Contest property taxes: Should you appeal your property’s assessed value in Craig County, Oklahoma?
Property owners in Craig County are totally aware of the burden of real estate tax; those that have invested their lives in areas where these taxes are traditionally high feel the effect more than most. The effect of these taxes can be even worse for those who have actually resided in their properties for some time, as they have actually seen firsthand the taxes rise every year. The bad news is perhaps overpaying your home taxes and be completely unaware. Here are some typical factors individuals are overpaying their properties tax.
Is your Craig County home over evaluated?
A high home valuation is the primary reason that individuals appeal the dollar amount they are paying on their real estate tax. In a lot of cases, people feel that the evaluation put on their home does not show the market value should they try to offer it today. The easiest way to discover this out is to contact some local realtors. They should be able to tell you the series of worths comparable homes are selling for in your area. Remember, the actual market value of your property will not be known up until a sale is closed. When you receive your property evaluation, you will be offered a 30-day window in which to appeal any evaluation. Otherwise, you will have to wait up until next year to appeal.
Can you get the real market value of your property?
It is most likely worthwhile to contact a local property agent or your assessor in Craig County, Oklahoma. If you feel your property has been significantly miscalculated, an expert assessment could prove really cost-effective in the long run
Most do not know you are not entitled to dispute your property tax bill directly in Oklahoma, however you can unquestionably lodge an assessment appeal, bear in mind that despite 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 need to reveal at least three similar properties that have actually been evaluated at a lower assessment value. The closer these homes are in size and area to yours, the greater the possibility of success you will have on appeal
Specific situations that may have actually reduced the value of your home
If there are exceptional circumstances that straight result in the decrease of your residential property value and these are not reflected in your assessment, these are clear grounds for appeal. Simply provide evidence of these circumstances, and the appeals process should be straightforward.
You have actually recently bought your property in Craig County, Oklahoma for less than the assessment value
If you have proof of the purchase price of your home or you have a recent appraisal that does not show the amount your house has actually been assessed at by the assessor, this is clear grounds for appeal. If an expert evaluates your property much lower than that of the tax assessment, this is considerable proof to back your appeal. 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 bright side is that you do not have to accept a high property assessment; you can always appeal and get them reduced in the process.
How do you appeal your house assessment value in Craig County?
Every State has their own criteria for real estate assessment value appeals. One thing they all have in common; the only argument that they will accept is that your home has been evaluated higher than it deserves. As your Craig County real estate taxes are determined basically by multiplying the assessed value of your home by its locations set tax rate, you do not have any premises to appeal the tax rate just the property assessed value. Your only opportunity of approach is to show your home is not worth the value the assessor thinks.
On receiving your house assessed value, your county will offer 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 nothing you can do, and you will be forced to wait a more year for an opportunity to appeal your property assessment value!
The fastest and simplest way to submit an appeal in Craig County is to do so on the website of your county, town or city. The fees connected with each appeal can vary depending on the preliminary value of your property assessment. 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 guarantee that your local tax assessor has included the appropriate property details to start with. In some cases, facts on your home may be incorrect such as, houses have been raised with basements that don’t exist; such examples are wrong and could lead to your home value being decreased immediately. The more information that you can gather as to why you feel your home is overvalued, the more powerful your case for an assessment appeal.
If there are no recognizable problems with the information on your property, you will need to find information of comparable homes in your community that are assessed at a lower value. This will be the easiest way to show your case. You will want to find 3 or four residential properties 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 areas, you’ll be asked to attend a property appeal hearing, so if this does happen, do not be frightened. In general, these hearings are simply called to enable you to present the information you have actually collected in support of your claim. You will also be enabled to examine any false information that may be on file about your property. You should be ready for this hearing and have all the data you have actually gathered about similar houses and sales of comparable homes in Craig 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 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 elaborating on the facts to support their position. It’s is always important to remember that there are no additional penalties connected to submitting an appeal; the worst result being that your property assessed value is the same.
Is it worth filing an appeal?
If you truly feel that your home has been overvalued, a successful appeal of your Craig County property assessment value might result in considerable cost savings. If there are just a few hundred dollars of potential savings, it might not deserve your time. You also need to consider that the hearing could be set up during 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 appropriate arrangements to minimize 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.