Oklahoma County Property Tax Appeal

Property tax assessment appeal: Should you appeal your property assessment in Oklahoma County, Oklahoma?

Homeowners in Oklahoma County are totally aware of the concern of real estate tax; those that have spent their lives in areas where these taxes are generally high feel the effect more than many. The effect of these taxes can be even worse for those who have lived in their properties for a long time, as they have seen firsthand the taxes increase year after year. But the bad news is perhaps overpaying your real estate tax and be totally unaware. Here are some typical reasons people are overpaying their residential properties tax.

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Is your Oklahoma County home over evaluated?

A high house assessment is the primary reason that people appeal the dollar amount they are paying on their real estate tax. Oftentimes, individuals feel that the appraisal put on their property does not show the market value ought to they attempt to sell it today. The simplest method to find this out is to contact some local realtors. They must be able to inform you the series of values equivalent homes are selling for in your area. Remember, the real market value of your residential property will not be known till a sale is closed. When you receive your home assessed value, you will be offered a 30-day window in which to appeal any appraisal. Otherwise, you will have to wait until next year to appeal.

Can you get the real market value of your house?

It is most likely worthwhile to reach out to a regional property representative or your assessor in Oklahoma County, Oklahoma. If you feel your home has been significantly overvalued, an expert valuation might prove very economical in the long run

Many do not know you are not permitted to contest your property tax bill directly in Oklahoma, however you can undoubtedly lodge an assessed value appeal, bear in mind that despite how you feel about the expense, if you do not pay, it can lead to the foreclosure of your home.

To effectively appeal, you will need to show a minimum of 3 equivalent residential properties that have actually been assessed at a lower assessed value. The closer these properties are in size and area to yours, the greater the chance of success you will have on appeal

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Particular situations that may have actually lowered the value of your home

If there are exceptional circumstances that straight lead to the reduction of your home value and these are not reflected in your house assessment, these are clear grounds for appeal. Simply supply proof of these scenarios, and the appeals procedure should be straightforward.

You have recently purchased your property in Oklahoma 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 home has actually been assessed at by the assessor, this is clear premises for appeal. If an expert values your residential property much lower than that of the assessed value, this is significant proof to back your appeal. You can always order 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 have to accept a high property assessment; you can always appeal and get them decreased in the process.

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How do you appeal your house assessment in Oklahoma County?

Every State has their own requirements for house assessment appeals. One thing they all have in common; the only groungs that they will accept is that your property has been evaluated higher than itreal market value. As your Oklahoma County house taxes are calculated basically by multiplying the evaluated value of your house by its areas set tax rate, you do not have any premises to appeal the tax rate just the real estate assessment value. Your only opportunity of approach is to prove your house is less than the value the assessor believes.

Upon receiving your home assessed value, your county will provide 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, remember if you miss this deadline there’s nothing you can do, and you will be required to wait a more year for an opportunity to appeal your home assessed value!

The fastest and easiest method to file an appeal in Oklahoma County is to do so on the website of your county, town or city. The charges connected with each request can vary dependent on the initial value of your house assessment. The expense 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 make sure that your local tax assessor has included the proper real estate details to start with. In some cases, information may be in error such as, houses have been raised with basements that do not exist; such examples are wrong and might result in your house value being reduced instantly. The more information that you can gather regarding why you feel your home is overvalued, the stronger your case for an assessment appeal.

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If there are no clear problems with the information 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 way to prove your case. You will want to discover 3 or four properties that are all the same size as yours, in the exact same location, whose value is much less lower than your own; this will be your grounds for appeal.

In some locations, you’ll be asked to attend a real estate appeal hearing, so if this does happen, don’t be intimidated. In general, these hearings are simply called to allow you to provide the information you‘ve collected in support of your claim. You will likewise be allowed to take a look at any incorrect details that may be on file about your property. You must be ready for this hearing and have all the information you have actually collected about similar homes and sales of similar homes in Oklahoma 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 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 important to bear in mind that there are no additional penalties attached to submitting an appeal; the worst outcome being that your house assessed value¬†is the same.

Is it worth submitting an appeal?

If you truly feel that your home has actually been overvalued, a successful appeal of your Oklahoma County house assessment might result in substantial cost savings. If there are just a couple of hundred dollars of prospective cost savings, it might not be worth your time. You also need to consider that the hearing could be set up throughout 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 reduce wage loss.

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Are Property Taxes Fair?

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.

© 2007 Complete Books Publishing, Inc.

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