Property tax dispute: Should you appeal your property assessment in Greer County, Oklahoma?
Property owners in Greer County are totally aware of the problem of real estate tax; those that have spent their lives in locations 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 actually lived in their residential properties for some time, as they have seen firsthand the taxes increase year after year. But the bad news is perhaps overpaying your property taxes and be completely uninformed. Here are some typical factors people are overpaying their properties tax.
Is your Greer County house over evaluated?
A high property assessed value is the main reason that individuals appeal the amount they are paying on their real estate tax. In most cases, individuals feel that the appraisal put on their home does not show the marketplace value should they try to offer it today. The simplest way to discover this out is to contact some local real estate agents. They should have the ability to tell you the series of values equivalent properties are selling for in your location. Keep in mind, the actual market value of your property will not be realized till a sale is closed. When you receive your property assessed value, you will be offered a 30-day window in which to appeal any appraisal. Otherwise, you will have to wait up until next year to appeal.
Can you get the actual value of your house?
It is most likely worthwhile to contact a local realty representative or your assessor in Greer County, Oklahoma. If you feel your property has actually been seriously miscalculated, a professional appraisal could prove really affordable in the long run
Often people do not know you are not entitled to contest your real estate tax bill in Oklahoma, but you can unquestionably submit an assessed value appeal, keep in mind that no matter how you feel about the costs, if you don’t pay, it can result in the foreclosure of your home.
To effectively appeal, you will require to show a minimum of three similar homes that have actually been evaluated at a lower value. The closer these properties remain in size and place to yours, the greater the opportunity of success you will have on appeal
Particular circumstances that may have lowered the value of your home
If there are extraordinary situations 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 offer evidence of these circumstances, and the appeals process ought to be straightforward.
You have recently bought your property in Greer County, Oklahoma for 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 amount your house has actually been valued at by the assessor, this is clear grounds for appeal. If an expert evaluates your property much lower than that of the assessed value, this is considerable proof to back your petition. You can always request a brand-new appraisal even though this will cost a few 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 while doing so.
How do you contest your real estate assessment in Greer County?
Every State has their own requirements for house assessed value appeals. One thing they all have in common; the only groungs that they will accept is that your residential property has been assessed higher than it deserves. As your Greer County home taxes are calculated basically by multiplying the evaluated 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. Your only avenue of approach is to prove your house is valued less than 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 differ significantly 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 nothing you can do, and you will be forced to wait a more year for an opportunity to appeal your property assessed value!
The fastest and most convenient way to submit an appeal in Greer 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 house assessment. 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 guarantee that your local tax assessor has included the correct property details to start with. In some cases, facts on your home may be incorrect such as, homes have actually been lifted with basements that do not exist; such examples are wrong and could result in your home value being reduced instantly. The more details that you can gather regarding why you feel your house 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 equivalent homes in your community that are assessed at a lower value. This will be the most convenient way to prove your case. You will want to find 3 or 4 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 locations, you’ll be asked to participate in a real estate appeal hearing, so if this does happen, do not be frightened. In general, these hearings are just called to enable you to provide the details you‘ve gathered in support of your claim. You will also be allowed to analyze any false details that may be on file about your residential property. You must be ready for this hearing and have all the information you‘ve collected about similar homes and sales of comparable houses in Greer County.
Be ready 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 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 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 house has been miscalculated, an effective appeal of your Greer County real estate assessment value might lead to considerable cost savings. If there are just a few hundred dollars of possible cost savings, it may not deserve your time. You also need to consider that the hearing could be arranged throughout a workday, which may lead to 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 arrangements to minimize wage loss.
Property Tax Valuation - How to Calculate
Real estate properties in the U.S. are taxed by the federal and state governments. Taxes on these properties are a major source of revenue for local governments. Property tax rates, in the form of percentage, are usually decided by city councils, school boards, town boards, village boards and county legislatures and are collected each year by municipalities such as cities, counties and districts. Every year normally during September or October, the board conducts budget hearings to find out how much funds they will need for their operations the following year. The tax rate is then determined by dividing the board's total taxes by the total assessed value of the jurisdiction.
Property taxes have a special purpose. The funds collected from taxpayers
are used by municipalities to improve vital public facilities and infrastructure such as schools, sewers, libraries, fire stations, hospitals, parks, roads and bridges.
Laws on the various aspects of real estate properties as well as forms of property tax vary from state to state. However, there's a standard formula in calculating property taxes on a home. The normal process involves multiplying the assessed value of a certain property by the prevailing tax rate. Exemptions, if any, are then deducted from the resulting figure. Currently, some 40 states give property tax credits or homestead exemptions that allow a property to have a lower taxable assessed value.
In some states, the property tax rate is known as a millage tax, millage rate or mill levy with one mill equivalent to 1/1,000 of a dollar. Simply put, an owner of a property will have to pay one dollar for every $1,000 in taxable value.
The assessed value of a property is vital in determining the property tax. It is here where the assessor comes in and not in calculating the property tax as some other people might believe. To get the assessed value, the assessor estimates the market value of a property or the price it would likely sell for in the real estate market. This is done by conducting studies and analysis of the local real estate market and taking into consideration new construction, improvements done to the property and demolition of structures.
On your own as a homeowner, you should get an idea of your home's market value based on the sale prices of comparable properties in your neighborhood. If in the event you find that your assessment is a bit high, there is still a chance to have the value reduced through administrative and judicial proceedings or by consultation with your local assessor.
In coming up with the assessed value for residential properties, the actual value is multiplied by the residential assessment rate. The residential assessment rate is usually set by the state thus, it differs in every state.
So for example, the actual value of a home is $120,000 and the assessment rate is 7 percent, the assessed value would be $8,400.
Meanwhile, in getting the property tax for the same home valued at $120,000 with a tax rate of say, 25 percent, multiply the assessed value with the tax rate ($8,400 x .025) and you'll have a property tax bill of $2,100.
Keep in mind that property taxes have to paid each year and failure to do so would mean penalties. If possible, learn more about this important tax and other related programs such as tax breaks and tax reliefs that could provide you and your family reduced taxes.