your neighborhood that have a lower assessment. This will be the easiest method to prove your case. You will want to find 3 or 4 houses that are all the same size as yours, in the same area, whose value is much less lower than your property; this will be your grounds for appeal.
In some locations, you’ll be asked to participate in a property appeal hearing, so if this does occur, don’t be intimidated. In general, these hearings are just contacted us to permit you to provide the details you‘ve gathered in support of your claim. You will also be allowed to analyze any false info that might be on file about your residential property. You must be ready for this hearing and have all the information you have actually gathered about similar homes and sales of similar houses in Blaine 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 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 value and will want to win his/her case by embellishing on the facts to support their position. It’s is always crucial to keep in mind that there are no additional penalties attached to submitting an appeal; the worst outcome being that your property assessed value is the same.
Is it worth filing an appeal?
If you really feel that your home has been miscalculated, a successful appeal of your Blaine County house assessment could result in considerable savings. If there are just a few hundred dollars of possible savings, it may not be worth your time. You also need to consider that the hearing could be arranged during 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.
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.