Property tax appeal: Should you appeal your property’s assessed value in Murray County, Oklahoma?
Homeowners in Murray County are fully familiar with the burden of real estate tax; those that have spent their lives in areas where these taxes are traditionally high feel the impact more than the majority of. The effect of these taxes can be even worse for those who have lived in their residential properties for a long time, as they have actually seen firsthand the taxes increase every year. The bad news is perhaps overpaying your home taxes and be completely unaware. Here are some typical factors people are overpaying their residential properties tax.
Is your Murray County home over assessed?
A high home assessment is the main reason that people appeal the dollar amount they are paying on their property taxes. In many cases, individuals feel that the evaluation put on their property does not reflect the marketplace value must they attempt to sell it today. The simplest way to discover this out is to get in touch with some regional realtors. They need to have the ability to inform you the range of worths comparable properties are selling for in your area. Keep in mind, the real market value of your residential property will not be realized until a sale is closed. When you receive your home assessed value, you will be provided a 30-day window in which to appeal any valuation. Otherwise, you will need to wait until next year to appeal.
Can you get the actual value of your home?
It is most likely worthwhile to get in touch with a regional real estate representative or your assessor in Murray County, Oklahoma. If you feel your home has actually been severely overvalued, a professional evaluation might show really affordable in the long run
Most do not know you are not allowed to dispute your property tax bill in Oklahoma, but you can undoubtedly lodge an appeal, bear in mind that despite how you feel about the bill, if you do not pay, it can lead to the foreclosure of your house.
To effectively appeal, you will need to reveal at least three equivalent properties that have actually been assessed at a lower assessed value. The closer these homes are in size and location to yours, the higher the chance of success you will have on appeal
Particular circumstances that may have actually decreased the value of your residential property
If there are extraordinary circumstances that straight result in the reduction of your residential property value and these are not accounted for in your property assessment, these are clear premises for appeal. Simply offer evidence of these circumstances, and the appeals process ought to be straightforward.
You have just recently bought your property in Murray County, Oklahoma for much less than the assessment value
If you have evidence of the purchase price of your home or you have a current appraisal that does not show the dollar amount your house has actually been assessed at by the assessor, this is clear premises for appeal. If a professional evaluates your residential property much lower than that of the assessed value, this is significant evidence to support your petition. You can always request a new appraisal even though this will cost a few 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 in the process.
How do you appeal your house assessment value in Murray County?
Every State has their own requirements for house assessment value appeals. One thing they all have in common; the only argument that they will accept is that your home has actually been evaluated higher than it‘s worth. As your Murray County property taxes are calculated basically by multiplying the assessed value of your home by its locations set tax rate, you do not have any grounds to appeal the tax rate just the real estate assessment. Your only opportunity of approach is to prove your house 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 differ substantially 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 due date there’s nothing you can do, and you will be forced to wait a more year for an opportunity to appeal your house assessment!
The fastest and easiest way to submit an appeal in Murray County is to do so on the assessment website of your county, town or city. The fees associated with each request can differ depending on the preliminary value of your house assessment value. The expense of an appeal differs could be as little as $10 to $100, depending on where you live.
The first step in the process is to guarantee that your regional tax assessor has included the correct home info to start with. In many cases, details may be incorrect such as, homes have been lifted with basements that do not exist; such examples are wrong and might result in your home value being lowered right away. The more details that you can gather as to why you feel your home is overvalued, the more powerful your case for an appeal.
If there are no recognizable concerns 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 method to show your case. You will want to find 3 or four houses that are all the same size as yours, in the same location, whose value is much less lower than your own; this will be your grounds for appeal.
In some areas, you’ll be asked to go to a real estate appeal hearing, so if this does happen, do not be intimidated. In general, these hearings are just called to allow you to provide the information you have actually collected in support of your claim. You will also be permitted to analyze any incorrect information that might be on file about your property. You need to be prepared for this hearing and have all the information you have actually collected about similar homes and sales of comparable homes in Murray County.
Be prepared for the tax assessor to argue his or her counter-argument. One of the most popular ones here is that your home in question is more contemporary 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 assessed value and will want to win his/her case by embellishing on the facts to support their case. It’s is always essential to keep in mind that there are no additional charges attached to filing an appeal; the worst outcome being that your home assessment is the same.
Is it worth submitting an appeal?
If you truly feel that your home has actually been miscalculated, a successful appeal of your Murray County real estate assessment value could lead to substantial savings. If there are just a few hundred dollars of prospective savings, it may not be worth your time. You also need to consider that the hearing could be set up throughout a workday, which might 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 possibly eliminate wage loss.
Property Tax Valuation - How to Calculate
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.