Property tax appeal: Should you appeal your property’s assessed value in Harmon County, Oklahoma?
House owners in Harmon County are completely knowledgeable about the concern of real estate tax; those that have actually spent their lives in areas where these taxes are traditionally high feel the effect more than the majority of. The impact of these taxes can be even worse for those who have actually resided in their properties for a long time, as they have actually experienced firsthand the taxes increase year after year. However the bad news is possibly overpaying your property taxes and be entirely uninformed. Here are some typical reasons people are overpaying their homes tax.
Is your Harmon County property over assessed?
A high house assessment is the main reason that people appeal the dollar amount they are paying on their property taxes. Oftentimes, individuals feel that the evaluation put on their property does not show the market value should they attempt to sell it today. The easiest method to discover this out is to call some regional realtors. They should be able to tell you the variety of values comparable properties are selling for in your area. Keep in mind, the actual market value of your property will not be known till a sale is finally closed. When you receive your home assessed value, you will be offered a 30-day window in which to appeal any valuation. Otherwise, you will need to wait till next year to appeal.
Can you get the actual market value of your home?
It is most likely beneficial to contact a regional real estate representative or your assessor in Harmon County, Oklahoma. If you feel your property has actually been severely misestimated, a professional valuation might prove very cost-efficient in the long run
Often people do not know you are not entitled to dispute your tax bill in Oklahoma, however you can unquestionably submit an appeal, keep in mind that regardless of how you feel about the bill, if you do not pay, it can lead to the foreclosure of your home.
To effectively appeal, you will require to reveal at least three equivalent homes that have been assessed at a lower value. The closer these homes are in size and area to yours, the greater the possibility of success you will have on appeal
Specific scenarios that may have reduced the value of your property
If there are extraordinary situations that straight lead to the decrease of your residential property value and these are not shown in your house assessment, these are clear premises for appeal. Just supply proof of these scenarios, and the appeals procedure should be straightforward.
You have recently purchased your home in Harmon County, Oklahoma 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 dollar amount your home has actually been valued at by the assessor, this is clear grounds for appeal. If an expert values your property much lower than that of the assessment, this is considerable evidence to support your appeal. You can always request a new appraisal although 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 real estate assessment; you can always appeal and get them decreased in the process.
How do you contest your property assessed value in Harmon County?
Every State has their own criteria for real estate assessed value appeals. One thing they all have in common; the only groungs that they will accept is that your home has actually been evaluated higher than itreal market value. As your Harmon County property 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 property assessed value. Your only opportunity of approach is to show your house is less than the value the assessor believes.
Upon receiving your home assessed value, your county will offer you a predetermined window in which to appeal. These can differ 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 due date there’s nothing you can do, and you will be required to wait a more year for a chance to appeal your property assessment value!
The fastest and easiest way to submit an appeal in Harmon County is to do so on the assessment website of your county, town or city. The fees associated with each appeal can differ based on the initial value of your real estate 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 procedure is to ensure that your regional tax assessor has included the correct house details to start with. In many cases, information 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 lowered instantly. The more details that you can gather regarding why you feel your home is misestimated, the stronger your case for an appeal.
If there are no clear issues with the information on your property, you will need to discover details of equivalent homes in your neighborhood that have a lower assessment. This will be the most convenient method to show your case. You will want to discover three or four houses 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 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 info you have actually gathered in support of your claim. You will likewise be allowed to take a look at any false information that might be on file about your property. You need to be ready for this hearing and have all the information you‘ve collected about comparable houses and sales of similar homes in Harmon 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 concern is more contemporary 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 position. It’s is always important to remember that there are no additional charges connected to filing an appeal; the worst result being that your property assessed value is the same.
Is it worth filing an appeal?
If you genuinely feel that your house has actually been miscalculated, an effective appeal of your Harmon County real estate assessment value could lead to considerable savings. If there are just a few hundred dollars of possible savings, it might 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 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
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.
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